The Minister for Information, Press and Radio, and Government Spokesperson, Eugenio Nze Obiang, gave a press conference to report on the V Interministerial Council meeting, which was overseen by the Prime Minister, Francisco Pascual Obama Asue, and attended by the three Vice Prime Ministers.
As with all Interministerial Council meetings, it followed various points from the agenda, including the Draft Settlement of the General State Budgets for the 2017 Economic Period, presented by the Minister for Finance, the Economy and Planning, Lucas Abaga Nchama.
Firstly, it was possible to note a slight recovery in the price of oil; secondly, a fall in oil production, in addition to the consolidation of public spending. It was possible to see growth in the GDP, which went from less than 3.2% for 2017, a positive, improving situation with respect to 2016.
The review of the approved budgets was another of the issues covered at the meeting. Equatorial Guinea is not on the margins of the global economic situation. For that reason, it is necessary to rework the development plan, particularly the investment plan.
This does not mean that social sectors have to be touched, which are the most important sectors in a country”, affirmed the Minister, Eugenio Nze Obiang, with respect to the review of the budgets.
At the same time, the foundations must be laid for the rectification of the economy. It will be the support on which economic recovery is constructed”, continued the Minister for Information, on the reactivation of the economy.
In the same context, the Minister for Finance presented the council with the updated report on negotiations with the International Monetary Fund (IMF) and the World Bank.
There is a global economic crisis and that is no utopia, it is a real situation affecting the whole world”, explained Nze Obiang, who also commented that in Equatorial Guinea it can also be seen, but has been overcome by addressing current spending.
Remember that the IMF is not the organisation that is coming to reactivate the economy in Equatorial Guinea, but to deal with important issues, which are the following”.
The Minister also recalled the fiscal obligations of all citizens, and referred to economic reactivation measures in order to emerge from the crisis.
He also recalled that the International Monetary Fund had praised Equatorial Guinea, because the resources from oil “have been invested in a rational way”, and as proof of that, mentioned investment in infrastructures by the Executive.
In addition, the Minister referred to the support from the IMF for the economic policy of the Government, in that it was worthy of the trust of international financial institutions.
Source: Official Web Page of the Government of the Republic of Equatorial Guinea