Economic Management and Competitiveness Development Policy Operation: COVID19 Supplemental Financing

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The development objective of Economic Management and Competitiveness Development Policy Operation Coronavirus (COVID-19) Supplemental Loan Project aims to support the government’s program of reforms to sustain rapid growth, and ensure greater inclusion, job creation and resilience by: i) strengthening economic management through improving the efficiency of public resource use and ii) enhancing competitiveness through introducing evidence-based policy making, promoting more competitive markets, diversifying the financial sector, improving teacher deployment and remuneration with a view toward ensuring a more qualified workforce over the long term, and strengthening investment promotion. The government of Gabon (GoG) was one of the first countries in the region to set up an institutional response at the highest level to tackle the coronavirus outbreak. The World Bank has offered to restructure existing projects to align them better with the Coronavirus (COVID19) circumstances and has shared country examples and good practice. This operation is part of a coordinated partner response strategy to cover the budget financing gap. The supplemental financing is in line with the World Bank’s policy on supplemental financing.