Gabon enjoys a per capita income four times that of most of sub-Saharan African nations. This has supported a sharp decline in extreme poverty; yet, because of high income inequality, a large proportion of the population remains poor. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GDP. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management hobbles the economy. Devaluation of its currency by 50% in January 1994 sparked a one-time inflationary surge, to 35%; the rate dropped to 6% in 1996. The IMF provided a one-year standby arrangement in 1994-95, a three-year Enhanced Financing Facility (EFF) at near commercial rates beginning in late 1995, and stand-by credit of $119 million in October 2000. Those agreements mandated progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon met IMF targets for mid-1996. In 1997, an IMF mission to Gabon criticized the government for overspending on off-budget items, overborrowing from the central bank, and slipping on its schedule for privatization and administrative reform. The rebound of oil prices in 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains. In December 2000, Gabon signed a new agreement with the Paris Club to reschedule its official debt. A follow-up bilateral repayment agreement with the US was signed in December 2001. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2004, and received Paris Club debt rescheduling later that year. Short-term progress depends on an upbeat world economy and fiscal and other adjustments in line with IMF policies. More finance information from Gabon:

General Economic Links:

Chase.com With many branches across the U.S., Chase provides many personal and business banking services DealBook The New York Times online daily digest of finance news and analysis is constantly updated during the market day. Federal Trade Commission – Credit The credit section of the FTC’s website has lots of great consumer information and articles Financial Times This venerable international business newspaper reports extensively on business and stock markets. Financial-portal.com Portal presents comprehensive financial resources, articles, news, stats, indexes, financial institutions etc: - articles on financial topics - financial news - latest currency charts - latest gold, silver, platinum and other precious metal prices - current financial indexes and dynamic graphs - universal currency converters (all major currencies) - stock, commodity and other major exchanges Finweb.com - the independent financial portal "Financial security. Everyone wants it; few have it. Many do not realize that true financial security requires strength in every area of one’s financial affairs. It requires a systematic approach, a strategic plan implemented over time, in order to obtain it. But it can be obtained. With the proper educational training and discipline, financial stability and security is within anyone’s grasp. That’s why we’re here: to provide you with a solid foundation of valuable financial knowledge from which to proceed..." Fitch Ratings Provides independent global credit rating information for the world’s credit markets Forbes.com Extensive coverage of business and financial news, Forbes is one of the premier sites covering the world of business. Google Finance Google Finance provides an unclutered interface to finance news, market summary with graphs, stock quotes, top movers and other indicators. Also search companies by stock code. Kiplinger Personal finance site that offers calculators, business news, quotes and much more personal finance information MarketWatch This Dow Jones operated site provides personal finance news, advice and stock market data and analysis MSN Money The MSN (Microsoft Network) provides a finance portal including latest finance news, market updates and resources. United States Department of the Treasury The federal agency concerned with the financial and economic growth of the United States. Yahoo Finance The Yahoo search engine provides a finance portal with breaking news, market summaries and editor articles.