Gabon’s cabinet has said it has cut its 2017 budget by more than 5% after persistently low oil prices and falling output in the Central African country.
In a statement the country said its budget would fall to $4.23billion on the back of lower oil prices and production.
The move comes after a small budget drop in 2016 and a 14% drop last year.
A the time both decreases were cited as being as a result of the falling oil prices.
Gabon is Africa’s fourth largest oil producer with an output of around 220,000 barrels per day, dominated by oil players including Shell and Total.
Recommended for you
