Gabon - Economic and Financial Reform Support Programme - Phase III (PAREF III) - Supplementary Funding


Project Summary

Approval Date 22 Nov 2018
Signature Date 28 Nov 2018
Planned Completion Date 31 Dec 2019
Last Disbursement Planned Date 30 Jun 2019
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 15110
Commitment U.A 80,652,315.93
Status Implementation

Project General Description

This project is the third phase of the Support Program for Economic and Financial Reforms (PAREF-III) in Gabon. This is additional funding that follows a series of two programmatic General Budget Support (GBS) operations covering the period 2016-2019, for a total indicative funding of 600 million Euros. PAREF-III aims to consolidate and deepen the results of PAREF-I and II and support the implementation of the three-year program reforms agreed between Gabon and the IMF through: (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 and the competitiveness of the agricultural sector. It will provide the authorities with the resources needed to absorb the external shocks related mainly to the fall in oil prices, as well as to consolidate the reserves with the BEAC and facilitate the implementation of the reforms necessary for fiscal consolidation and the structural transformation of the economy.

Project Objectives

Like PAREF-I and II, the goal of PAREF-III is to support the implementation of the government's development agenda to create the conditions for accelerated and inclusive economic growth through the strengthening of fiscal consolidation and diversification of the economy. Thus, the operational objective for 2018 is to (i) strengthen fiscal consolidation through increased revenue mobilization and public expenditure rationalization, with particular emphasis on controlling the wage bill and enhancing the efficiency of public investment; and (ii) support the diversification of the economy through the improvement of the investment climate and the competitiveness of the agricultural sector in order to facilitate the structural transformation of the economy in the face of the collapse of oil prices.

Beneficiaries

PAREF III will benefit the Gabonese population as a whole through the availability of greater public resources, streamlining of expenditures and specific reforms to support strong, diversified and job-creating growth. It will benefit in particular to the following groups: (i) vulnerable populations who will be able to benefit from better infrastructures and quality social services thanks to the budgetary leeway that the reforms supported by PAREF III will bring about, (ii) Gabonese entrepreneurs and foreign investors wishing to set up a business or invest in Public-Private Partnerships (P3s) that will benefit from a more incentive-based and transparent framework and, (iii) public, private and community actors involved in the agricultural sector who will benefit from a more adequate framework for the development of their activities.

Participating Organization

Funding
African Development Bank
Implementing
MINISTERE DE L ECONOMIE, DES FINANCES, DU BUDGET ET DE LA PRIVATISATION

Information

IATI identifier 46002-P-GA-KA0-007
Last Update 31 Oct 2019

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Contact Details

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

Geographic Location

Country Gabon