{
  "title": "Guinea: Second Review Under the Three-Year Arrangement Under the Extended Credit Facility, Requests for Waiver of Nonobservance and Modification of Performance Criterion, and Financing Assurances Review",
  "publication": "IMF Staff Country Reports, July 3, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/guinea-second-review-under-the-three-year-arrangement-under-the-extended-credit-facility-40733",
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  "summary": "This paper discusses Guinea’s Second Review Under the Three-Year Arrangement under the Extended Credit Facility, Requests for Modifications of Performance Criteria and Waiver of Nonobservance of Performance Criterion, and Financing Assurances. Growth is projected at 4.",
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      "heading": "Summary findings",
      "content": "- The paper discusses Guinea’s Second Review under the Three-Year Arrangement under the Extended Credit Facility, requests for modifications of performance criteria and waiver of nonobservance of a performance criterion, and a financing assurances review.\n- Growth is projected at 4.5 percent for 2013, slightly lower than envisaged because of lower growth in the mining sector.\n- The program’s inflation target has been revised upward slightly, mainly reflecting the higher than programmed outcome at end-2012, together with some modest impact from an agreement on increases in civil service wages."
    },
    {
      "heading": "Macroeconomic projections and targets",
      "content": "- Growth projection: 4.5 percent for 2013.\n- Inflation: program target revised upward slightly to reflect higher-than-programmed outcome at end-2012 and effect of civil service wage increases."
    },
    {
      "heading": "Key risks and vulnerabilities",
      "content": "- Continued political unrest in the run-up to elections, which could affect growth, investment, and reform momentum.\n- A rebound in inflation if the private sector follows the increase in civil service wages.\n- Sectoral risk: lower growth in the mining sector already contributed to the downward revision of the 2013 growth projection."
    },
    {
      "heading": "Program actions and institutional context",
      "content": "- The review covers requests for waiver of nonobservance and modification of performance criterion, and a financing assurances review (as discussed in the paper).\n- The paper situates these issues within the ECF-supported program and interactions with Guinean authorities on fiscal policy and public sector wages."
    },
    {
      "heading": "Subject tags and keywords (as provided)",
      "content": "- Subject: Asset and liability management, Debt relief, Economic sectors, External debt, Labor, Mining sector, Public financial management (PFM), Public sector wages\n- Keywords: Africa, authorities' fiscal policy, CR, Debt relief, ECF-supported program, financing, fiscal policy, Global, government, Guinean authorities, ISCR, macroeconomic performance, Mining sector, policy reform, priority sector, Public sector wages, Sub-Saharan Africa, West Africa\n\n---\n\n Content in this bundle\n\n- cr13192\n  - cr13192 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr13192 (PDF){rel=\"external\" type=\"application/pdf\"}\n- cr13192f\n  - cr13192f (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr13192f (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 3, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484390375.002",
    "The paper discusses Guinea’s Second Review under the Three-Year Arrangement under the Extended Credit Facility, requests for modifications of performance criteria and waiver of nonobservance of a performance criterion, and a financing assurances review.",
    "Growth is projected at 4.5 percent for 2013, slightly lower than envisaged because of lower growth in the mining sector.",
    "The program’s inflation target has been revised upward slightly, mainly reflecting the higher than programmed outcome at end-2012, together with some modest impact from an agreement on increases in civil service wages.",
    "Growth projection: 4.5 percent for 2013.",
    "Inflation: program target revised upward slightly to reflect higher-than-programmed outcome at end-2012 and effect of civil service wage increases.",
    "Continued political unrest in the run-up to elections, which could affect growth, investment, and reform momentum.",
    "A rebound in inflation if the private sector follows the increase in civil service wages.",
    "Sectoral risk: lower growth in the mining sector already contributed to the downward revision of the 2013 growth projection.",
    "The review covers requests for waiver of nonobservance and modification of performance criterion, and a financing assurances review (as discussed in the paper).",
    "The paper situates these issues within the ECF-supported program and interactions with Guinean authorities on fiscal policy and public sector wages.",
    "Subject: Asset and liability management, Debt relief, Economic sectors, External debt, Labor, Mining sector, Public financial management (PFM), Public sector wages",
    "Keywords: Africa, authorities' fiscal policy, CR, Debt relief, ECF-supported program, financing, fiscal policy, Global, government, Guinean authorities, ISCR, macroeconomic performance, Mining sector, policy reform, priority sector, Public sector wages, Sub-Saharan Africa, West Africa",
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