Guinea: First Review Under the Three-Year Arrangement Under the Extended Credit Facility, Financing Assurances Review, Request for a Waiver of Nonobservance of a Performance Criterion and Request for Modification of Performance Criteria—Staff Report; Informational Annex; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Guinea.: Request for a Waiver of Nonobservance of a Performance Criterion and Request for Modification of Performance Criteria—Staff Report; Informational Annex; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Guinea.

IMF Staff Country Reports, November 7, 2012

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Canonical URL: Guinea: First Review Under the Three-Year Arrangement Under the Extended Credit Facility, Financing Assurances Review, Request for a Waiver of Nonobservance of a Performance Criterion and Request for Modification of Performance Criteria—Staff Report; Informational Annex; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Guinea.: Request for a Waiver of Nonobservance of a Performance Criterion and Request for Modification of Performance Criteria—Staff Report; Informational Annex; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Guinea.

"Guinea is making good progress in recovering from a long period of social unrest and military rule."
"Macroeconomic imbalances have been reduced, major structural reforms are under way, and long-neglected infrastructure is being rebuilt."
"However, the political transition process is still incomplete, with parliamentary elections having been delayed, and social tensions persist."
"Guinea remains vulnerable to developments in international markets, but risks are mitigated by long-term mining contracts; the key food import is rice, where recent international price increases have been modest and where agricultural reforms seek to boost domestic production."

Progress indicators:
- Reduction in macroeconomic imbalances.
- Implementation of major structural reforms.
- Rebuilding of long-neglected infrastructure.
Political and social challenges:
- Incomplete political transition.
- Delayed parliamentary elections.
- Persisting social tensions.
External vulnerability and mitigation:
- Vulnerability to international market developments.
- Mitigation through long-term mining contracts.
- Rice is identified as the key food import; recent international price increases described as modest.
- Agricultural reforms aim to boost domestic rice production.

Subject: Asset and liability management, Banking, Debt relief, Economic sectors, External debt, Mining sector, National accounts, Public financial management (PFM)
Keywords: Africa, arrears, authority, CR, debt policy, Debt relief, disbursement of an amount equivalent, Global, Guinean authorities, ISCR, mineral wealth, Mining sector, procurement contract, SDR