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

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 International Monetary Fund (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.