Guinea-Bissau: Third Review Under The Extended Credit Facility Arrangement And Requests For Augmentation Of Access, Waiver Of Nonobservance Of Performance Criteria, Modification Of A Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Guinea-Bissau
IMF Staff Country Reports, December 12, 2023
Source details
- Canonical URL
- Guinea-Bissau: Third Review Under The Extended Credit Facility Arrangement And Requests For Augmentation Of Access, Waiver Of Nonobservance Of Performance Criteria, Modification Of A Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Guinea-Bissau
Other formats
Bibliographic details
- Published: December 12, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400259586.002
Executive summary and context
- The paper analyzes Guinea-Bissau’s Third Review under the Extended Credit Facility (ECF) Arrangement and Requests for:
- Augmentation of Access
- Waiver of Nonobservance of Performance Criteria
- Modification of a Performance Criterion
- Financing Assurances Review
- Socio-political context: remained stable during the transition to an opposition-led new government.
- External environment: the country is facing an adverse external shock.
Program performance and compliance
- Overall program performance under the ECF-supported program was weaker than expected.
- Quantitative Performance Criteria (QPC) compliance:
- Four out of eight Quantitative Performance Criteria (QPC) were missed for June 2023.
- The QPC on the domestic primary balance was missed because of the significant discretionary spending overrun during the election period.
- Authorities’ response:
- The new government has demonstrated strong commitment to fiscal consolidation and securing debt sustainability.
- Authorities adopted corrective actions and prepared a draft 2024 budget in line with program parameters.
Fiscal policy measures and near-term priorities
- Fiscal consolidation measures highlighted:
- Strict rationalization of nonpriority expenditure.
- Mobilization of additional revenue.
- Tight control of the wage bill.
- The report emphasizes that continued efforts and sustained fiscal consolidation are needed to ensure debt sustainability.
Key statistics and publication metadata
- Publication date: December 12, 2023
- Pages: 100
- Volume: 2023
- Issue: 403
- Series: Country Report No. 2023/403
- DOI: https://doi.org/10.5089/9798400259586.002
- Stock No: 1GNBEA2023004
- ISBN: 9798400259586
- ISSN: 1934-7685
Subjects and keywords
- Subjects: Debt sustainability analysis, Expenditure, External debt, International organization, Monetary policy, Public debt, Revenue administration
- Keywords: Debt sustainability analysis, ECF arrangement, Global, government stake, Guinea-Bissau authorities, Guinea-Bissau's authorities, prompt resolution, West Africa
International Monetary Fund. African Dept. "Guinea-Bissau: Third Review Under The Extended Credit Facility Arrangement And Requests For Augmentation Of Access, Waiver Of Nonobservance Of Performance Criteria, Modification Of A Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Guinea-Bissau", IMF Staff Country Reports 2023, 403 (2023), accessed 9/10/2026, https://doi.org/10.5089/9798400259586.002.
Content in this bundle
- 1gnbea2023004