436. However, this performance in terms of growth remains below the target set in the accelerated scenario for the year 2014, i.e. 6.6%. It is equally important to emphasize that in 2014 economic growth had just returned to its level indicated in the SCAPE baseline scenario. Chart No.11: Public Investment rate Chart No. 12: Real Public Investment Growth Rate Overall investment rate Real growth rate Scénario de référence Scénario de référence Situation actuelle 6 Situation actuelle 30 5.8 20 5.6 5.4 10 5.2 0 5 2012 2013 2014 2011 2013 2014 2.5- Investment: 437. In 2014, the overall investment rate was 22.7% as against 24.0% in 2013. In spite of this deceleration, the investment rate remains above the target set in the baseline scenario but below the target of 23.4% in the accelerated scenario. The decline in the overall investment rate results from the contraction of private investments, which dropped from 15.3% in 2013 to 14.1% in 2014. 438. The trend of the overall investment rate over the last two years is slightly above the trend of the SCAPE baseline scenario. Thus, the trend of the overall investment rate and the rate of economic growth, compared to the SCAPE scenarios, show that the implementation is not yet up to the targets set in the accelerated growth scenario. 2. National Agricultural Investment and Food Security Programme (PNIASA) 439. This programme has an operational plan that was adopted on 30 July 2009 and an investment plan on 4 February 2010, providing a hierarchical framework for action to be taken in the agricultural sector to achieve the objectives of reducing 124

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