Economic and Fiscal Update

A Prudent Approach to Debt Management (1/2) Gabon is committed to prudent debt management with the objective of maintaining a 35% debt-to-GDP threshold privileging long-term fixed-rate borrowings Although debt-to-GDP increased from 18.7% in 2010 to an expected level of 38.2% in 2015 due to an exceptional decline in nominal GDP, the government is determined to stabilize this ratio below the 35% threshold in the coming years Debt levels remain well below the CEMAC's recommended threshold of 70% Gabon's debt level compares very favorably to comparable peers Outstanding Debt/ GDP (% of nominal GDP) Debt Service (CFA billions and % of nominal GDP) Gabon threshold: 35% 18.70% 16.9% 16.9% 29.3% 26.3% 38.2% 2010 2011 2012 2013 2014 2015* * The 2015 increase is due to an exceptional decline in nominal GDP 2014 Outstanding Government Debt (% nominal GDP) External Debt Service Internal Debt Service % of GDP 7.6% Nigeria Gabon 10.5% 29.3% Zambia 31.1% 43.0 Côte d'Ivoire 36.4% 4.3% 3.9% Angola 38.0% 3.1% 107.0 South Africa 45.9% 79.5 615 56.0 259 279 Kenya Senegal 48.6% 50.7% 209 Mozambique 55.4% 2011 2012 2013* 2014 Ghana 67.6% * The 2013 increase is due to the bond issue and related Liability Management exercise One of the lowest level of indebtedness compared to selected sub-Saharan Africa peers Sources: IMF's WEO database April 2015, except Debt Management Office for Gabon. Please note there may be slight differences in methodologies used 11

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