{
  "title": "IMF Executive Board Completes the Eleventh Review under the Extended Credit Facility Arrangement for Guinea-Bissau",
  "publication": "IMF News, June 12, 2026",
  "sourceUrl": "https://www.imf.org/en/news/articles/2026/06/12/pr-26204-guinea-bissau-imf-completes-the-11th-rev-under-ecf-arrang",
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  "summary": "IMF Executive Board Completes the Eleventh Review under the Extended Credit Facility Arrangement for Guinea-Bissau",
  "publishDate": "2026-06-12",
  "sections": [
    {
      "heading": "Review outcome and financing",
      "content": "- The Executive Board completed the Eleventh Review under the Extended Credit Facility (ECF) arrangement for Guinea-Bissau on June 12, 2026.\n- Immediate disbursement allowed: SDR 1.18 million (about US$1.6 million).\n- The completion enables a disbursement of SDR 1.18 million (about US$1.7 million) to help meet the country’s balance-of-payments and fiscal financing needs.\n- Total disbursements under the arrangement to date: SDR 38.59 million (about US$54.8 million).\n- The three-year arrangement was approved on January 30, 2023, and the Executive Board granted an augmentation of access on November 29, 2023.\n- The Executive Board approved the modification of quantitative performance criteria on total domestic tax revenue and domestic primary balance and completed the financing assurances review."
    },
    {
      "heading": "Program performance and policy implementation",
      "content": "- All end‑March 2026 quantitative performance criteria, indicative targets, and continuous structural benchmarks and performance criteria were met.\n- Program performance under the Eleventh Review was characterized as strong, reflecting firm policy implementation and adherence to the reform agenda.\n- Authorities’ commitments emphasized:\n  - Prudent macroeconomic policies.\n  - Stronger revenue mobilization.\n  - Strict expenditure prioritization.\n  - Sustained reform momentum.\n  - Strengthening cash and debt management."
    },
    {
      "heading": "Macroeconomic outlook and risks",
      "content": "- Economic growth:\n  - 2025 growth is estimated at about 5.8 percent, supported by robust agricultural production (particularly cashew exports) and solid private investment.\n  - Growth is expected to moderate in 2026 amid a more challenging external environment.\n- External and domestic risks highlighted:\n  - Elevated global fuel prices as a result of the war in the Middle East.\n  - Risks to the cashew campaign.\n  - Downside risks including adverse weather, terms‑of‑trade shocks, and tighter financing conditions.\n- Policy implications:\n  - Continued fiscal discipline is essential.\n  - Sustained efforts to strengthen cash and debt management, prioritize spending, and promote diversification (including in fisheries and extractive sectors) are key to reinforcing resilience over the medium term.\n  - Authorities committed to minimizing the fiscal impact of measures to protect vulnerable groups given risks from elevated fuel prices."
    },
    {
      "heading": "Capacity development (CD) and structural reforms",
      "content": "- CD support has been closely integrated into the ECF-supported program and has increased significantly since 2023.\n- CD spending:\n  - Spending nearly doubling and remaining above the Sub-Saharan Africa average.\n  - Amounted to about US$6 million during 2023-26.\n- Main CD focus areas:\n  - Revenue administration and tax policy.\n  - Public financial management.\n  - Statistics.\n  - Debt management.\n- CD-assisted reforms and outcomes:\n  - Replaced the sales tax with a VAT.\n  - Digitalized revenue administration.\n  - Strengthened tax audits.\n  - Supported wage bill controls that reduced the wage bill by over 2 percent of GDP.\n  - Improved SOE oversight, including by eliminating the losses of the electricity and water utility of over 1 percent of GDP.\n- Structural reforms advanced by authorities:\n  - Disengagement from the undercapitalized bank with a new private investor injecting fresh capital, in line with the restructuring strategy.\n  - Progress in diversifying the energy supply mix."
    },
    {
      "heading": "Key statements from IMF management",
      "content": "- Mr. Bo Li, Deputy Managing Director and Acting Chair, stated:\n  - “Guinea-Bissau continues to show resilience despite a complex economic and political backdrop. Growth in 2025 was higher than projected, fiscal discipline has been restored, and program performance has been strong.\"\n  - “In the context of elevated fuel prices, continued commitment to program implementation is essential to maintain macroeconomic stability, contain debt vulnerabilities, and address development needs.\"\n  - “The authorities’ fiscal consolidation plan remains appropriate. The corrective measures to restrain current expenditure continue, along with close monitoring of the execution of priority capital expenditure.\"\n  - “Domestic revenue mobilization efforts are bearing fruit, notably through enhanced customs procedures and a stronger focus on large taxpayers.\"\n  - “These measures are critical to enhancing the business climate and promoting the conditions for economic diversification.”\n\nPress Release No. 26/204; June 12, 2026. International Monetary Fund.\n\n---\n\n\n References\n\n- Guinea-Bissau and the IMF\n- Press Releases\n- PRESS CENTER\n- Extended Credit Facility\n- The three-year arrangement\n- The Executive Board granted an augmentation of access\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2026/06/12/pr-26204-guinea-bissau-imf-completes-the-11th-rev-under-ecf-arrang"
    }
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    "Published: June 12, 2026",
    "The Executive Board completed the Eleventh Review under the Extended Credit Facility (ECF) arrangement for Guinea-Bissau on June 12, 2026.",
    "Immediate disbursement allowed: SDR 1.18 million (about US$1.6 million).",
    "The completion enables a disbursement of SDR 1.18 million (about US$1.7 million) to help meet the country’s balance-of-payments and fiscal financing needs.",
    "Total disbursements under the arrangement to date: SDR 38.59 million (about US$54.8 million).",
    "The three-year arrangement was approved on January 30, 2023, and the Executive Board granted an augmentation of access on November 29, 2023.",
    "The Executive Board approved the modification of quantitative performance criteria on total domestic tax revenue and domestic primary balance and completed the financing assurances review.",
    "All end‑March 2026 quantitative performance criteria, indicative targets, and continuous structural benchmarks and performance criteria were met.",
    "Program performance under the Eleventh Review was characterized as strong, reflecting firm policy implementation and adherence to the reform agenda.",
    "Authorities’ commitments emphasized:",
    "Economic growth:",
    "External and domestic risks highlighted:",
    "Policy implications:",
    "CD support has been closely integrated into the ECF-supported program and has increased significantly since 2023.",
    "CD spending:",
    "Main CD focus areas:",
    "CD-assisted reforms and outcomes:",
    "Structural reforms advanced by authorities:",
    "Mr. Bo Li, Deputy Managing Director and Acting Chair, stated:",
    "[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/)",
    "[Extended Credit Facility](https://www.imf.org/en/About/Factsheets/Sheets/2023/Extended-Credit-Facility-ECF)",
    "[The three-year arrangement](https://www.imf.org/en/News/Articles/2023/02/07/pr2326-guinea-bissau-imf-executive-board-approves-ecf-arrangement-for-guinea-bissau)",
    "[The Executive Board granted an augmentation of access](https://www.imf.org/en/News/Articles/2023/11/30/Pr23412GuineaBissauthirdreviewECF)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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