Gabon - Economic and Financial Reform Support Programme


Project Summary

Approval Date 11 Jan 2017
Signature Date 14 Jan 2017
Planned Completion Date 31 Dec 2017
Last Disbursement Planned Date 06 Apr 2018
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 15124
Commitment U.A 161,304,631.86
Status Completion

Project General Description

The proposed operation concerns a Euros 200 million ADB loan to the Republic of Gabon to finance the Economic and Financial Reforms Support Programme (PAREF). PAREF is aligned with the Emerging Gabon Strategic Plan (PSGE) and the Social Pact which both present the 2025 development vision with a focus on three strategic thrusts: i) consolidation of the foundations of emergence, ii) development of the pillars of emergence and (iii) shared prosperity. This is the first of two programme-based General Budget Support (GBS) operations covering the 2016-17 period as planned under the CSP, for an indicative total financing of Euros 500 million supporting the implementation of reforms aimed at consolidating public finances, structural transformation of the economy and unlocking Gabon’s significant growth potential. This support follows upon a request submitted to the Bank by the Government of Gabon in April 2016 in a context marked by a deterioration in the country’s budgetary situation due to the steady drop in oil prices. It is justified by the fact that it will help to create the fiscal space needed for the restoration of macroeconomic stability and continued sustainable implementation of the Emerging Gabon Strategic Plan (PSGE). The operation responds to Gabon's need to strengthen the foundations for diversified, sustainable and inclusive economic growth and to consolidate its reserves with the BEAC. The design of PAREF builds on two complementary guiding principles in response to the following challenges: (i) improving fiscal consolidation to restore macroeconomic stability; and (ii) strengthening economic diversification to foster inclusive growth.

Project Objectives

The objectives of the operation are twofold: (i) strengthening the sustainability of public finances; and (ii) supporting the diversification of the economy through improvement of the investment climate, access to financing and agricultural sector competitiveness.

Beneficiaries

PAREF will benefit the Gabonese population as a whole through more significant public resources, streamlining of expenditure and specific reforms aimed at supporting strong, sustained, diversified and employment-generating growth. It will be of particular benefit to the following groups: (i) vulnerable populations that will benefit from better infrastructure and quality social services thanks to the fiscal space that will make it possible to implement the reforms supported by PAREF, (ii) Gabonese entrepreneurs and foreign investors wishing to set up a business or invest within the framework of Public-Private Partnerships (PPP) who will benefit from a more incentive and more transparent framework, (iii) Gabonese SMES having credit access challenges; (iv) public, private and community stakeholders involved in the agricultural sector who will benefit from a more suitable framework for their activities.

Participating Organization

Funding
African Development Bank
Implementing
Ministry of Sustainable Development, Economy, Investment Promotion and Planning

Information

IATI identifier 46002-P-GA-KA0-005
Last Update 18 Feb 2020

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Contact Details

Name TOKO Pierre
Email p.toko@afdb.org

Geographic Location

Country Gabon