Equatorial Guinea - The Public Finance Management Support Project

This operation concerns a loan of UA 15 million to the Republic of Equatorial Guinea (RGE) to finance the Public Finance Management Support Project (PAGFP). The PAGFP is part of the Bank's assistance to the Republic of Equatorial Guinea, an oil-producing country in Central Africa. The project aims to put in place an innovative system centred on the following two components: (i) strengthening budget programming, execution and control; (ii) improving the efficiency of the operation of economic and financial administrations. The four-year PAGFP will contribute to the implementation of the reforms set out in the PNDES in terms of transparency, accountability and the fight against corruption. The project will also help to increase transparency and accountability in the management of revenues from oil resources, in particular by improving the award and execution of public contracts and strengthening budget control structures. The expected results will be measured in terms of the ability to draw up the budget reliably and on time, to control the public expenditure chain and the effectiveness of public finance control by the competent bodies.