Our History
On July 29, 2019, the Government of the Republic of Equatorial Guinea signed a loan agreement with the African Development Bank aimed at financing the activities for the Assistance to the Project of Modernization of Public Finances (PAMFP) for the period 2019–2023. However, due to delays experienced during the COVID-19, the implementation period was extended to 2025.
“WE MUST DRIVE AFRICA’S GROWTH EVEN FURTHER, DEEPER AND FASTER IN THE YEARS AHEAD.“
Akinwumi Adesina
President of African Development Bank
“OUR COUNTRY IS IMMENSELY RICH. WE MUST COMBINE THE TASKS OF A RESPONSIBLE ECONOMIC MANAGEMENT WITH THAT OF GENERATING INDISPENSABLE GOODS FOR THE LIFE OF THE PEOPLE.”.
S.E. Teodoro Obiang Nguema Mbasogo
President of the Republic of Equatorial Guinea
OBJECTIVES
The PAMFP project aims to support the improvement of public finance management by boosting the effectiveness of revenue mobilization under the premise of achieving more efficient management of public spending.
To accomplish this, the following specific objectives were established:
- MODERNIZATION of the regulatory framework for public administraNon, to guide the State towards optimal performance and results.
- INFORMATIZATION and INTERCONNECTION of the financial records and the other economic and financial departments of the Ministry of Finance and Budgets, with the aim of strengthening the criteria of rigor, transparency, control and efficiency of resource management, as well as public finance management expertise.
“THE OBJECTIVES SET IN THE PROJECT TO SUPPORT THE MODERNIZATION OF PUBLIC FINANCES ARE FOCUSED ON RESULTS, UNDER THE PARADIGMS OF RIGOR, TRANSPARENCY, CONTROL AND EFFICIENCY.