{
  "title": "Guinea: Requests for Disbursement Under the Rapid Credit Facility and For Modification of Performance Criteria Under the Extended Credit Facility Arrangement",
  "publication": "IMF Staff Country Reports, September 29, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/guinea-requests-for-disbursement-under-the-rapid-credit-facility-and-for-modification-of-42375",
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  "summary": "EXECUTIVE SUMMARY Guinea is suffering from an outbreak of Ebola, which has become a humanitarian crisis with a significant economic impact. Preliminary estimates suggest a negative impact on 2014 growth, which will be markedly lower.",
  "sections": [
    {
      "heading": "Executive summary — crisis, impacts, and immediate needs",
      "content": "- Guinea is suffering from an outbreak of Ebola, which has become a humanitarian crisis with a significant economic impact.\n- Preliminary estimates suggest a negative impact on 2014 growth, which will be markedly lower.\n- Government revenue is showing a substantial shortfall.\n- The response to the Ebola outbreak entails additional critical spending needs.\n- The exchange rate has started to depreciate.\n- The authorities intend to adopt a tighter monetary policy to address the transitory balance of payments shock."
    },
    {
      "heading": "Program performance and authorities' requests",
      "content": "- Performance under the ECF-supported program has remained satisfactory.\n- Preliminary data indicate that all performance criteria (PCs) under the program for end-June 2014 were met.\n- There has been further progress with structural reform.\n- The authorities requested additional IMF financial assistance to meet urgent fiscal and balance of payments needs not anticipated at the time of the recent program review.\n- An augmentation of access under the ECF arrangement cannot be provided at this time because a review associated with the most recent availability date has not yet been completed due to delays in program implementation associated with the 2013 parliamentary elections.\n- The authorities have requested a disbursement under the Rapid Credit Facility (RCF) because:\n  - the urgent balance of payments need is characterized by a financing gap that, if not addressed, would result in an immediate and severe economic disruption;\n  - Guinea’s balance of payments difficulties are caused primarily by a sudden exogenous shock and not by a withdrawal of financial support by donors;\n  - the balance of payments need is expected to be resolved within one year with no major policy adjustments being necessary.\n- IMF staff supports:\n  - the authorities’ request for a disbursement under the RCF of 25 percent of quota (SDR 26.775 million);\n  - the authorities’ request for a modification of the end-September indicative targets and end-December 2014 PCs under the ECF arrangement, including program adjustors."
    },
    {
      "heading": "Policy actions endorsed or signaled",
      "content": "- Adopt tighter monetary policy to address the transitory balance of payments shock.\n- Maintain policies guided by the objectives of the ECF-supported program while addressing urgent needs via the RCF disbursement.\n- Modify program targets (end-September indicative targets and end-December 2014 PCs) to reflect the exogenous shock and needed adjustors."
    },
    {
      "heading": "Key statistics, dates, and program facts",
      "content": "- RCF disbursement supported: 25 percent of quota (SDR 26.775 million).\n- All performance criteria for end-June 2014: preliminarily met.\n- Event timeline references:\n  - 2013 parliamentary elections: cited as a cause of program implementation delays.\n  - end-June 2014, end-September 2014, end-December 2014: specific program target dates referenced.\n- Publication date on the landing page: September 29, 2014.\n- Page count listed: 64.\n- Series/issue identifiers included on the page: Issue 298; Country Report No. 2014/298.\n\nInternational Monetary Fund. \"Guinea: Requests for Disbursement Under the Rapid Credit Facility and For Modification of Performance Criteria Under the Extended Credit Facility Arrangement\", September 29, 2014.\n\n---\n\n Content in this bundle\n\n- cr14298\n  - cr14298 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr14298 (PDF){rel=\"external\" type=\"application/pdf\"}\n- cr14298f\n  - cr14298f (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr14298f (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 29, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484340288.002",
    "Guinea is suffering from an outbreak of Ebola, which has become a humanitarian crisis with a significant economic impact.",
    "Preliminary estimates suggest a negative impact on 2014 growth, which will be markedly lower.",
    "Government revenue is showing a substantial shortfall.",
    "The response to the Ebola outbreak entails additional critical spending needs.",
    "The exchange rate has started to depreciate.",
    "The authorities intend to adopt a tighter monetary policy to address the transitory balance of payments shock.",
    "Performance under the ECF-supported program has remained satisfactory.",
    "Preliminary data indicate that all performance criteria (PCs) under the program for end-June 2014 were met.",
    "There has been further progress with structural reform.",
    "The authorities requested additional IMF financial assistance to meet urgent fiscal and balance of payments needs not anticipated at the time of the recent program review.",
    "An augmentation of access under the ECF arrangement cannot be provided at this time because a review associated with the most recent availability date has not yet been completed due to delays in program implementation associated with the 2013 parliamentary elections.",
    "The authorities have requested a disbursement under the Rapid Credit Facility (RCF) because:",
    "IMF staff supports:",
    "Adopt tighter monetary policy to address the transitory balance of payments shock.",
    "Maintain policies guided by the objectives of the ECF-supported program while addressing urgent needs via the RCF disbursement.",
    "Modify program targets (end-September indicative targets and end-December 2014 PCs) to reflect the exogenous shock and needed adjustors.",
    "RCF disbursement supported: 25 percent of quota (SDR 26.775 million).",
    "All performance criteria for end-June 2014: preliminarily met.",
    "Event timeline references:",
    "Publication date on the landing page: September 29, 2014.",
    "Page count listed: 64.",
    "Series/issue identifiers included on the page: Issue 298; Country Report No. 2014/298.",
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