{
  "title": "IMF Executive Board Approves US$170.1 Million under the ECF Arrangement for Guinea",
  "publication": "IMF News, December 12, 2017",
  "sourceUrl": "https://www.imf.org/en/news/articles/2017/12/12/pr17484-imf-executive-board-approves-us1701-million-under-ecf-for-guinea",
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  "summary": "Executive Board approved a three-year arrangement under the Extended Credit Facility (ECF) for Guinea for an amount equivalent to SDR 120.488 million (about US$170 million, or 56.25 percent of Guinea’s quota).",
  "publishDate": "2017-12-12",
  "sections": [
    {
      "heading": "Approval and Financing Details",
      "content": "- Executive Board approved a three-year arrangement under the Extended Credit Facility (ECF) for Guinea for an amount equivalent to SDR 120.488 million (about US$170 million, or 56.25 percent of Guinea’s quota).\n- The decision enables an immediate disbursement of SDR 17.2 million (about US$24.3 million).\n- The remaining amounts will be phased over the duration of the arrangement, subject to semi-annual reviews.\n- The ECF arrangement supports Guinea’s 2016–20 National Social and Economic Development Plan."
    },
    {
      "heading": "Program Objectives and Intended Outcomes",
      "content": "- Strengthen the resilience of the Guinean economy.\n- Scale-up public investments in infrastructure to foster high and more broad-based growth while preserving medium-term debt sustainability.\n- Strengthen social safety nets to reduce poverty and foster inclusion.\n- Promote development of the private sector and facilitate structural transformation and diversification."
    },
    {
      "heading": "Key Policy Measures and Priorities",
      "content": "- Fiscal policy:\n  - Mobilize additional tax revenues.\n  - Gradually phase out electricity subsidies.\n  - Strengthen social safety nets.\n  - Enhance public finance and investment management.\n  - Maximize reliance on concessional borrowing and limit recourse to non-concessional borrowing to support debt sustainability.\n- Monetary and financial sector policy:\n  - Accumulate international reserves to build external buffers and strengthen resilience.\n  - Maintain a prudent monetary policy to preserve moderate inflation while providing appropriate liquidity in the banking sector.\n  - Implement measures to improve financial stability and strengthen the autonomy of the central bank.\n- Structural reforms:\n  - Strengthen the business climate and governance.\n  - Foster financial inclusion to support private sector development."
    },
    {
      "heading": "Expected Impact and Strategic Rationale",
      "content": "- The program aims to preserve macroeconomic stability while enabling higher and more inclusive growth.\n- Priorities include reducing vulnerabilities, tackling widespread poverty, improving living standards, and promoting good governance.\n- Scaling up growth-supporting public investments in infrastructure is central to fostering more broad-based growth while preserving debt sustainability."
    },
    {
      "heading": "Statement from IMF Management",
      "content": "- Deputy Managing Director Mr. Mitsuhiro Furusawa, and Acting Chair noted:\n  - “The Guinean economy has rebounded from the adverse impact of the Ebola epidemic and growth momentum is expected to be sustained.”\n  - “The three-year Extended Credit Facility (ECF) arrangement will support the authorities’ 2016–20 National Social and Economic Development Plan to foster higher and more inclusive growth while preserving macroeconomic stability.”\n  - Emphasis on fiscal strengthening, accumulating reserves, prudent monetary policy, financial stability, central bank autonomy, and advancing structural reforms to support private sector development.\n\nPress Release No. 17/484 — December 12, 2017 — IMF Communications Department\n\n---\n\n\n References\n\n- The Executive Board\n- Guinea and the IMF\n- Press Releases\n- PRESS CENTER\n- http://www.imf.org/en/News/Articles/2017/01/24/PR1718-Niger-IMF-Executive-Board-Approves-US-134-04-Million-under-ECF-Arrangement\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2017/12/12/pr17484-imf-executive-board-approves-us1701-million-under-ecf-for-guinea"
    }
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    "Published: December 12, 2017",
    "Executive Board approved a three-year arrangement under the Extended Credit Facility (ECF) for Guinea for an amount equivalent to SDR 120.488 million (about US$170 million, or 56.25 percent of Guinea’s quota).",
    "The decision enables an immediate disbursement of SDR 17.2 million (about US$24.3 million).",
    "The remaining amounts will be phased over the duration of the arrangement, subject to semi-annual reviews.",
    "The ECF arrangement supports Guinea’s 2016–20 National Social and Economic Development Plan.",
    "Strengthen the resilience of the Guinean economy.",
    "Scale-up public investments in infrastructure to foster high and more broad-based growth while preserving medium-term debt sustainability.",
    "Strengthen social safety nets to reduce poverty and foster inclusion.",
    "Promote development of the private sector and facilitate structural transformation and diversification.",
    "Fiscal policy:",
    "Monetary and financial sector policy:",
    "Structural reforms:",
    "The program aims to preserve macroeconomic stability while enabling higher and more inclusive growth.",
    "Priorities include reducing vulnerabilities, tackling widespread poverty, improving living standards, and promoting good governance.",
    "Scaling up growth-supporting public investments in infrastructure is central to fostering more broad-based growth while preserving debt sustainability.",
    "Deputy Managing Director Mr. Mitsuhiro Furusawa, and Acting Chair noted:",
    "[The Executive Board](http://www.imf.org/external/np/sec/memdir/eds.aspx)",
    "[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/)",
    "[http://www.imf.org/en/News/Articles/2017/01/24/PR1718-Niger-IMF-Executive-Board-Approves-US-134-04-Million-under-ECF-Arrangement](http://www.imf.org/en/News/Articles/2017/01/24/PR1718-Niger-IMF-Executive-Board-Approves-US-134-04-Million-under-ECF-Arrangement)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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