Gabon - Economic and Financial Reform Support Programme – Phase II (PAREF II)

The Support Program for Economic and Financial Reforms - Phase II (PAREF-II) is the second phase of a series of two programmatic General Budget Support (GBS) operations. It aims to consolidate the achievements of PAREF-I and to support the Gabonese government in the implementation of its development program aimed at promoting accelerated and inclusive economic growth. PAREF-II, like PAREF-I, focuses on the following two complementary components: (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, access to finance and the competitiveness of the agricultural sector. This program should provide the authorities with the necessary resources to absorb external shocks related mainly to the fall in oil prices, consolidate reserves with the Central Bank of Central African States (BEAC) and to facilitate the implementation of the reforms necessary for the consolidation of public finances and the structural transformation of the economy. Its cost is estimated at EUR 500 million.