{ "title": "IMF Executive Board Completes Second Review of the Extended Credit Facility with Guinea", "publication": "IMF News, December 21, 2018", "sourceUrl": "https://www.imf.org/en/news/articles/2018/12/21/pr18497-guinea-imf-exec-board-compl-2nd-rev-ext-credit-facil", "canonical": "https://www.imf.org/en/news/articles/2018/12/21/pr18497-guinea-imf-exec-board-compl-2nd-rev-ext-credit-facil", "overlayPath": "/en/news/articles/2018/12/21/pr18497-guinea-imf-exec-board-compl-2nd-rev-ext-credit-facil/index.md", "summary": "Executive Board completed the second review of Guinea’s economic performance under the Extended Credit Facility (ECF) on December 21, 2018.", "publishDate": "2018-12-21", "sections": [ { "heading": "Review outcome and disbursement", "content": "- Executive Board completed the second review of Guinea’s economic performance under the Extended Credit Facility (ECF) on December 21, 2018.\n- Completion of the review enables the immediate disbursement of SDR 17.213 million (about US$23.9 million).\n- Total disbursements under the arrangement after this review: SDR 51.636 million (about US$71.6 million).\n- The Board approved the authorities’ request for modification and a waiver of non-observance of a performance criterion." }, { "heading": "Program background and objectives", "content": "- Guinea’s three-year ECF arrangement was approved by the Executive Board on December 11, 2017 (Press Release No. 17/484) for SDR 120.488 million (about US$167.2 million at the time of the arrangement’s approval, or 56.25 percent of Guinea’s quota).\n- The ECF arrangement aims at:\n - strengthening resilience,\n - scaling-up public investment in infrastructure while preserving stability,\n - strengthening social safety nets,\n - promoting private sector development." }, { "heading": "IMF assessment and macroeconomic outlook (statement by Mr. Tao Zhang, Acting Chair and Deputy Managing Director)", "content": "- Overall assessment:\n - “Guinea is implementing a program of macroeconomic policies and reforms to achieve high and broad-based growth and reduce poverty while preserving macroeconomic stability.”\n - “Performance under the ECF-supported program against end-June targets was satisfactory and program-supported reforms advanced well.”\n - “The strong growth momentum continues, and the medium-term outlook is favorable.”\n- Fiscal policy and public investment:\n - In view of revenue shortfalls, the authorities have undertaken additional measures to achieve the end-2018 fiscal target.\n - “Achieving a basic fiscal surplus will support preserving macroeconomic stability.”\n - “Mobilizing additional tax revenues will allow scaling-up growth-supporting infrastructure investment.”\n - The authorities aim to reduce untargeted electricity subsidies and have an automatic adjustment mechanism for petroleum prices.\n - “Attention to the social impact of these planned reforms will be important, including by strengthening social safety nets.”\n- Debt management:\n - “Prudent debt management will be crucial to maintaining debt sustainability.”\n - “Limiting non-concessional borrowing and enhancing public finance and investment management will help preserve debt sustainability and support efficiency and transparency.”\n- External sector and reserves:\n - “A more active strategy to accumulate reserves will help build external buffers and strengthen Guinea’s resilience to shocks.”\n - “Increasing competition in the foreign exchange market and moving to a rule-based intervention strategy will also support greater exchange rate flexibility.”\n- Monetary policy and financial sector:\n - “Monetary policy will remain prudent to preserve moderate inflation.”\n - “The authorities will continue to limit government budgetary borrowing from the central bank and move toward a more active liquidity management.”\n - “Strengthening banking supervision and the regulatory framework will support financial sector stability.”\n- Structural reforms and governance:\n - “The authorities are committed to advancing growth-supporting structural reforms.”\n - “Strengthening the anti-corruption framework and the business climate will enhance governance and support private sector development.”" }, { "heading": "Key statistics", "content": "- Immediate disbursement approved: SDR 17.213 million (about US$23.9 million).\n- Total disbursements under the arrangement after review: SDR 51.636 million (about US$71.6 million).\n- Original ECF approval: SDR 120.488 million (about US$167.2 million at approval), or 56.25 percent of Guinea’s quota.\n- ECF arrangement approval date: December 11, 2017.\n- Review completion date: December 21, 2018.\n- Press Release number for this review: Press Release No. 18/497.\n\nPress Release No. 18/497 (December 21, 2018), IMF Communications Department.\n\n---\n\n\n References\n\n- Tao Zhang\n- Guinea and the IMF\n- Special Drawing Rights (SDRs) -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- No. 17/484\n- ECF\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2018/12/21/pr18497-guinea-imf-exec-board-compl-2nd-rev-ext-credit-facil" } ], "bullets": [ "[Markdown version](/en/news/articles/2018/12/21/pr18497-guinea-imf-exec-board-compl-2nd-rev-ext-credit-facil/index.md)", "[Structured JSON version](/en/news/articles/2018/12/21/pr18497-guinea-imf-exec-board-compl-2nd-rev-ext-credit-facil/index.json)", "[Bundle manifest](/en/news/articles/2018/12/21/pr18497-guinea-imf-exec-board-compl-2nd-rev-ext-credit-facil/bundle-manifest.json)", "Published: December 21, 2018", "Executive Board completed the second review of Guinea’s economic performance under the Extended Credit Facility (ECF) on December 21, 2018.", "Completion of the review enables the immediate disbursement of SDR 17.213 million (about US$23.9 million).", "Total disbursements under the arrangement after this review: SDR 51.636 million (about US$71.6 million).", "The Board approved the authorities’ request for modification and a waiver of non-observance of a performance criterion.", "Guinea’s three-year ECF arrangement was approved by the Executive Board on December 11, 2017 (Press Release No. 17/484) for SDR 120.488 million (about US$167.2 million at the time of the arrangement’s approval, or 56.25 percent of Guinea’s quota).", "The ECF arrangement aims at:", "Overall assessment:", "Fiscal policy and public investment:", "Debt management:", "External sector and reserves:", "Monetary policy and financial sector:", "Structural reforms and governance:", "Immediate disbursement approved: SDR 17.213 million (about US$23.9 million).", "Total disbursements under the arrangement after review: SDR 51.636 million (about US$71.6 million).", "Original ECF approval: SDR 120.488 million (about US$167.2 million at approval), or 56.25 percent of Guinea’s quota.", "ECF arrangement approval date: December 11, 2017.", "Review completion date: December 21, 2018.", "Press Release number for this review: Press Release No. 18/497.", "[Tao Zhang](https://www.imf.org/en/About/senior-officials/Bios/tao-zhang)", "[Guinea and the IMF](http://www.imf.org/external/country/GIN/index.htm)", "[Special Drawing Rights (SDRs) -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/special-drawing-rights-sdr)", "[Press Releases](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[No. 17/484](https://www.imf.org/en/News/Articles/2017/12/12/pr17484-imf-executive-board-approves-us1701-million-under-ecf-for-guinea)", "[ECF](https://www.imf.org/external/np/exr/facts/ecf.htm)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2018/12/21/pr18497-guinea-imf-exec-board-compl-2nd-rev-ext-credit-facil/index.md", "json": "/en/news/articles/2018/12/21/pr18497-guinea-imf-exec-board-compl-2nd-rev-ext-credit-facil/index.json", "bundleManifest": "/en/news/articles/2018/12/21/pr18497-guinea-imf-exec-board-compl-2nd-rev-ext-credit-facil/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T22:27:12.845Z" }