Equatorial Guinea - Public Finance Modernization Support Project (PAMPF)

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.