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Equatorial guinea - Public finance modernisation support project (PAMFP) - Appraisal report
The weak institutional capacity in public finance management and public sector governance in general is a major constraint to the implementation of Equatorial Guinea's economic and social transformation policies. The commitment of the authorities to transform the Republic of Equatorial Guinea into an emerging country faces three major weaknessesin terms of steering and supporting change in the economic and financial sphere. Specifically, the effectiveness of public policies in Equatorial Guinea faces threetypes of obstacles: (i) a public financial management framework that is inadequatefor dealing with the country's economic and social challenges,and which is not aligned with international best practices; (ii) weak planning, implementation, oversight, transparency and accountability procedures, as well as the predominance of manual processes in public finance;and(iii) weak institutional capacity and in particular the lack of qualified staff todesign, implement and monitor public policies.