Guinea: Request for Debt Relief Under the Catastrophe Containment Window of the Catastrophe Containment and Relief Trust—Staff Report; and Press Release

IMF Staff Country Reports, May 1, 2015

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Guinea: Request for Debt Relief Under the Catastrophe Containment Window of the Catastrophe Containment and Relief Trust—Staff Report; and Press Release

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Bibliographic details

• Published: May 1, 2015
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781484343906.002

Overview / Summary

• The paper discusses Guinea’s Request for Debt Relief under the Catastrophe Containment (CC) Window of the Catastrophe Containment and Relief (CCR) Trust.
• Since early 2014, Guinea has been experiencing an ongoing Ebola epidemic that has spread to several countries in the region.
• The immediate economic effect of the Ebola epidemic has been a pronounced slowdown in 2014.
• IMF staff supports the authorities’ request for assistance under the CC window of the CCR Trust given the nature of the public health disaster and the ensuing financing needs to contain the disease and rehabilitate Guinea’s public health system.
• Performance under the Extended Credit Facility arrangement has been satisfactory, the difficult macroeconomic environment notwithstanding.

Economic and Health Shock: Ebola Epidemic

• Timeline and scope:
  • Ongoing Ebola epidemic since early 2014, with regional spread.
• Economic impact:
  • Immediate effect: pronounced slowdown in 2014.
• Policy implications:
  • Financing needs to contain the disease and rehabilitate Guinea’s public health system justify consideration for CC window assistance.

IMF Assessment and Recommendation

• IMF staff position:
  • Supports the authorities’ request for assistance under the CC window of the CCR Trust.
• Rationale:
  • Nature of the public health disaster (Ebola epidemic).
  • Ensuing financing needs to contain the disease and rehabilitate the public health system.
• Program performance:
  • Performance under the Extended Credit Facility arrangement described as satisfactory despite the difficult macroeconomic environment.

Subjects and Keywords (as listed)

• Subject: Asset and liability management, Balance of payments, Balance of payments need, Debt relief, Debt service, Ebola, External debt, Health
• Keywords: Balance of payments need, CR, Debt relief, Debt service, Ebola, Ebola epidemic, executive board approval, Guinea, ISCR, obligations to the fund, poverty reduction goal, response plan, spending

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