Guinea-Bissau: First Review Under the Extended Credit Facility, Request for a Waiver of Nonobservance of Performance Criterion-Press Release; Staff Report

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2023 Issue 206

Publication date: June 2023

ISBN: 9798400243257

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Topics covered in this book

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Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , International - Economics , ECF arrangement , Guinea-Bissau authorities , blockchain solution , IMF's transparency policy , government saving , financial situation , IMF team , Credit , Arrears , Commercial banks , Global

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Summary

Guinea-Bissau is a fragile state facing significant development challenges, including sustaining the recovery from the COVID-19 pandemic, supply disruptions, and the global economic slowdown. The IMF Board approved a three-year ECF arrangement with access of 100 percent of quota (SDR 28.4 million) in January 2023. Building on the 2021 SMP achievements, the program supports a credible fiscal consolidation that ensures medium-term debt sustainability. The structural agenda to strengthen governance and AML/CFT framework will improve the management of fiscal resources and public investment, increase transparency and accountability and counter corruption.