Why did Gabon seek help from France and the International Monetary Fund with its debt?

Gabon’s financial difficulties, which necessitated seeking assistance from France and the International Monetary Fund (IMF), were largely driven by systemic, large-scale corruption among government officials and business leaders.12

Although this elite group represented only about 2 percent of the population, they controlled approximately 80 percent of personal income. Beyond receiving high salaries, these individuals diverted significant funds from public services and infrastructure projects, as well as a substantial portion of oil revenue, into foreign bank accounts. To manage the resulting financial drain and budget deficits, the government frequently borrowed money, leading to a situation where debt service accounted for roughly two-fifths of the national budget by the late 1990s.12

Consequently, the government regularly turned to France for financial aid and assistance in rescheduling or canceling debts. Simultaneously, the IMF pressured Gabon to implement reforms, including the privatization of state corporations and the elimination of the diversion of state funds, areas in which the country demonstrated progress during the 2000s.12