Guinea - Economic and Financial Management Capacity Building Support Project (PARCGEF)

This project is in line with: (i) priorities set by the Ministry of Finance to support implementation of the Public Finance Reform Strategic Plan (PSRFP), correct malfunction and streamline preparation and execution of Government budget; (ii) improvement of governance in the productive sectors to enhance public resource mobilisation; and (iii) the need to review the legal arsenal of the extractive industries and forestry sectors. The PARCGEF formulation draws on Bank projects and those of other development partners, in terms of institutional framework assessment, beneficiary accountability and coordination with technical and financial partners. This project complements PADIPOC. As such, it will allow for implementation of an integrated approach to public finance management. The activities of PARCGEF will focus on improving budget management and mobilizing Government resources, while those of PADIPOC will deal with strengthening public expenditure control bodies. The project has three main components: (i) improving public finance management; (ii) improving governance in the extractive and forestry sectors; and (iii) strengthening coordination and monitoring economic and financial reforms. Components (i) and (ii) complement each other, as the first aims to improve public resource management, while the second aims to replenish these resources through improved contribution of the productive sectors to the economy.