Gabon - Economic and Financial Reform Support Programme – Phase II (PAREF II)


Project Summary

Approval Date 08 Nov 2017
Signature Date 10 Nov 2017
Planned Completion Date 30 Jun 2018
Last Disbursement Planned Date 30 Jun 2018
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 15110
Commitment U.A 242,787,197.02
Status Completion

Project General Description

The Support Program for Economic and Financial Reforms - Phase II (PAREF-II) is the second phase of a series of two programmatic General Budget Support (GBS) operations. It aims to consolidate the achievements of PAREF-I and to support the Gabonese government in the implementation of its development program aimed at promoting accelerated and inclusive economic growth. PAREF-II, like PAREF-I, focuses on the following two complementary components: (i) strengthening fiscal consolidation to restore macroeconomic stability; and (ii) support for the diversification of the economy for inclusive growth through the improvement of the investment climate, access to finance and the competitiveness of the agricultural sector. This program should provide the authorities with the necessary resources to absorb external shocks related mainly to the fall in oil prices, consolidate reserves with the Central Bank of Central African States (BEAC) and to facilitate the implementation of the reforms necessary for the consolidation of public finances and the structural transformation of the economy. Its cost is estimated at EUR 500 million.

Project Objectives

The PAREF-II objective is to support the implementation of the Government’s Development Programme in order to create the conditions for accelerated and inclusive economic growth through fiscal consolidation and economic diversification.

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 job-creating growth. It will be of particular benefit to the following groups: (i) vulnerable populations that will benefit from better infrastructure and quality social services as a result of 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 with credit access difficulties; (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
Ministère de l’Economie, de la Prospective et de la Programmation du Développement Durable (MEPPD)

Information

IATI identifier 46002-P-GA-KA0-006
Last Update 07 Oct 2019

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Contact Details

Name TOTO SAME Achille Charles Samuel
Email a.totosame@afdb.org

Geographic Location

Country Gabon