Guinea-Bissau: Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; and Staff Report
IMF Staff Country Reports, February 15, 2023
Source details
- Canonical URL
- Guinea-Bissau: Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; and Staff Report
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Bibliographic details
- Published: February 15, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400234361.002
Overview
- The paper presents Guinea-Bissau’s Request for a Three-year Arrangement under the Extended Credit Facility (ECF).
- The ECF-supported program aims to:
- anchor macroeconomic stability,
- put the budget back on track,
- ensure medium-term debt sustainability,
- continue progress on structural reforms initiated under the 2021–22 Staff Monitored Program.
- The program provides a framework to assist the authorities in designing and implementing policies to address development challenges including enhanced education and health systems, promote inclusive growth, and reduce poverty.
Macroeconomic objectives and program design
- Program horizon: Three-year Arrangement under the ECF.
- Core aims:
- anchor macroeconomic stability,
- ensure medium-term debt sustainability,
- put the budget back on track.
- Continuity with prior engagement: builds on structural reforms initiated under the 2021–22 Staff Monitored Program.
Fiscal policy, debt, and public financial management
- Fiscal policy will aim to:
- reduce the deficit and debt in line with the West Africa Economic and Monetary Union convergence criteria over the medium term,
- pursue revenue mobilization,
- implement expenditure rationalization,
- mitigate fiscal risks,
- practice prudent borrowing.
- Further action to enhance governance, including to advance Anti Money Laundering/Combating the Financing of Terrorism/effectiveness, is intended to:
- improve the management of fiscal resources and public investment,
- increase transparency and accountability,
- counter corruption.
Governance, AML/CFT, and structural reforms
- Governance enhancements are highlighted as necessary for better fiscal management and public investment outcomes.
- Specific governance focus includes advancing Anti Money Laundering/Combating the Financing of Terrorism/effectiveness.
- Structural reforms are to continue progress begun under the 2021–22 Staff Monitored Program.
Donor financing and debt vulnerabilities
- The program will help catalyze donor financing, particularly:
- grants,
- concessional loans.
- Expected effect: support the reduction of debt vulnerabilities.
Key statistics and publication metadata
- Pages: 105
- Volume: 2023
- Issue: 087
- Series: Country Report No. 2023/087
- DOI: https://doi.org/10.5089/9798400234361.002
- Stock No: 1GNBEA2023001
- ISBN: 9798400234361
- ISSN: 1934-7685
- Subject keywords: Auditing, Debt sustainability analysis, External debt, Fiscal consolidation, Fiscal policy, International organization, Monetary policy, Public debt, Public financial management (PFM)
- Geographic/ topical keywords: Africa, Auditing, Bissau-Guinean authorities, Debt sustainability analysis, ECF arrangement, Fiscal consolidation, Global, Guinea-Bissau authorities, reform priority, tax penalty regime, West Africa
- Related institutional series: IMF Staff Country Reports
- IMF eLibrary offering noted as over 25,000 IMF publications in multiple formats.
Guinea-Bissau: Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; and Staff Report, February 15, 2023.
Content in this bundle
- 1gnbea2023001 — Executive Summary