The African Development Fund supports Congo’s Policy Reform Programme
This policy reform programme has been approved by the Board of Directors of the African Development Fund (ADF) today through a loan of 7 million Units of Account (UA)*, equivalent to US$ 10.50 million for financing its implementation.
The programme seeks to promote growth that will create jobs and generate income for the largest number of people. Apart from promoting sustainable growth of per capita income, it will also improve the living conditions of the population notably by facilitating access to basic public services and developing the private sector. The programme is based on the interim poverty reduction strategy developed with the participation of all the social groups and the country’s development partners.
It will be implemented through the following:
(i) strengthening the macro-economic and growth framework;
(ii) promoting and enhancing governance;
(iii) reducing poverty; and
(iv)promoting the private sector and strengthening sectoral policies.
The ADF loan will support the measures relating to the stabilization of public finance, the promotion of governance especially in the oil sector, and poverty alleviation.
ADB Group operations in Congo started in 1972. To date, the Bank Group has committed in the country a total amount of US $ 404.66 million for 27 operations.
- Country: Republic of Congo
- Borrower: Government of the Republic of Congo
- Name of programme: Policy Reform Programme
- Location: National Territory
- Executing agency: Ministry of the Economy, Finance and Budget
- Sources of finance: ADF, World Bank, IMF
* UA 1 = US$ 1.49878 as at November 1st, 2004