Economic recovery is under way but remains fragile. Since the approval of the ECF arrangement Guinea-Bissau has endured a deep political crisis with three consecutive Governments. Political tension has eased recently with the adoption of an ECOWAS-brokered six-point roadmap for an inclusive government and constitutional reform. The government declared null and void the expensive bank bailout that derailed the ECF-supported program and held up the reviews. However, the frequent changes in government amidst lingering capacity constraints delayed key structural reform measures and weakened public financial management (PFM).
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