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Economy

World Bank suspends disbursements to Gabon due to $27 million debt arrears

Date: Jan 15, 2025

The World Bank has suspended its disbursements to Gabon due to debt arrears of 17 billion Communauté financière d'Afrique (CFA) Francs ($27 million), the central African country's Public Accounts Ministry said.

The Ministry said the suspension was caused by several factors, including an insufficient mobilisation of resources on the international market.

"All the necessary steps are being taken to clear these arrears as quickly as possible," it said in a statement dated January 13.

As of last October, the World Bank had three active projects in Gabon worth a total of $214.5 million, according to the bank's website.

In July, the World Bank suspended Gabon's right to make loan and grant withdrawals as overdue payments reached around $17 million, a letter seen by Reuters showed at the time.

The ministry also said in the statement it had made debt payments of 1,210 billion CFA francs ($1.9 billion) at the end of November 2024.

--Reuters--