|Approval Date||05 Jun 2019|
|Signature Date||29 Jul 2019|
|Planned Completion Date||31 Dec 2023|
|Last Disbursement Planned Date||31 Dec 2022|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||11330|
The proposed operation concerns the granting of an EUR 26.5436 million loan from the ADB window to the Republic of Equatorial Guinea to finance the Public Finance Modernisation Support Project (PAMFP). This is an institution building operation to be implemented over the period 2019-2023, with a view to supporting the authorities in their efforts to enhance governance and modernize public finance management in the context of an International Monetary Fund (IMF)-supported economic and financial reform programme, in accordance with the resolutions of the Economic and Monetary Community of Central Africa (CEMAC) Heads of State Summit held in Yaoundé in 2016 on the restoration of the budgetary and external sustainability of the region. PAMFP will comprise three components: (i) Support to enhance the mobilization of non-oil revenue; (ii) Support to enhance the public expenditure effectiveness and control; and (iii) Project management. The first component will help improve non-oil resources mobilization to enable the country to gradually exit from dependency on oil resources, and reduce vulnerability to abrupt and prolonged changes in oil prices. The second component will help enhance public expenditure effectiveness, transparency, control, accountability and capacity for managing the economy. Lastly, the third component will ensure the effective implementation of the project.
The overall objective of the project is to help improve public finance management by increasing the effectiveness of revenue mobilization and ensuring greater efficiency in public expenditure management. The specific objectives are as follows: (i) modernize the public finance management regulatory framework to ensure that the Government’s actions are performance-and results-oriented; (ii) computerize and interconnect revenue and Public Finance Management departments and other departments of the Ministry of Finance, Economy and Planning to enhance rigor, transparency, control and efficiency in the management of public resources; and (iii) build public finance management capacity.
The direct beneficiaries of this institutional support project are: the Directorate-General of Taxation (DGI), the Directorate-General of Customs (DGD), the Directorate-General of Budget (DGB), the Directorate-General of Financial Control (DGCF), the Directorate-General of the Treasury, the Directorate-General of Public Accounting, the Directorate-General of Autonomous Entities and Public Enterprises, the Directorate-General of Investment Planning, the Directorate General of the Autonomous Amortization Fund of Public Debt (CAAPD), and officers and executives of the Ministry of Finance, Economy and Planning. In a broader perspective, the country's entire population will benefit from this project. The people will benefit from the improved internal resource mobilization and increased transparency and efficiency in public expenditure management, as these would lead to greater efficiency in economic development financing and an improvement in the quality of life.
African Development Bank
MINISTERE DU PLAN ET DU DEVELOPPEMENT.
|Last Update||19 Jan 2021|
|Name||LUMBILA Kevin Numbi|