{
  "title": "Guinea-Bissau: Use of Fund Resources — Request for Third Purchase Under Emergency Post-Conflict Assistance",
  "publication": "IMF Staff Country Reports, July 31, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/guinea-bissau-use-of-fund-resources-request-for-third-purchase-under-emergency-post-conflict-23153",
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  "summary": "Global economic developments in Guinea-Bissau, especially lower export demand and prices, are expected to slow growth significantly and put pressure on the balance of payments. The 2009 fiscal framework aims to stabilize public finances and avoid new domestic arrears.",
  "sections": [
    {
      "heading": "Macroeconomic outlook and balance of payments",
      "content": "- Global economic developments, especially lower export demand and prices, are expected to slow growth significantly and put pressure on the balance of payments.\n- The authorities are requesting a third Emergency Post-Conflict Assistance (EPCA) purchase of 12.5 percent of quota to support their 2009 economic framework.\n- A third EPCA purchase would give the authorities time to demonstrate a track record of policy performance that could pave the way for a new Poverty Reduction Growth Facility arrangement."
    },
    {
      "heading": "Fiscal framework and public finances",
      "content": "- The 2009 fiscal framework aims to stabilize public finances and avoid new domestic arrears.\n- Priority policy objective: stabilization of public finances to prevent accumulation of domestic arrears."
    },
    {
      "heading": "Program design and policy implications",
      "content": "- Emergency assistance instrument: Emergency Post-Conflict Assistance (EPCA).\n- Requested operation: third EPCA purchase of 12.5 percent of quota.\n- Intended outcome: provide short-term balance of payments support and policy space to establish a track record sufficient for transitioning to a longer-term Poverty Reduction Growth Facility arrangement."
    },
    {
      "heading": "Key findings and policy recommendations",
      "content": "- Findings:\n  - Lower export demand and prices are central risks that will slow growth significantly.\n  - Balance of payments pressures are expected as a result of adverse external developments.\n- Policy recommendations:\n  - Implement the 2009 fiscal framework to stabilize public finances.\n  - Avoid new domestic arrears to preserve fiscal credibility.\n  - Use the third EPCA purchase to secure time for demonstrating consistent policy performance toward a PRGF arrangement.\n\nSource: Guinea-Bissau: Use of Fund Resources: Request for Third Purchase Under Emergency Post-Conflict Assistance: Staff Report; Staff Supplement; Press Release; and Statement by the Executive Director for Guinea-Bissau, July 31, 2009.\n\n---\n\n Content in this bundle\n\n- cr09236\n  - cr09236 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr09236 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 31, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451815870.002",
    "Global economic developments, especially lower export demand and prices, are expected to slow growth significantly and put pressure on the balance of payments.",
    "The authorities are requesting a third Emergency Post-Conflict Assistance (EPCA) purchase of 12.5 percent of quota to support their 2009 economic framework.",
    "A third EPCA purchase would give the authorities time to demonstrate a track record of policy performance that could pave the way for a new Poverty Reduction Growth Facility arrangement.",
    "The 2009 fiscal framework aims to stabilize public finances and avoid new domestic arrears.",
    "Priority policy objective: stabilization of public finances to prevent accumulation of domestic arrears.",
    "Requested operation: third EPCA purchase of 12.5 percent of quota.",
    "Intended outcome: provide short-term balance of payments support and policy space to establish a track record sufficient for transitioning to a longer-term Poverty Reduction Growth Facility arrangement.",
    "Findings:",
    "Policy recommendations:",
    "**_cr09236**"
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