Guinea: 2024 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Guinea

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2024 Issue 130

Publication date: May 2024

ISBN: 9798400274299

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Guinean authorities , FSW emergency financing , Policy discussion , response to the tragedy , RCF disbursement , reporting of the mining companies , oil supply channel , emergency spending , cash basis , authorities' response , Mining sector , Global , West Africa , Africa

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Summary

On December 18, 2023, the explosion of a major fuel import and storage facility led to fuel shortages and new urgent financing needs. The blast caused 25 deaths and 457 injured as well as widespread fuel shortages, affecting transportation and economic activity. The relatively strong mining sector is sustaining growth, although growth is expected to decelerate to 4.1 percent in 2024, lower than the 2019-23 average of 5.1 percent. Average inflation is expected to increase to 11 percent in 2024 as fuel shortages pushed up prices. Socio-political tensions persist in the wake of the military coup of September 2021 and the hardship caused by the explosion.