Gabon has cut its 2017 budget by more than 5 percent due to persistently low crude prices and falling oil output.
In a statement released on Thrusday, the cabinet said that next year’s budget will drop to 2.478 trillion CFA franc about $ 4.23 billion from 2.626 trillion CFA franc this year.
This comes after a small budget drop this year and a 14 percent drop in 2015, both due to plummeting crude prices since 2014.
The oil producing central African economy is just from a hotly disputed election in which president Ali Bongo won by a razor- thin margin.
He has promised to diversify Gabon’s economy away from oil but analysts say that a falling budget will likely apply further political pressure on his rule.
Gabon is Africa’s fourth largest oil producer with an output of around 220,000 barrels per day.