## 1. Comparison of the DSBP's Financial Account With the Recalculated Version

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### Summary of mission outcomes and priority recommendations
- TA mission to Guinea: July 9–20, 2018 (third mission under Japan-funded ESS project for 17 Francophone African countries).
- Host and counterparts: Central Bank of the Republic of Guinea (BCRG); Balance of Payments Unit (SBP) and Monetary Statistics Unit (SSM) within BCRG Directorate of Statistics and Balance of Payments (DSBP).
- Main issues addressed:
  - improvement of surveys on migrant remittances and informal trade;
  - detailed technical work to improve ESS;
  - participation in the coordinated direct investment survey (CDIS) and the quarterly external debt statistics (QEDS) database.
- Agreed actions:
  - action plan with priority recommendations and target completion dates.
- Data collection and systems:
  - Informal trade survey data collection began March 2018 and is continuing.
  - Migrant remittances survey tools validated; interviewer training scheduled for July 2018; administration of questionnaires programmed for the second half of 2018.
  - Development of an automated application to process external sector data: initial tests conducted; tasks expected completed by end-2018.
- Main data quality and methodological issues identified:
  - formula used to calculate NEO is not consistent with BPM6;
  - calculation of balances for functional categories of the financial account needs revision to comply with BPM6;
  - large NEO resulted from corrections and should be addressed through improved private corporate financial data;
  - consistency issues between ESS and other macroeconomic accounts, notably between balance of payments and the government flow-of-funds table (TOFE);
  - limited use of administrative sources (social security fund, utility companies) and inconsistent classification of diplomatic missions’ expenses.
- Participation and timeliness:
  - main remaining task before CDIS submission: complete data entry and processing application;
  - discussions started between SDBP and DND for QEDS participation; define responsibilities and submission schedule;
  - timeliness needs improvement mainly for the IIP and quarterly BOP statistics; revise format and periods of availability on BCRG website.

### Priority Recommendations (selected)
- Target Date: 03/2019 — Correct the formula used to calculate net errors and omissions and the balances of functional categories of the financial account in accordance with the BPM6, then submit revised statistics to the IMF’s Statistics Department (STA). — Responsible: BCRG (DSBP)
- Target Date: 03/2019 — Develop a template for inputting and processing CDIS data for use in completing the IMF CDIS form, and submit to STA. — Responsible: BCRG (DSBP)
- Target Date: 06/2019 — Continue discussions with DND to define each stakeholder’s responsibilities in the process of joining the QEDS database and establish a data reporting schedule. — Responsible: BCRG (DSBP), DND

### Implementation status of previous recommendations
- Of 11 recommendations from the previous mission (September 25–October 6, 2017), 10 were to be completed by March 2018; overall implementation considered satisfactory despite personnel constraints.
- Partially implemented or outstanding items:
  - quarterly consultations framework between BCRG and DND: partially implemented; amended public external debt questionnaire; quarterly CTHBP meetings ongoing (next scheduled August 2018).
  - verification of private sector stock of short-term debt not performed due to unavailability of data prior to 2008; recommendation to increase coverage of 2017 balance of payments survey for stocks of debt and use 2017 to backcast prior years.
  - reporting reinvested earnings, net increases in insurance liabilities, and income on reserve assets: partially implemented; mining companies submit via oversight ministry complicating outreach; suggested reclassification of income on reserve assets from portfolio investment interest to “interest” on reserve assets in primary revenue account.
  - trade credits confirmed via balance of payments survey; specific 2016 reclassification performed and revised data submitted to STA.
  - formula for NEO and balances of functional categories of financial account: modified but error persists; working meeting held to correct problems.
  - limited use of BIS data for reconciling cash and deposits due to slow Internet connection; mission provided BIS cross-border position tables for counterparties resident in Guinea (Table A6.1). Annex I compares BIS and IIP non-bank sector stocks.
  - SDR allocation transactions recorded in 2014–2016 BOP have not been corrected; DSBP requested assistance.
  - DOTS mirror data reconciliation for 2016: working session with DGD and INS scheduled for July; DSBP adjusts bauxite export prices for SMB based on conventions unavailable to DSBP, causing inconsistencies between DGD and DSBP and between INS and BCRG.
- Confirmed implemented items:
  - reconciliation of direct investment and other investment flows in BOP with IIP stock changes;
  - ensuring reserve assets reported consistently in monetary statistics and BOP.
- Recommendations from implementation review:
  - Schedule regular CTHBP meetings to harmonize external debt and international trade statistics;
  - Use BIS and DOTS sources to improve ESS;
  - Organize training and outreach for BOP survey correspondents, including mining companies.

### Developments with respect to ESS (staffing, surveys, IT)
- Staffing:
  - Additional SBP staff planned by end‒2017 not yet hired due to BCRG reorganization; initially two additional staff were planned. Unit currently has three members including unit chief; third member returned from training in April 2018.
- Surveys:
  - Informal trade survey (with DGD) and migrant transfers survey (with INS), both financed by AfDB, continuing.
  - Informal trade data collection began March 2018; migrant transfers interviewer training programmed for July 2018; data collection expected second half of 2018.
- IT application:
  - Development of an IT application to automate processing of BOP and IIP data underway; initial testing completed; expected in production before end‒2018.
  - DSBP visited BCEAO in Dakar in 2016 for experience sharing; BEAC/BEAC/BEAC model noted (BEAC system allows corporations to complete questionnaires online); DSBP encouraged to borrow from BEAC model.

### Specific methodological and data issues identified
- SDR allocations:
  - BOP for 2014–2017 reflects SDR allocations though most recent SDR allocation was in 2009; since no transactions occurred there should be no changes in BOP; IIP should reflect SDR allocation stocks with exchange rate revaluation recorded in revaluation account, not in BOP financial account.
- Classification and valuation:
  - Reclassify expenses of Guinea’s foreign diplomatic missions to general government goods and services not included elsewhere instead of “current transfers.”
  - Correct “other current transfers” where it includes trade (counterparty transactions) rather than transfers.
  - Arrange technical meeting with DGD, INS, and ministry in charge of mines to harmonize bauxite export valuation.
- NEO and financial account functional balances:
  - Formula for NEO inconsistent with BPM6; balances of functional categories of financial account require recalculation per BPM6; corrections produced large NEO that need addressing via improved private corporate financial data.
- Use of administrative sources:
  - Proposed use of social security fund and utility companies (electricity and water) to capture transactions with nonresident entities.
- BIS and DOTS:
  - Low-quality Internet at BCRG limits use of BIS data; mission provided BIS tables; recommended better Internet or alternative access to BIS data and greater use of DOTS mirror data.

### Detailed technical assessment and action plan (selected priority actions and target dates)
- Outcome: Strengthened capacities and institutional cooperation
  - Low priority — Organize training and outreach for BOP survey correspondents, including mining companies. — Target Completion Date: March 2019
  - Low priority — Using BEAC information system as a model, develop automated BOP application. — Target Completion Date: June 2019
- Outcome: Improved sources and quality of BOP data (High priority items)
  - High — Schedule regular CTHBP meetings and ensure harmonization of external debt and international trade statistics. — Target Completion Date: March 2019
  - High — Correct the items “general government secondary revenue” and “current transfers.” — Target Completion Date: March 2019
  - High — Arrange technical meeting with DGD, INS, and ministry in charge of mines to establish harmonized approach to valuing bauxite exports. — Target Completion Date: March 2019
  - High — Correct the formula used to calculate net errors and omissions and the balances of functional categories of the financial account in accordance with BPM6, then submit revised statistics to STA. — Target Completion Date: March 2019
- Outcome: Use of international statistical sources
  - Low — Use BIS and DOTS to improve ESS. — Target Completion Date: June 2019
- Outcome: Survey incorporation and corrections
  - Low — Incorporate results of migrant transfer and informal trade surveys and forward revised data to STA for publication. — Target Completion Date: March 2019
  - Low — Correct transactions in the BOP relating to SDR allocations. — Target Completion Date: March 2019
  - Low — Utilize public entity sources (social security fund, national water and electric utilities) to estimate transactions with nonresident entities. — Target Completion Date: June 2019
  - Low — Verify accuracy and reliability of external account data provided by mining companies. — Target Completion Date: March 2019
  - Low — Ensure consistency between BOP data and the TOFE. — Target Completion Date: March 2019
  - Low — Improve breakdown of other depository corporations’ monetary statistics in the IIP. — Target Completion Date: March 2019
  - Low — Complete the “Reserve assets” item in the BCRG monetary survey (Form 1SR). — Target Completion Date: March 2019
- Outcome: Participation in CDIS and QEDS
  - High — Complete CDIS data entry and processing template and submit statistics to STA. — Target Completion Date: March 2019
  - Low — Arrange working meeting with APIP to share data and coordinate foreign investment activities. — Target Completion Date: March 2019
  - High — Continue discussions with DND to define responsibilities for joining QEDS and establish reporting schedule. — Target Completion Date: June 2019
- Outcome: Data dissemination
  - Low — Disseminate quarterly external accounts. — Target Completion Date: June 2019
  - Low — Provide public access to external account data in spreadsheet form via the BCRG website. — Target Completion Date: March 2019
  - Low — Improve dissemination via a detailed annual report on the BOP and IIP to analyze trends. — Target Completion Date: June 2019

*IMF mission report: Technical assistance to Guinea, July 9–20, 2018.*

### 26. The item general government goods and services n.i.e. (not included elsewhere) — issues and recommendations
- Nonresident consumption and salaries:
  - Item shows no credit entries.
  - Consumption of electricity, water, and telecommunications by nonresident entities could be used to estimate the item; DSBP encouraged to contact companies to collect consumption data by territorial enclaves and other nonresident entities.
  - Salaries paid to local personnel by nonresident entities could be supplemented by social security data; DSBP encouraged to contact CNSS for quarterly data on social contributions and wage statements of nonresident entities.
- General government secondary revenue and workers’ remittances:
  - General government secondary revenue is negative for 2015 and 2016 because secondary revenue paid to nonresidents exceeded that received by nonresidents.
  - DSBP explained secondary revenue paid to nonresidents includes MEF transfers to Guinean embassies and consulates abroad; mission noted these are operations between residents and expenditures of embassies/consulates should be included in "General government goods and services n.i.e." (BPM6, § 10.173 and 10.179).
  - Q1 2018 statistics show no debits or credits for “workers’ remittances”; DSBP estimates remittances in "Other current transfers." Mission recommended recording them in "Private transfers." Remittances survey in preparation should improve statistics.
- Misclassification of transfers and survey respondent guidance:
  - Other current transfers of financial and nonfinancial corporations reported as "transfers" are actually exchanges with quid pro quo; DSBP encouraged to correct transactions and ensure correspondents understand "current transfer" concept (BPM6, § 3.13).
- Valuation of bauxite exports:
  - Valuation rules differ by company vintage: pre-2013 companies governed by conventions; post-2013 companies governed by 2013 Mining Code (value based on international price and alumina content).
  - Examples of valuations:
    - Compagnie de Bauxite de Kindia (CBK): US$15 per ton.
    - Compagnie de Bauxite de Guinée (CBG, in operation since 1973): US$32 per ton.
    - SMB (began production in 2015): valued according to quality, LME, and alumina content.
  - Market price context:
    - LME Primary Aluminum Cash price per ton: US$1,704 at end-2016 and US$2,256 at end-2017.
    - Price of bauxite (China Bauxite Australian Monohydrate 50 percent CIF): US$41.00 at end-2016 and US$44.50 at end-2017.
    - DSBP valued bauxite at an average of US$43 per ton during that time.
  - DGD approach appears to overstate value for tax purposes; DSBP should arrange technical meeting with DGD, INS, and ministry in charge of mines to adopt valuation for foreign trade statistics close to market price.
  - DSBP might consult quarterly and annual reports of Australian Bauxite Limited for market references.
- Key recommendations (section A):
  - Utilize public entity sources (social security, electricity and water utilities) to estimate transactions with nonresident entities;
  - Correct “general government secondary revenue” and “other current transfers”;
  - Arrange technical meeting with DGD, INS, and ministry in charge of mines to harmonize bauxite export valuation.

### Data Consistency and Plausibility (section B) — key findings and recommendations
- Trade and mining developments:
  - Guinea’s imports jumped by 102 percent in 2016, from US$2,192 million in 2015 to US$4,429 million in 2016.
  - Increase driven by equipment imports by mining companies, particularly SMB and Société Guinea Alumina.
  - Increased equipment imports reflected in increased bauxite exports in 2017 (+127 percent).
- Gold production (reported figures):
  - 19.6 tons in 2015
  - 30.0 tons in 2017
  - 45.1 tons in 2017
- Proportion of artisanal gold production officially exported:
  - +12.2 percent in 2015
  - +41.8 percent in 2016
  - +57.5 percent in 2017
- Policy decision:
  - February 2016 Minister of Budget decision temporarily suspended withholding taxes, commissions and other fees on exports by licensed gold exporters.
- Financing of mining investments:
  - Mining companies’ investments generally financed by external borrowing from parent company or foreign financial corporations; not reflected in BOP or IIP (neither in debt instruments within direct investment nor loans within other investments).
  - BIS statistics showed no increase in non-bank sector deposits of same magnitude, indicating need for investigation of foreign investment enterprises and their relations with parents.
- TOFE consistency issues:
  - TOFE and BOP inconsistencies due to misallocation of revenue and expenditures.
  - Data on project grants, budgetary grants, interest on external public debt, and transfers to international organizations should be updated in BOP to conform to TOFE.
  - Mission prepared consistency table (Annex II (a)) and comparison (Annex II (b)); DSBP encouraged to correct public sector international transactions to conform to TOFE.
- Monetary statistics issues:
  - All foreign assets and liabilities of other deposit-taking corporations (ODC) presented on Form 2SR are classified under “Other investments / Cash and deposits” in financial account, preventing distinction between interbank positions and other positions (BPM6, §5.42).
  - “Nonresident credits” in liabilities on Form 2SR represent interbank positions; other accounts payable/receivable should be included in Other accounts receivable/payable, not “Cash and deposits.”
  - Data on ODCs’ direct investments are not completed (bank questionnaire); DSBP should ensure correct completion or apply sanctions.
  - “IMF reserve position” completed using IMF website in BOP and IIP but not in BCRG monetary survey (Form 1SR); monetary statistics unit should correct Form 1SR.
  - Figures on Form 1SR for “Other deposits included in official reserves” fluctuate erratically and should be verified.
- Key recommendations (section B):
  - Verify accuracy and reliability of external account data provided by mining companies;
  - Ensure consistency between BOP data and the TOFE;
  - Improve breakdown of monetary statistics for ODCs in the IIP;
  - Complete the “Reserve assets” item in the BCRG monetary survey (Form 1SR).

### Financial Account and Calculation of NEO (section C) — technical corrections and recalculated impacts
- Methodological issue:
  - DSBP calculates balance of functional categories as sum of net acquisitions of financial assets and net increase in liabilities based on BPM5 sign convention.
  - BPM6 requires financial account balance = net acquisitions of financial assets less net increases in liabilities (BPM6 § 8.102 and § 8.103 of the BPM6 Compilation Guide).
- NEO formula error:
  - DSBP calculates NEO as EON = –   CF –   CA –   CK instead of correct EON = CF – CA –   CK.
  - Mission corrected formulas for functional categories and NEO; Annex III provides further details.
- Recalculated impacts (Annex III highlights, in USD millions):
  - DSBP Financial acct: 2015: 562.2; 2016: 2,400.8; 2017: -763.9
  - Recalculated Financial acct: 2015: 86.7; 2016: -3,965.5; 2017: -2,300.2
  - Direct investment (DSBP / Recalculated): 2015: 48.2 / -58.1; 2016: 1,597.3 / -1,601.3; 2017: 576.5 / -578.6
  - Portfolio investments (DSBP / Recalculated): 2015: 54.7 / -55.9; 2016: 1.2 / -0.9; 2017: 0.1 / 0.0
  - Other investments (DSBP / Recalculated): 2015: 186.9 / -49.9; 2016: 939.1 / -2,155.2; 2017: -1,264.0 / -1,645.1
  - Currency and deposits (DSBP / Recalculated): 2015: 22.9 / 56.7; 2016: -576.3 / -599.6; 2017: -1,421.9 / -1,339.9
  - Loans (DSBP / Recalculated): 2015: 281.3 / -255.5; 2016: 193.9 / -193.9; 2017: 125.5 / -125.5
  - Commercial credits and advances (DSBP / Recalculated): 2015: -95.8 / 155.3; 2016: 1,251.7 / -1,411.8; 2017: 24.3 / -176.4
  - Special Drawing Rights (DSBP / Recalculated): 2015: 12.3 / -12.3; 2016: 14.6 / -14.6; 2017: 4.9 / -4.9
  - Reserve assets (both): 2015: 250.6; 2016: -208.2; 2017: -76.5
  - Net errors and omissions (DSBP / Recalculated): 2015: -0.4 / 876.0; 2016: 0.1 / -1,384.8; 2017: 99.8 / -2,964.3
- Other issues:
  - Stocks of financial liabilities were included in “Reserve assets” in IIP Q1 2018; reserve-related liabilities should be included in other categories (portfolio and other investments) (BPM6, § 6.115).
  - Mission urged DSBP to ensure BOP and direct investment questionnaires are fully and consistently completed, particularly for mining companies.
- Key recommendation (section C):
  - Correct formula used to calculate net errors and omissions and the balances of functional categories of the financial account in accordance with BPM6, then submit revised statistics to STA.

### Direct Investment and participation in the CDIS (section D) — data collection and rollout
- DSBP should improve system for collecting direct investment and other financial account components for CDIS participation.
- Current arrangements:
  - External accounts questionnaire requests opening/closing stock balances and flows with ECOWAS and rest of world.
  - DSBP collects companies’ foreign investments annually using form in Annex V; currently not used for CDIS.
- CDIS rollout plan: SBP plans to roll out CDIS in 2019, focusing on large DI enterprises and large direct investors.
- Suggested actions:
  - Prepare a CDIS guide similar to BOP survey guide;
  - Use CDIS mirror data reported by counterparties;
  - Pay attention to depository corporations’ data as debt positions with related nonresident depository corporations are excluded from DI (BPM6, § 5.42).
- Mission provided WAEMU spreadsheet tool as model.
- Outreach and administrative data sources:
  - APIP implemented automated business registry (SYNERGUI) in June 2018; maintains data on business creation by investor country and total capital stock.
  - Mission suggested DSBP collaborate with APIP and invite APIP to STHBP meetings as needed.
  - Guinean Chamber of Mines (CMG) indicated mining sector willingness to cooperate and recommended use of Ministry of Mines administrative data (annual report).
- Key recommendations (section D):
  - Complete CDIS data entry and processing template and submit statistics to STA;
  - Arrange working meeting with APIP to share data and coordinate foreign investment activities.

### External Debt Statistics and QEDS (section E)
- Meetings and findings:
  - Mission met DND external debt division chief to review progress on updating external debt statistics and to discuss DeMPA conclusions and QEDS participation.
  - DeMPA findings: mechanism for issuing public securities assessed positively; securing debt statistics needs improvement; server problem and CD-DRMS software update remain; CD-DRMS not available in French.
- System migration considerations:
  - Support requested from partners including AFD.
  - Mission encouraged DND to consider UNCTAD DMAS (available in French) to assess costs/benefits relative to CD-DRMS.
  - DMAS used by 69 countries (23 in Africa); CD-DRMS used by 53 countries (19 in Africa).
- QEDS participation:
  - Stakeholders’ roles should be defined in official document (e.g., BCRG provides debt statistics for central bank, commercial banks, non-bank private sector; DND provides public and government-guaranteed debt and serves as lead entity for World Bank transmission).
  - Discussions between DSBP and DND had begun.
  - Mission provided QEDS table templates and encouraged use of JEDH data to refine debt statistics.
- Key recommendation (section E):
  - Continue discussions with DND to define stakeholder responsibilities for joining QEDS and establish a data reporting schedule.

### Publication, coverage, and dissemination (section 56)
- BCRG publishes BOP statistics in annual report and Bulletin of Monetary, Financial, and Balance of Payments Statistics; bulletin available in April of following year.
- BCRG publishes regularly updated BOP statistics on its website (Annex VI); annual IIP and quarterly external accounts are not published on website.
- Table updated 03/09/2018 (as at July 16, 2018) does not indicate currency of amounts presented.
- Timeliness standard: GDDS recommends annual BOP and IIP disseminated 6 to 9 months after reference year; DSBP recommended to set maximum of nine months and analyze in depth in annual external accounts report.
- Recommendations:
  - Disseminate quarterly external accounts;
  - Provide public access to external account data in spreadsheet form via BCRG website;
  - Enhance dissemination with in-depth analyses in detailed annual report.

### Selected key annex figures (preserve original precision)
- Annex I — BIS vs IIP (USD millions):
  - BIS claims / non-bank sector: 2014: 174.1; 2015: 603.6; 2016: 617.1; 2017: 757.7
  - IIP Liabilities / Other investments of other sectors: 2014: 424.6; 2015: 450.6; 2016: 230.5; 2017: NA
  - BIS liabilities / non-bank sector: 2014: 252.6; 2015: 198.9; 2016: 211.0; 2017: 235.8
  - IIP Assets / Other investments of other sectors: 2014: 142.0; 2015: 48.1; 2016: 422.8; 2017: NA
- Annex II (b) — TOFE vs BOP consistency highlights (USD millions):
  - TOFE Interest / external debt: 2014: 11.53; 2015: 13.63; 2016: 25.55; 2017: 21.07
  - BPM6 Primary revenue / Investment revenue / Other investments / Interest / Debit: 2014: 2.94; 2015: 2.53; 2016: 7.73
  - TOFE Budgetary grants: 2014: 105.66; 2015: 11.07; 2016: 80.41; 2017: 49.82
  - BPM6 Secondary revenue / general government / credit: 2014: 67.2; 2015: 33.49; 2016: 18.33; 2017: 114.68
  - TOFE Grants allocated to investments: 2014: 39.99; 2015: 31.14; 2016: 9.95; 2017: 106.54
  - BPM6 Capital account / capital transfers / general government / Other capital transfers: 2015: 150.89; 2016: 108.98; 2017: 145.91
- Annex III — Selected BOP items (DSBP and Recalculated, in USD millions):
  - DSBP Current account: 2015: -1,020.2; 2016: -2,744.9; 2017: 518.4
  - DSBP Capital account: 2015: 230.9; 2016: 164.2; 2017: 145.7
  - DSBP Financial acct: 2015: 562.2; 2016: 2,400.8; 2017: -763.9
  - Recalculated Financial acct: 2015: 86.7; 2016: -3,965.5; 2017: -2,300.2
  - Net errors and omissions (DSBP / Recalculated): 2015: -0.4 / 876.0; 2016: 0.1 / -1,384.8; 2017: 99.8 / -2,964.3
- Annex VI — BCRG published BOP selected line items (Last update: 03/09/2018):
  - Current account n.i.e.: 2014: -981.66; 2015: -1,020.20; 2016: -2,744.92; 2017: 519.40
  - Trade balance: 2014: -306.08; 2015: -410.61; 2016: -2,015.09; 2017: 1,111.01
  - Exports f.o.b.: 2014: 1,027.95; 2015: 1,086.76; 2016: 1,597.31; 2017: 2,910.37
  - Imports f.o.b.: 2014: 2,372.42; 2015: 2,191.75; 2016: 4,429.44; 2017: 3,484.05
  - Gross international reserves (USD millions): 2014: 777.17; 2015: 465.41; 2016: 614.65; 2017: 657.71
  - GDP in USD millions at current prices*: 2014: 7,258.8; 2015: 6,726.4; 2016: 8,427.0; 2017: 9,414.0
  - Current account as % of GDP: 2014: -13.52%; 2015: -15.17%; 2016: -32.57%; 2017: 5.52%

- Annex VII — DGD valuation formula key elements and parameters:
  - TH (moisture content) varies from 7 percent to 12 percent.
  - Tax/extraction and export duty formula components presented (e.g., T = V × 0.1100%).

*International Monetary Fund — 1ginea2019003 - 26. The item general government goods and services n.i.e. (not included elsewhere)*

### 1. Comparison of the DSBP's Financial Account With the Recalculated Version __________________ 16

### 1. Comparison of the DSBP's Financial Account With the Recalculated Version __________________ 16

### Summary of mission outcomes and priority recommendations
- A technical assistance (TA) mission visited Guinea during July 9–20, 2018, as part of the project funded by the Government of Japan to improve external sector statistics (ESS) in 17 Francophone African countries. This was the third mission under this project following the missions in 2016 and 2017.
- The mission was hosted by the Central Bank of the Republic of Guinea (BCRG) and worked closely with the Balance of Payments Unit (SBP) and the Monetary Statistics Unit (SSM) within the BCRG Directorate of Statistics and Balance of Payments (DSBP).
- Main issues addressed:
  - improvement of the surveys on migrant remittances and informal trade;
  - perform detailed technical work to improve ESS;
  - participation in the coordinated direct investment survey (CDIS) and the quarterly external debt statistics (QEDS) database.
- Agreed actions:
  - an action plan to improve ESS with priority recommendations and target completion dates (see Priority Recommendations).
- Data collection and systems:
  - Data collection for the informal trade survey began in March 2018 and is continuing.
  - Migrant remittances survey tools validated; interviewer training scheduled for July 2018; administration of questionnaires programmed for the second half of 2018.
  - Development of an automated application to process external sector data: initial tests conducted; tasks expected completed by end-2018.
- Main data quality and methodological issues identified:
  - formula used to calculate NEO is not consistent with BPM6;
  - calculation of balances for functional categories of the financial account needs revision to comply with BPM6;
  - large NEO resulted from corrections and should be addressed through improved private corporate financial data;
  - consistency issues between ESS and other macroeconomic accounts, notably between balance of payments and the government flow-of-funds table (TOFE);
  - limited use of administrative sources (social security fund, utility companies) and inconsistent classification of diplomatic missions’ expenses.
- Participation and timeliness:
  - main remaining task before CDIS submission: complete data entry and processing application;
  - discussions started between SDBP and DND for QEDS participation; define responsibilities and submission schedule;
  - timeliness needs improvement mainly for the IIP and quarterly BOP statistics; revise format and periods of availability on BCRG website.

### Priority Recommendations (selected)
- Table 1. Guinea Priority Recommendations (excerpt)
  - Target Date: 03/2019 — Correct the formula used to calculate net errors and omissions and the balances of functional categories of the financial account in accordance with the BPM6, then submit revised statistics to the IMF’s Statistics Department (STA). — Responsible: BCRG (DSBP)
  - Target Date: 03/2019 — Develop a template for inputting and processing CDIS data for use in completing the IMF CDIS form, and submit to STA. — Responsible: BCRG (DSBP)
  - Target Date: 06/2019 — Continue discussions with DND to define each stakeholder’s responsibilities in the process of joining the QEDS database and establish a data reporting schedule. — Responsible: BCRG (DSBP), DND

### Implementation status of previous recommendations
- Of 11 recommendations from the previous mission (September 25–October 6, 2017), 10 were to be completed by March 2018; implementation considered satisfactory despite personnel constraints.
- Partially implemented or outstanding items:
  - quarterly consultations framework between BCRG and DND: partially implemented; amended public external debt questionnaire; quarterly CTHBP meetings ongoing (next scheduled August 2018).
  - verification of private sector stock of short-term debt not performed due to unavailability of data prior to 2008; recommendation to increase coverage of 2017 balance of payments survey for stocks of debt and use 2017 to backcast prior years.
  - reporting reinvested earnings, net increases in insurance liabilities, and income on reserve assets: partially implemented; mining companies submit via oversight ministry complicating outreach; suggested reclassification of income on reserve assets from portfolio investment interest to “interest” on reserve assets in primary revenue account.
  - trade credits confirmed via balance of payments survey; specific 2016 reclassification performed and revised data submitted to STA.
  - formula for NEO and balances of functional categories of financial account: modified but error persists; working meeting held to correct problems.
  - limited use of BIS data for reconciling cash and deposits due to slow Internet connection; mission provided BIS cross-border position tables for counterparties resident in Guinea (Table A6.1). Annex I compares BIS and IIP non-bank sector stocks.
  - SDR allocation transactions recorded in 2014–2016 BOP have not been corrected; DSBP requested assistance.
  - DOTS mirror data reconciliation for 2016: working session with DGD and INS scheduled for July; DSBP adjusts bauxite export prices for SMB based on conventions unavailable to DSBP, causing inconsistencies between DGD and DSBP and between INS and BCRG.
- Confirmed implemented items:
  - reconciliation of direct investment and other investment flows in BOP with IIP stock changes;
  - ensuring reserve assets reported consistently in monetary statistics and BOP.

Recommendations from implementation review:
- Schedule regular CTHBP meetings to harmonize external debt and international trade statistics;
- Use BIS and DOTS sources to improve ESS;
- Organize training and outreach for BOP survey correspondents, including mining companies.

### Developments with respect to ESS (staffing, surveys, IT)
- Staffing:
  - Additional SBP staff planned by end‒2017 not yet hired due to BCRG reorganization; initially two additional staff were planned. Unit currently has three members including unit chief; third member returned from training in April 2018.
- Surveys:
  - Informal trade survey (with DGD) and migrant transfers survey (with INS), both financed by AfDB, continuing.
  - Informal trade data collection began March 2018; migrant transfers interviewer training programmed for July 2018; data collection expected second half of 2018.
- IT application:
  - Development of an IT application to automate processing of BOP and IIP data underway; initial testing completed; expected in production before end‒2018.
  - DSBP visited BCEAO in Dakar in 2016 for experience sharing; BEAC/BEAC/BEAC model noted (BEAC system allows corporations to complete questionnaires online); DSBP encouraged to borrow from BEAC model.

### Specific methodological and data issues identified
- SDR allocations:
  - Guinea’s BOP for 2014–2017 reflects SDR allocations though most recent SDR allocation was in 2009; since no transactions occurred there should be no changes in BOP; IIP should reflect SDR allocation stocks with exchange rate revaluation recorded in revaluation account, not in BOP financial account.
- Classification and valuation:
  - Reclassify expenses of Guinea’s foreign diplomatic missions to general government goods and services not included elsewhere instead of “current transfers.”
  - Correct “other current transfers” where it includes trade (counterparty transactions) rather than transfers.
  - Arrange technical meeting with DGD, INS, and ministry in charge of mines to harmonize bauxite export valuation.
- NEO and financial account functional balances:
  - Formula for NEO inconsistent with BPM6; balances of functional categories of financial account require recalculation per BPM6; corrections produced large NEO that need addressing via improved private corporate financial data.
- Use of administrative sources:
  - Proposed use of social security fund and utility companies (electricity and water) to capture transactions with nonresident entities.
- BIS and DOTS:
  - Low-quality Internet at BCRG limits use of BIS data; mission provided BIS tables; recommended better Internet or alternative access to BIS data and greater use of DOTS mirror data.

### Detailed technical assessment and action plan (selected priority actions and target dates)
- Outcome: Strengthened capacities and institutional cooperation
  - Low priority — Organize training and outreach for BOP survey correspondents, including mining companies. — Target Completion Date: March 2019
  - Low priority — Using BEAC information system as a model, develop automated BOP application. — Target Completion Date: June 2019
- Outcome: Improved sources and quality of BOP data (High priority items)
  - High — Schedule regular CTHBP meetings and ensure harmonization of external debt and international trade statistics. — Target Completion Date: March 2019
  - High — Correct the items “general government secondary revenue” and “current transfers.” — Target Completion Date: March 2019
  - High — Arrange technical meeting with DGD, INS, and ministry in charge of mines to establish harmonized approach to valuing bauxite exports. — Target Completion Date: March 2019
  - High — Correct the formula used to calculate net errors and omissions and the balances of functional categories of the financial account in accordance with BPM6, then submit revised statistics to STA. — Target Completion Date: March 2019
- Outcome: Use of international statistical sources
  - Low — Use BIS and DOTS to improve ESS. — Target Completion Date: June 2019
- Outcome: Survey incorporation and corrections
  - Low — Incorporate results of migrant transfer and informal trade surveys and forward revised data to STA for publication. — Target Completion Date: March 2019
  - Low — Correct transactions in the BOP relating to SDR allocations. — Target Completion Date: March 2019
  - Low — Utilize public entity sources (social security fund, national water and electric utilities) to estimate transactions with nonresident entities. — Target Completion Date: June 2019
  - Low — Verify accuracy and reliability of external account data provided by mining companies. — Target Completion Date: March 2019
  - Low — Ensure consistency between BOP data and the TOFE. — Target Completion Date: March 2019
  - Low — Improve breakdown of other depository corporations’ monetary statistics in the IIP. — Target Completion Date: March 2019
  - Low — Complete the “Reserve assets” item in the BCRG monetary survey (Form 1SR). — Target Completion Date: March 2019
- Outcome: Participation in CDIS and QEDS
  - High — Complete CDIS data entry and processing template and submit statistics to STA. — Target Completion Date: March 2019
  - Low — Arrange working meeting with APIP to share data and coordinate foreign investment activities. — Target Completion Date: March 2019
  - High — Continue discussions with DND to define responsibilities for joining QEDS and establish reporting schedule. — Target Completion Date: June 2019
- Outcome: Data dissemination
  - Low — Disseminate quarterly external accounts. — Target Completion Date: June 2019
  - Low — Provide public access to external account data in spreadsheet form via the BCRG website. — Target Completion Date: March 2019
  - Low — Improve dissemination via a detailed annual report on the BOP and IIP to analyze trends. — Target Completion Date: June 2019

*IMF mission report: Technical assistance to Guinea, July 9–20, 2018.*

### 26. The item general government goods and services n.i.e. (not included elsewhere)

### 26. The item general government goods and services n.i.e. (not included elsewhere)

### Issues and data sources for nonresident consumption and salaries
- The item shows no credit entries.
- Information on the consumption of electricity, water, and telecommunications by nonresident entities could be used to estimate this item.
- The mission encouraged the DSBP to contact the companies concerned to collect the data on consumption by territorial enclaves and other nonresident entities.
- Salaries paid to local personnel by nonresident entities could be supplemented by data on social security if questionnaire responses are unsatisfactory.
- The mission encouraged the DSBP to contact the social security agency (CNSS) to collect quarterly data on social contributions and statements of wages of nonresident entities to estimate amounts paid as employee salaries.

### General government secondary revenue and workers’ remittances
- General government secondary revenue is negative for the years 2015 and 2016 because secondary revenue paid to nonresidents exceeded that received by nonresidents.
- The DSBP explained that secondary revenue paid to nonresidents includes MEF transfers to Guinean embassies and consulates located abroad.
- The mission noted that:
  - these transfers are operations between residents, as the foreign entities are considered residents of Guinea; and
  - expenditures of embassies and consulates should be included in the item "General government goods and services n.i.e." if the specific services received by the entities are not known (BPM6, § 10.173 and 10.179).
- The first quarter of 2018 statistics show no debits or credits entries for the secondary revenue account item “workers’ remittances.”
- The DSBP explained that workers' remittances are estimated and included in the item "Other current transfers."
- The mission recommended that the DSBP record those operations in the item "Private transfers."
- The remittances survey in preparation should contribute to improving those statistics.

### Misclassification of transfers and survey respondent guidance
- Other current transfers of financial and nonfinancial corporations are reported based on data on "transfers" issued or received by those corporations; however, those transactions are actually exchanges (with quid pro quo) rather than transfers (without quid pro quo) as used in the balance of payments (BPM6, § 3.13).
- The mission encouraged the DSBP to correct the transactions and ensure that correspondents completing the balance of payments survey adequately understand the concept of "current transfer."

### Valuation of bauxite exports
- Valuation rules:
  - Bauxite exported by mining companies that began production before the effective date of the 2013 mining code is governed by the convention with the government.
  - Bauxite exports by companies established after 2013 are governed by the 2013 Mining Code, which bases the value of bauxite on the international price and the alumina content.
- Examples of valuations:
  - Compagnie de Bauxite de Kindia (CBK) valued at US$15 per ton.
  - Compagnie de Bauxite de Guinée (CBG, in operation since 1973) valued at US$32 per ton.
  - SMB (began production in 2015) valued according to quality, the international price (London Metal Exchange, LME), and alumina content (Annex VII).
- Market price context:
  - LME Primary Aluminum Cash price per ton: US$1,704 at end-2016 and US$2,256 at end-2017.
  - Price of bauxite (China Bauxite Australian Monohydrate 50 percent CIF): US$41.00 at end-2016 and US$44.50 at end-2017.
  - The DSBP valued bauxite at an average of US$43 per ton during that time.
- The DGD approach (also used by the INS) appears to overstate the value and is intended primarily for tax purposes, not statistics.
- The DSBP should arrange a technical meeting with the DGD, the INS, and the ministry in charge of mines to decide on a valuation for foreign trade statistics close to the market price.
- The DSBP might consult the quarterly and annual reports of Australian Bauxite Limited, which contain information on quantities and prices of bauxite sold on the Chinese market by the world’s leading bauxite exporters, including Guinea.
- The next mission could review the proposed bauxite valuation in detail.

### Key recommendations (section A)
- Utilize sources from public entities (social security, electricity and water utilities, etc.) to estimate transactions with nonresident entities;
- Correct the items “general government secondary revenue” and “other current transfers";
- Arrange a technical meeting with the Directorate General of Customs, the INS, and the ministry in charge of mines to establish a harmonized approach to valuing bauxite exports for international trade statistics.

### Data Consistency and Plausibility (section B)
- The mission reviewed consistency of balance of payments statistics and the IIP with respect to data from the BIS, the TOFE, and the monetary and financial statistics (MFS).
- Guinea’s imports jumped by 102 percent in 2016, from US$2,192 million in 2015 to US$4,429 million in 2016.
- The increase was driven by equipment imports (mining vessels, crane ships, towing vehicles, etc.) by mining companies, particularly SMB (bauxite) and Société Guinea Alumina.
- Increased equipment imports were reflected in increased bauxite exports in 2017 (+127 percent).
- Gold production increased:
  - 19.6 tons in 2015
  - 30.0 tons in 2017
  - 45.1 tons in 2017
- The proportion of artisanal gold production officially exported increased:
  - +12.2 percent in 2015
  - +41.8 percent in 2016
  - +57.5 percent in 2017
- The February 2016 decision by the Minister of Budget temporarily suspended the system of withholding taxes, commissions and other fees on exports by licensed gold exporters.
- Gold produced is weighed, valued, and exported with the BCRG’s intervention.
- Mining companies’ investments and equipment purchases are generally financed by external borrowing from the parent company or foreign financial corporations; this development is not reflected in the balance of payments or IIP statistics (neither in debt instruments within direct investment nor loans within other investments).
- Analysis of BIS statistics found no increase in non-bank sector deposits of the same magnitude over the period, suggesting the need for a thorough investigation of foreign investment enterprises (primarily mining companies) and their relations with parent companies (debt, equity holdings, distribution of dividends, interest payments).
- TOFE statistics are not always consistent with balance of payments statistics because revenue and expenditures are allocated to incorrect categories.
  - Data on project grants (allocated to investments), budgetary grants, interest on external public debt, and transfers to international organizations should be updated in the balance of payments to conform to the TOFE.
  - The mission prepared a consistency table between TOFE data and balance of payments data for the statisticians’ use (Annex II (a)) and a comparison in Annex II (b).
  - The DSBP was encouraged to correct public sector international transactions to conform to the operations presented in the TOFE.
- Monetary statistics issues:
  - All foreign assets and liabilities of other deposit-taking corporations (ODC) presented in their monetary surveys (Form 2SR) are classified under “Other investments / Cash and deposits” in the financial account, preventing distinction between interbank positions and other positions (BPM6, §5.42).
  - The item “Nonresident credits” in the liabilities on Form 2SR represents interbank positions, while stocks of other accounts payable/receivable on Form 2SR should be included in the corresponding IIP and balance of payments item (Other accounts receivable/payable), not “Cash and deposits.”
  - Data on stocks and flows of ODCs’ direct investments are not completed (bank questionnaire). As ODCs are subject to the banking law, the DSBP should take steps to ensure they correctly complete the questionnaire or face sanctions.
  - The “IMF reserve position” is completed using data from the IMF website in the balance of payments and IIP but is not completed in the BCRG monetary survey (Form 1SR). The monetary statistics unit should correct Form 1SR.
  - Figures reported on Form 1SR for “Other deposits included in official reserves” have fluctuated erratically month to month and should be verified.

### Key recommendations (section B)
- Verify the accuracy and reliability of external account data provided by mining companies;
- Ensure consistency between balance of payments data and the TOFE;
- Improve the breakdown of monetary statistics for other depository corporations in the IIP;
- Complete the “Reserve assets” item in the BCRG monetary survey (Form 1SR).

### Financial Account and Calculation of NEO (section C)
- The BCRG calculates the balance of functional categories of the financial account as the sum of net acquisitions of financial assets and the net increase in liabilities, based on BPM5 sign convention.
- BPM6 requires the financial account balance to equal net acquisitions of financial assets less net increases in liabilities (BPM6 § 8.102 and § 8.103 of the BPM6 Compilation Guide).
- The mission encouraged the DSBP to correct the formula used to calculate balances of functional categories in the financial account.
- A comparison with IMF database statistics identified net increases in liabilities that appear with the opposite arithmetic sign in the IMF statistics database; the DSBP was asked to review those statistics.
- The DSBP calculates NEO as the negative value of the financial account less the sum of the current and capital accounts (EON = –   CF –   CA –   CK), rather than the correct formula (EON = CF – CA –   CK).
- The mission corrected formulas used to calculate the functional categories of the financial account and NEO; Annex III provides further details on corrections.
- The recalculated NEO for 2016 and 2016 are larger negative values, reflecting significant imbalances (note: source text reports recalculated NEO for 2016 and 2016).
- Stocks of financial liabilities were included in the item “Reserve assets” in the IIP for first quarter 2018; reserve-related liabilities should be included in other categories (portfolio and other investments) (BPM6, § 6.115).
- The mission urged the DSBP to ensure that balance of payments and direct investment questionnaires are fully and consistently completed, particularly those sent to mining companies.

### Key recommendation (section C)
- Correct the formula used to calculate net errors and omissions and the balances of functional categories of the financial account in accordance with the BPM6, then submit the revised statistics to STA.

### Direct Investment and participation in the CDIS (section D)
- The DSBP should improve its system for collecting data on direct investments and other components of the financial account in preparation for participation in the CDIS.
- The external accounts questionnaire requests information on opening and closing balances of stocks, and other flows with ECOWAS countries and the rest of the world.
- The DSBP collects data on companies’ foreign investments each year using the form shown in Annex V; currently not used for CDIS.
- The SBP plans to roll out the CDIS in 2019, focusing first on large direct investment enterprises and large direct investors.
- Suggested actions:
  - Prepare a guide for CDIS like for the balance of payments survey;
  - Use CDIS mirror data reported by counterparties;
  - Pay due attention to depository corporations’ data, because all their debt positions with related nonresident depository corporations are excluded from direct investment (BPM6, § 5.42).
- The mission provided the WAEMU spreadsheet tool as a model.

### Outreach and administrative data sources
- The APIP implemented an automated national business registry (SYNERGUI) in June 2018.
- APIP maintains data on business creation by investor country of origin and total capital stock; in 2016 it conducted a study on direct investment in Guinea based on intentions to invest.
- The mission suggested DSBP collaborate with APIP and invite APIP to STHBP meetings as needed.
- The mission and SBP met with the Guinean Chamber of Mines (CMG); CMG indicated mining sector willingness to cooperate and recommended use of administrative data from the Ministry of Mines, available in the ministry’s annual report.

### Key recommendations (section D)
- Complete the CDIS data entry and processing template for use in completing the associated IMF form and submit statistics to STA;
- Arrange a working meeting with the APIP to share data and coordinate activities relating to foreign investment.

### External Debt Statistics and QEDS (section E)
- The mission met with the chief of the DND’s external debt division to review progress on updating external debt statistics and to discuss DeMPA conclusions and QEDS participation.
- DeMPA findings:
  - Mechanism for issuing public securities assessed positively;
  - Securing debt statistics needs improvement;
  - Server problem and update of CD-DRMS software remain to be resolved;
  - CD-DRMS software is not available in French.
- Consideration of system migration and replacement:
  - Support requested from technical and financial partners including the French Development Agency (AFD).
  - The mission encouraged DND to consider UNCTAD Debt Management and Analysis System (DMAS) (available in French) to assess costs and benefits relative to CD-DRMS.
  - DMAS is used by 69 countries, including 23 African countries; CD-DRMS is used in 53 countries, 19 in Africa.
- For QEDS participation:
  - Each stakeholder’s role should be defined in an official document (e.g., BCRG provides debt statistics for central bank, commercial banks, and non-bank private sector; DND provides statistics on public and government-guaranteed debt and serves as lead entity for timely transmission to the World Bank).
  - Discussions between DSBP and DND had begun.
  - The mission provided DND and DSBP with QEDS table templates and encouraged use of data from the Joint External Debt Hub (JEDH) to refine debt statistics.

### Key recommendation (section E)
- Continue discussions with DND to define each stakeholder’s responsibilities in the process of joining the QEDS database and establish a data reporting schedule.

_International Monetary Fund — 1ginea2019003 - 26. The item general government goods and services n.i.e. (not included elsewhere)_

### 56. Balance of payments statistics are published and annotated in the BCRG annual

### 56. Balance of payments statistics are published and annotated in the BCRG annual report and its Bulletin of Monetary, Financial, and Balance of Payments Statistics

### Publication, coverage, and accessibility
- Balance of payments statistics are published and annotated in the BCRG annual report and its Bulletin of Monetary, Financial, and Balance of Payments Statistics.  
- The bulletin is available in April of the following year.  
- The BCRG publishes regularly updated balance of payments statistics on its website (Annex VI).  
- The annual IIP and quarterly external accounts statistics are not published on the BCRG website.  
- The table updated March 9, 2018, available on the BCRA website (as at July 16, 2018) does not indicate the currency of the amounts presented.

### Timeliness standard and internal process recommendation
- According to the General Data Dissemination System, the annual balance of payments and IIP should be disseminated from six to nine months after the end of the reference year.  
- Recommendation for the DSBP: set itself a maximum of nine months to produce the final balance of payments and IIP statistics; analyze them in depth in an annual report on the external accounts.

### Recommendations
- Disseminate the quarterly external accounts;  
- Provide public access to external account data in spreadsheet form via the BCRG website;  
- Enhance the dissemination of external accounts by providing in-depth analyses of external account developments in a detailed annual report.

### Annex I — Comparison With BIS Stocks of Claims and Liabilities With the IIP (in USD millions)
- BIS claims / non-bank sector: 2014: 174.1; 2015: 603.6; 2016: 617.1; 2017: 757.7  
- IIP Liabilities / Other investments of other sectors: 2014: 424.6; 2015: 450.6; 2016: 230.5; 2017: NA  
- BIS liabilities / non-bank sector: 2014: 252.6; 2015: 198.9; 2016: 211.0; 2017: 235.8  
- IIP Assets / Other investments of other sectors: 2014: 142.0; 2015: 48.1; 2016: 422.8; 2017: NA

### Annex II — Consistency Between the TOFE and the Balance of Payments (mapping highlights)
- Revenue / Nontax revenue → Public real property (concerning international organizations or nonresident states)  
- Capital account / capital transfers / general government mapped across BPM5/BPM6 entries for capital transfers and grants  
- Grants — treatment varies: Not allocated or allocated to current expenditure; Secondary revenue/General government; Grants/Allocated to investments; Capital account / capital transfers  
- Expenditure mappings include Transfers / International organizations → Current transfers / general government; Interest / External Revenue / Other investments / General government; Primary revenue / Other investments

### Annex II (b) — Consistency Between the TOFE and the Balance of Payments 2014‒2017 (in USD millions)
- TOFE Interest / external debt: 2014: 11.53; 2015: 13.63; 2016: 25.55; 2017: 21.07  
- BPM6 Primary revenue / Investment revenue / Other investments / Interest / Debit: 2014: 2.94; 2015: 2.53; 2016: 7.73  
- TOFE Budgetary grants (not allocated or allocated to current expenditure): 2014: 105.66; 2015: 11.07; 2016: 80.41; 2017: 49.82  
- BPM6 Secondary revenue / general government / credit: 2014: 67.2; 2015: 33.49; 2016: 18.33; 2017: 114.68  
- TOFE Grants allocated to investments: 2014: 39.99; 2015: 31.14; 2016: 9.95; 2017: 106.54  
- BPM6 Capital account / capital transfers / general government / Other capital transfers: 2015: 150.89; 2016: 108.98; 2017: 145.91

### Annex III — DSBP Balance of Payments and Balance of Payments Including Recalculated Financial Account (in USD millions)
- DSBP Current account: 2015: -1,020.2; 2016: -2,744.9; 2017: 518.4  
- DSBP Capital account: 2015: 230.9; 2016: 164.2; 2017: 145.7  
- DSBP Financial acct: 2015: 562.2; 2016: 2,400.8; 2017: -763.9  
- Balance of Payments with Financial Account Recalculated by the Mission — Financial acct: 2015: 86.7; 2016: -3,965.5; 2017: -2,300.2  
- Direct investment (DSBP / Recalculated): 2015: 48.2 / -58.1; 2016: 1,597.3 / -1,601.3; 2017: 576.5 / -578.6  
- Portfolio investments (DSBP / Recalculated): 2015: 54.7 / -55.9; 2016: 1.2 / -0.9; 2017: 0.1 / 0.0  
- Other investments (DSBP / Recalculated): 2015: 186.9 / -49.9; 2016: 939.1 / -2,155.2; 2017: -1,264.0 / -1,645.1  
- Currency and deposits (DSBP / Recalculated): 2015: 22.9 / 56.7; 2016: -576.3 / -599.6; 2017: -1,421.9 / -1,339.9  
- Loans (DSBP / Recalculated): 2015: 281.3 / -255.5; 2016: 193.9 / -193.9; 2017: 125.5 / -125.5  
- Commercial credits and advances (DSBP / Recalculated): 2015: -95.8 / 155.3; 2016: 1,251.7 / -1,411.8; 2017: 24.3 / -176.4  
- Special Drawing Rights (DSBP / Recalculated): 2015: 12.3 / -12.3; 2016: 14.6 / -14.6; 2017: 4.9 / -4.9  
- Reserve assets (both): 2015: 250.6; 2016: -208.2; 2017: -76.5  
- Net errors and omissions (DSBP / Recalculated): 2015: -0.4 / 876.0; 2016: 0.1 / -1,384.8; 2017: 99.8 / -2,964.3

### Annex IV — Consistency Between BCRG Financial Liabilities and IMF Data in 2015 and 2016 (in USD millions)
- BCRG Net liabilities/ Direct investment: 2015: 53.2; 2016: 1,599.3  
- IMF data Net liabilities/ Direct investment: 2015: -53.2; 2016: 1,511.6  
- BCRG Net liabilities/Invest. Portfolio: 2015: 55.3; 2016: 1.0  
- IMF data Net liabilities/Invest. Portfolio: 2015: -55.3; 2016: -1.0

### Annex V — Direct Investment Form (reporting templates and headings)
- Sections include: I. Transactions in equity securities; I.1. SHAREHOLDERS EQUITY AFTER ALLOCATION OF EARNINGS — Line item 2017, 2018 (Share capital; Reserves; Retained earnings; Total equity)  
- I.2. GEOGRAPHIC DISTRIBUTION OF CAPITAL STOCK HELD BY FOREIGN INVESTORS — % of capital stock held 2017, 2018 (with instruction to repeat country names if multiple creditors reside in same country)  
- I.3. GEOGRAPHIC DISTRIBUTION OF EQUITY INVESTMENTS HELD BY YOUR COMPANY ABROAD — tables for 2017, 2018 values and shares  
- II. Transactions in debt instruments — II.1. GEOGRAPHIC DISTRIBUTION OF YOUR COMPANY'S EXPOSURES VIS-À-VIS NONRESIDENTS — creditor country of residence, relation to creditors (A: Affiliated company (1); B: Non-affiliated company (2)); Value of liabilities vis-à-vis nonresidents 2017, 2018  
- II.2. GEOGRAPHIC DISTRIBUTION OF YOUR COMPANY'S CLAIMS ON NONRESIDENTS — borrower country of residence, relationship to borrower (A/B), Value of claims on nonresidents 2017, 2018  
- Definitions for (1) affiliated and (2) non-affiliated companies provided; inter-company claims between affiliated financial intermediaries (other than insurance companies and pension funds) are excluded from direct investment category.

### Annex VI — Guinea’s Balance of Payments Published on the BCRG Website (selected line items, BP6GINA.wk1: Last update: 03/09/2018)
- A. Current account n.i.e.: 2014: -981.66; 2015: -1,020.20; 2016: -2,744.92; 2017: 519.40  
  - Credit: 2014: 4,238.40; 2015: 3,142.02; 2016: 3,469.53; 2017: 5,190.29  
  - Debit: 2014: 5,220.07; 2015: 4,162.22; 2016: 6,214.46; 2017: 4,670.89
- 1. Trade balance: 2014: -306.08; 2015: -410.61; 2016: -2,015.09; 2017: 1,111.01  
  - Credit (exports f.o.b.): 2014: 2,066.34; 2015: 1,781.15; 2016: 2,414.35; 2017: 4,595.06  
  - Exports f.o.b.: 2014: 1,027.95; 2015: 1,086.76; 2016: 1,597.31; 2017: 2,910.37  
  - Non-monetary gold: 2014: 1,010.20; 2015: 671.83; 2016: 1,839.25; 2017: 1,692.46  
  - Debit (imports f.o.b.): 2014: 2,372.42; 2015: 2,191.75; 2016: 4,429.44; 2017: 3,484.05
- 2. Balance on trade in services: 2014: -481.19; 2015: -425.03; 2016: -479.99; 2017: -703.53  
  - Credit: 2014: 63.91; 2015: 78.26; 2016: 53.10; 2017: 52.38  
  - Debit: 2014: 545.10; 2015: 503.29; 2016: 655.70; 2017: 755.91
- 3. Primary revenue: 2014: -212.22; 2015: -143.24; 2016: -102.43; 2017: -50.63  
  - Credit: 2014: 21.50; 2015: 35.46; 2016: 83.37; 2017: 47.66  
  - Debit: 2014: 233.71; 2015: 178.71; 2016: 154.32; 2017: 98.29
- 4. Secondary revenue: 2014: 17.82; 2015: -41.32; 2016: 315.29; 2017: 162.55  
  - Credit: 2014: 2,086.66; 2015: 1,247.15; 2016: 946.31; 2017: 495.19  
  - Debit: 2014: 2,068.84; 2015: 1,288.47; 2016: 687.88; 2017: 332.64
- B. Capital account n.i.e.: 2014: 257.88; 2015: 230.91; 2016: 164.25; 2017: 145.70  
  - Credit: 2014: 258.58; 2015: 231.61; 2016: 129.38; 2017: 149.42  
  - Debit: 2014: 0.71; 2015: 0.70; 2016: 4.20; 2017: 3.72
- D. Financial account n.i.e.: 2014: 435.21; 2015: 289.83; 2016: -2,973.54; 2017: -705.04  
  - 1. Direct investment n.i.e.: 2014: 77.06; 2015: 48.23; 2016: -1,597.34; 2017: 575.50  
  - 2. Portfolio investment n.i.e.: 2014: 16.44; 2015: 54.68; 2016: -1.15; 2017: 0.08  
  - 4. Other investments n.i.e.: 2014: 341.72; 2015: 186.92; 2016: -1,375.05; 2017: -1,284.61
- E. Net errors and omissions: 2014: 34.02; 2015: -0.48; 2016: 4.23; 2017: -0.11
- F. Total balance to be financed: 2014: -254.56; 2015: -499.94; 2016: 397.10; 2017: -44.05
- G. Financing of total balance (components): Reserve assets: 2014: -37.68; 2015: 250.61; 2016: 208.17; 2017: -76.50  
  - IMF credits and loans: 2014: 18.83; 2015: 39.01; 2016: 40.64; 2017: 26.26  
  - Exceptional financing — Drawings of new borrowings: 2014: 135.44; 2015: 182.72; 2016: 148.26; 2017: 94.28  
  - Exceptional financing — Rescheduling of existing debt: 2014: 132.98; 2015: 24.21; 2016: 0.00; 2017: 0.00
- For reference (selected macro and external indicators):  
  - GDP in USD millions at current prices*: 2014: 7,258.8; 2015: 6,726.4; 2016: 8,427.0; 2017: 9,414.0  
  - Coverage of goods exports / goods imports: 2014: 87.10%; 2015: 81.27%; 2016: 54.51%; 2017: 178.34%  
  - Mining sector share in total goods exports: 2014: 79.90%; 2015: 88.70%; 2016: 89.75%; 2017: 78.50%  
  - Combined bauxite-alumina share in goods exports: 2014: 19.21%; 2015: 78.50%; 2016: 85.00%; 2017: 41.11%  
  - Petroleum products share in goods imports: 2014: 27.89%; 2015: 26.60%; 2016: 28.00%; 2017: 15.73%  
  - Current account as % of GDP: 2014: -13.52%; 2015: -15.17%; 2016: -32.57%; 2017: 5.52%  
  - Total balance as % of GDP: 2014: -3.51%; 2015: -7.43%; 2016: 4.71%; 2017: -0.47%  
  - Gross international reserves in USD millions: 2014: 777.17; 2015: 465.41; 2016: 614.65; 2017: 657.71  
  - Gross international reserves in months of goods and services imports: 2014: 3.20; 2015: 2.07; 2016: 1.45; 2017: 1.86  
  - Debt service in USD millions**: 2014: 256.72; 2015: 18.80; 2016: 18.80; 2017: 87.20  
  - Stock of debt (in USD millions)***: 2014: 2,889.23; 2015: 468.25; 2016: 1,873.00; 2017: 1,757.10  
  - Stock of debt in % of GDP: 2014: 39.80%; 2015: 6.96%; 2016: 22.23%; 2017: 18.66%  
  - Imports CIF: 2014: 2,655.46; 2015: 2,441.63; 2016: 4,859.96; 2017: 3,901.00  
  - NB: * GDP in 2017: forecast from the macroeconomic framing  
        ** Debt service in 2017: forecast from the macroeconomic framing  
       *** Stock of debt in 2017: forecast from the macroeconomic framing  
       **** Revised data based on the most recent information provided by the Ministry of Mines and Société Minière de Boké (SMB)

### Annex VII — DGD Valuation of Bauxite (key formula components and tax rates)
- QS = Dry quantity  
- TE = Content when loaded  
- TS = Standard content obtained from Ministry of Mines geological map  
- LME = London Metal Exchange obtained quarterly  
- QE = Quantity loaded on board vessel  
- TH = Moisture content obtained by independent analysis by specialized company; varies from 7 percent to 12 percent  
- Calculation of extraction and export taxes and duties:  
  - Extraction (Tax) formula: V × 0.00000% (as presented)  
  - Export duty (Customs) formula: V × 0.00000% (as presented)  
  - Under article 161 of the new Mining Code, use of simplified declaration preferred to allow companies to pay assessments at a single rate.  
  - T = V × 0.1100%  
  - The taxable event for purposes of the mining tax is removal of the ore from the mine head; the tax is payable by the fifteenth of the month following export (Amended Mining Code of 2011).

*Source: BCRG (as presented in the provided content).*

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_Source: https://www.imf.org/-/media/files/publications/cr/2019/1ginea2019003.pdf_