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

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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, (USA: International Monetary Fund, 2024) accessed October 6, 2024

Summary

On December 18, 2023, the explosion of a major fuel import and storage facility led to fuel shortages and new urgent financing needs. The blast caused 25 deaths and 457 injured as well as widespread fuel shortages, affecting transportation and economic activity. The relatively strong mining sector is sustaining growth, although growth is expected to decelerate to 4.1 percent in 2024, lower than the 2019-23 average of 5.1 percent. Average inflation is expected to increase to 11 percent in 2024 as fuel shortages pushed up prices. Socio-political tensions persist in the wake of the military coup of September 2021 and the hardship caused by the explosion.

Subject: Economic sectors, External debt, International organization, Mining sector, Monetary policy, Public debt, Revenue administration

Keywords: Africa, Authorities' response, Cash basis, Emergency spending, FSW emergency financing, Global, Guinean authorities, Mining sector, Oil supply channel, Policy discussion, RCF disbursement, Reporting of the mining companies, Response to the tragedy, West Africa

Publication Details

Pages:

118
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2024/130
Stock No:

1GINEA2024001
ISBN:

9798400274299
ISSN:

1934-7685

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