AfDB loans Equatorial Guinea EUR 26.5436 million for public finance modernization project
The Board of Directors of the African Development Bank (AfDB) approved a loan of EUR 26.5436 million to the Republic of Equatorial Guinea to finance the project to support the Modernization of Public Finance (PAMFP).
This institutional support will be implemented over the period 2019-2023, and aims to support the authorities in their efforts to strengthen governance and modernize public finance management.
This support comes in a context of falling oil prices, which began in 2014, and a program of economic and financial reforms supported by the IMF through four priority areas.
The first is the modernization of the public financial management regulatory framework to enhance performance and accountability; the second being the strengthening of the mobilization of non-oil revenue in order to create room for maneuver for the financing of the National Economic and Social Development Plan.
The third is the computerization and interconnection of financial authorities to strengthen the rigor, transparency, control and efficiency in the management of resources; and finally building public financial management capacity to improve the effectiveness of public policy design and implementation.
The Bank is committed to supporting the authorities in this effort to modernize public finances and fiscal adjustment, by strengthening the mobilization of non-oil resources and better control of public spending. The objective is to restore the budgetary margins of maneuver necessary for the diversification of the economy.