{
  "title": "IMF Staff Completes Review Visit to Guinea-Bissau",
  "publication": "IMF News, May 19, 2017",
  "sourceUrl": "https://www.imf.org/en/news/articles/2017/05/19/pr17184-imf-staff-completes-review-visit-to-guinea-bissau",
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  "summary": "IMF team led by Tobias Rasmussen visited Guinea-Bissau from May 10 to 19, 2017, to conduct discussions on the third review of Guinea-Bissau’s IMF-supported program under the Extended Credit Facility (ECF).",
  "publishDate": "2017-05-19",
  "sections": [
    {
      "heading": "Mission summary and status of ECF review",
      "content": "- IMF team led by Tobias Rasmussen visited Guinea-Bissau from May 10 to 19, 2017, to conduct discussions on the third review of Guinea-Bissau’s IMF-supported program under the Extended Credit Facility (ECF).\n- The IMF team reached a staff-level agreement with the authorities on the economic policies needed to complete the third review of the ECF.  \n- The staff-level agreement is subject to approval by the IMF Executive Board, which is slated to consider the third ECF review in mid-July 2017.\n- Upon approval, drawings of SDR 3.030 million (about US$4.1 million) would become available to Guinea-Bissau.\n- Background on the ECF arrangement for Guinea-Bissau:\n  - Amount equivalent to SDR 17.04 million (about US$23.5 million, or 60 percent of quota) was approved on July 10, 2015."
    },
    {
      "heading": "Economic developments and drivers of growth",
      "content": "- The rebound in economic activity that started in 2015 has continued and become more entrenched.\n- Growth has been supported by:\n  - high cashew prices,\n  - increased construction activity,\n  - continued improvements in the supply of electricity and water."
    },
    {
      "heading": "Public financial management and revenue mobilization",
      "content": "- The authorities have made significant progress in improving public financial management.\n- Institutional reforms and outcomes:\n  - Institutionalization of an operational treasury committee has enabled better expenditure control.\n  - Elimination since the start of this year of non-regularized spending.\n  - Improvements in tax and customs administration are helping boost revenue collection."
    },
    {
      "heading": "Policy priorities and recommended measures",
      "content": "- To maintain the positive economic trajectory, continued efforts will be needed to maintain and strengthen fiscal discipline and advance structural reforms.\n- Key measures identified by the mission:\n  - Ensuring a firmly established budget approval process.\n  - Enhancing debt management.\n  - Addressing financial pressures stemming from the power sector.\n  - Allowing fluctuations of domestic fuel prices in line with international prices.\n  - Ensuring a healthy competitive environment in the cashew sector by clearing out uncertainty about the regulatory regime for trading."
    },
    {
      "heading": "Stakeholder engagement",
      "content": "- The mission met with:\n  - President José Mário Vaz,\n  - Prime Minister Umaro Sissoco Embaló,\n  - Attorney General António Sedja Mam,\n  - Minister of Finance João Fadia,\n  - Central Bank of West African States (BCEAO) National Director Helena Nosolini Embaló,\n  - other high level officials,\n  - representatives of civil society, the private sector, and the donor community.\n\nIMF Press Release No. 17/184 — May 19, 2017\n\n---\n\n Content in this bundle\n\n- Pr17184p (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Guinea-Bissau and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2017/05/19/pr17184-imf-staff-completes-review-visit-to-guinea-bissau"
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    "Published: May 19, 2017",
    "IMF team led by Tobias Rasmussen visited Guinea-Bissau from May 10 to 19, 2017, to conduct discussions on the third review of Guinea-Bissau’s IMF-supported program under the Extended Credit Facility (ECF).",
    "The IMF team reached a staff-level agreement with the authorities on the economic policies needed to complete the third review of the ECF.",
    "The staff-level agreement is subject to approval by the IMF Executive Board, which is slated to consider the third ECF review in mid-July 2017.",
    "Upon approval, drawings of SDR 3.030 million (about US$4.1 million) would become available to Guinea-Bissau.",
    "Background on the ECF arrangement for Guinea-Bissau:",
    "The rebound in economic activity that started in 2015 has continued and become more entrenched.",
    "Growth has been supported by:",
    "The authorities have made significant progress in improving public financial management.",
    "Institutional reforms and outcomes:",
    "To maintain the positive economic trajectory, continued efforts will be needed to maintain and strengthen fiscal discipline and advance structural reforms.",
    "Key measures identified by the mission:",
    "The mission met with:",
    "[Pr17184p (PDF)](/external/lang/portuguese/np/sec/pr/2017/pr17184p.pdf){rel=\"external\" type=\"application/pdf\"}",
    "[Guinea-Bissau and the IMF](http://www.imf.org/external/country/GNB/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
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