{
  "title": "IMF Reaches Staff-level Agreement with Guinea",
  "publication": "IMF News, October 17, 2017",
  "sourceUrl": "https://www.imf.org/en/news/articles/2017/10/17/pr17404-imf-reaches-staff-level-agreement-with-guinea",
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  "summary": "IMF staff and Guinean authorities reached a staff-level agreement on a program of economic policies and reforms that could be supported by an Extended Credit Facility (ECF) arrangement.",
  "publishDate": "2017-10-17",
  "sections": [
    {
      "heading": "Overview",
      "content": "- IMF staff and Guinean authorities reached a staff-level agreement on a program of economic policies and reforms that could be supported by an Extended Credit Facility (ECF) arrangement.\n- The program is intended to support Guinea’s 2016–20 National Social and Economic Development Plan.\n- Subject to IMF management approval, the staff-level agreement is expected to be submitted to the IMF Executive Board for its consideration in November 2017.\n- Discussions took place in Conakry from July 31-August 15, 2017 and during the 2017 Annual Meetings in Washington in October 2017."
    },
    {
      "heading": "Program objectives and scope",
      "content": "- Support Guinea’s 2016–20 National Social and Economic Development Plan to:\n  - foster higher and more broad-based growth,\n  - diversify the economy,\n  - reduce poverty,\n  - preserve macroeconomic stability and debt sustainability.\n- The envisaged ECF arrangement would be for three-year duration."
    },
    {
      "heading": "Macroeconomic resilience and external buffers",
      "content": "- Further accumulating foreign exchange reserves to reinforce Guinea’s external buffers against shocks.\n- Maintain a prudent monetary policy to:\n  - preserve moderate inflation,\n  - ensure liquidity in the banking sector to support healthy private sector credit growth."
    },
    {
      "heading": "Fiscal policy and public investment",
      "content": "- Achieve a basic fiscal surplus to:\n  - limit budgetary financing needs,\n  - contribute to keeping inflation at a moderate level,\n  - increase banks’ provision of credit to the private sector,\n  - preserve medium-term debt sustainability.\n- Mobilize additional tax revenues and gradually reduce untargeted electricity subsidies to create fiscal space for:\n  - increasing public investments in infrastructure,\n  - strengthening social safety nets to reduce poverty and foster inclusion.\n- Strengthen public finance and investment management to support the scaling-up of public investments and increase the efficiency and returns of public investments."
    },
    {
      "heading": "Debt management and borrowing strategy",
      "content": "- A prudent borrowing strategy that aims at maximizing the concessionality of external loans will be key to preserve medium-term debt sustainability.\n- Strengthening debt capacity management will be important to implement this strategy."
    },
    {
      "heading": "Structural reforms and private sector development",
      "content": "- Bolster social safety nets to reduce poverty.\n- Foster the development of the private sector by:\n  - improving the business climate,\n  - strengthening governance,\n  - advancing financial inclusion.\n- These measures are intended to generate more inclusive and broad-based growth for Guinea."
    },
    {
      "heading": "Timetable and procedural notes",
      "content": "- Staff-level agreement reached following IMF staff mission discussions in Conakry (July 31-August 15, 2017) and meetings in October 2017.\n- Expected submission of the staff report to the IMF Executive Board in November 2017, subject to IMF management approval.\n\nSource: IMF Press Release No. 17/404, October 17, 2017.\n\n---\n\n\n References\n\n- Guinea and the IMF\n- Press Releases\n- PRESS CENTER\n- www.imf.org/en/News/Articles/2017/08/17/pr17329\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2017/10/17/pr17404-imf-reaches-staff-level-agreement-with-guinea"
    }
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    "Published: October 17, 2017",
    "IMF staff and Guinean authorities reached a staff-level agreement on a program of economic policies and reforms that could be supported by an Extended Credit Facility (ECF) arrangement.",
    "The program is intended to support Guinea’s 2016–20 National Social and Economic Development Plan.",
    "Subject to IMF management approval, the staff-level agreement is expected to be submitted to the IMF Executive Board for its consideration in November 2017.",
    "Discussions took place in Conakry from July 31-August 15, 2017 and during the 2017 Annual Meetings in Washington in October 2017.",
    "Support Guinea’s 2016–20 National Social and Economic Development Plan to:",
    "The envisaged ECF arrangement would be for three-year duration.",
    "Further accumulating foreign exchange reserves to reinforce Guinea’s external buffers against shocks.",
    "Maintain a prudent monetary policy to:",
    "Achieve a basic fiscal surplus to:",
    "Mobilize additional tax revenues and gradually reduce untargeted electricity subsidies to create fiscal space for:",
    "Strengthen public finance and investment management to support the scaling-up of public investments and increase the efficiency and returns of public investments.",
    "A prudent borrowing strategy that aims at maximizing the concessionality of external loans will be key to preserve medium-term debt sustainability.",
    "Strengthening debt capacity management will be important to implement this strategy.",
    "Bolster social safety nets to reduce poverty.",
    "Foster the development of the private sector by:",
    "These measures are intended to generate more inclusive and broad-based growth for Guinea.",
    "Staff-level agreement reached following IMF staff mission discussions in Conakry (July 31-August 15, 2017) and meetings in October 2017.",
    "Expected submission of the staff report to the IMF Executive Board in November 2017, subject to IMF management approval.",
    "[Guinea and the IMF](http://www.imf.org/external/country/GIN/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[www.imf.org/en/News/Articles/2017/08/17/pr17329](http://www.imf.org/en/News/Articles/2017/08/17/pr17329)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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