## 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

_IMF Staff Country Reports, July 3, 2013_

## Source details

**Canonical URL:** [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](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)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/guinea-second-review-under-the-three-year-arrangement-under-the-extended-credit-facility-40733/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/guinea-second-review-under-the-three-year-arrangement-under-the-extended-credit-facility-40733/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/guinea-second-review-under-the-three-year-arrangement-under-the-extended-credit-facility-40733/bundle-manifest.json)

## Bibliographic details
- Published: July 3, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484390375.002

---

### Summary findings
- 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.

### Macroeconomic projections and targets
- 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.

### Key risks and vulnerabilities
- 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.

### Program actions and institutional context
- 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 tags and keywords (as provided)
- 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

---

## Content in this bundle

- **_cr13192**
  - [_cr13192 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13192.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr13192 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13192.pdf){rel="external" type="application/pdf"}
- **_cr13192f**
  - [_cr13192f (Markdown version)](/-/media/websites/imf/imported-publications/external/french/pubs/ft/scr/2013/_cr13192f.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr13192f (PDF)](/-/media/websites/imf/imported-publications/external/french/pubs/ft/scr/2013/_cr13192f.pdf){rel="external" type="application/pdf"}

---

_Source: 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_