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Gabon - Economic and Financial Reforms Support Programme (PAREF) PHASE I, PHASE II AND PHASE III - Project Completion Report
In a context of sharply declining oil prices, PAREF was relevant in that it helped to enhance discipline in the management of public finances and provide flexibility for the sustainable financing of the PSGE and the diversification of the economy. The overall objective of PAREF Phases I, II and III was to support the implementation of the government's development programme with a view to creating the conditions for accelerated and inclusive economic growth by strengthening fiscal consolidation and diversifying the economy. In addition, the specific objective of this programme was to: (i) strengthen the consolidation of public finances through increased revenue mobilisation and the streamlining of public expenditure, with special emphasis on managing the wage bill and enhancing the efficiency of public investment; and (ii) support economic diversity by improving the investment climate and the agricultural sector's competitiveness with a view to facilitating the economy's structural transformation following the decline in oil prices.