Guinea: 2024 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Guinea
IMF Staff Country Reports, May 17, 2024
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- Guinea: 2024 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Guinea
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Bibliographic details
- Published: May 17, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400274299.002
Growth outlook and economic context
- Growth is expected to decelerate to 4.1 percent in 2024 and rebound to 5.6 percent in 2025, sustained by a resilient mining sector.
- An explosion (referred to in the consultation) has contributed to the 2024 slowdown and underpins urgent financing needs.
Immediate priorities for 2024
- Address urgent financing needs linked to:
- assistance to affected households;
- site cleaning and decontamination;
- reconstruction.
- Failure to address these priorities could threaten growth and economic development.
Medium-term priorities and structural reforms
- Mobilize domestic revenues, with particular emphasis on revenues from the mining sector.
- Modernize tax administration.
- Improve public finance management and investment efficiency.
- Increase spending on education, health, and social protection.
- Anchor spending on available resources while boosting priority spending to improve fiscal sustainability.
Policy guidance and expected outcomes
- Implementation of structural reforms is needed to manage Guinea’s vulnerability to domestic and external shocks and to achieve sustained and inclusive growth.
- Policies should focus on expanding fiscal space for priority spending and ensuring fiscal sustainability.
- Expected longer-term benefits include higher productivity, economic diversification, and poverty reduction.
Guinea: 2024 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Guinea — May 17, 2024
Content in this bundle
- Executive Summary