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Gabon - Economic and Financial Reforms Support Programme – Phase III (PAREF III) – Supplemental Funding - Appraisal Report

22-Feb-2019

Management hereby submits the following report and recommendation concerning a proposal to grant an EUR 100 million ADB loan to the Republic of Gabon to finance the third phase of the Economic and Financial Reforms Support Programme (PAREF III). This is the third phase of a series of three programme-based General Budget Support (GBS) operations covering the 2016-19 period as planned under the CSP, for an indicative total financing of EUR 600 million. The first phase of PAREF presented a multiyear framework for the programme and a list of reform measures considered as indicative triggers for the second phase. PAREF-III is an additional funding requested by the authorities on an exceptional basis to consolidate and deepen the results of PAREF-I and II and support the implementation of the three-year IMF-supported programme agreed with the authorities. It presents a one-year framework with measures considered as prior actions for Board consideration in 2018 and performance measures for 2019. Given the urgency, the time available was too short for the preparation of a full-fledged operation of the Bank. This programme-based approach facilitates the predictability of aid and its alignment on national policies to create conditions for sustained and inclusive growth.

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