{
  "title": "Guinea-Bissau: Request for a Nine-Month Staff Monitored Program - Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, July 30, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/07/30/guinea-bissau-request-for-a-nine-month-staff-monitored-program-press-release-and-staff-463111",
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  "summary": "Guinea-Bissau is a fragile state with considerable needs to fight the COVID-19 pandemic and address developmental challenges. After an estimated 1.4 percent of GDP contraction in 2020, a modest recovery of about 3.",
  "publishDate": "2021-07-30",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Guinea-Bissau is described as a fragile state with considerable needs to fight the COVID-19 pandemic and address developmental challenges.\n- After an estimated 1.4 percent of GDP contraction in 2020, a modest recovery of about 3.3 percent is projected for 2021.\n- The outlook is subject to considerable uncertainty."
    },
    {
      "heading": "Economic outlook and projections",
      "content": "- 2020 GDP contraction: 1.4 percent of GDP (estimated).\n- 2021 projected recovery: about 3.3 percent.\n- Drivers of the 2021 recovery:\n  - higher cashew exports,\n  - the gradual lifting of COVID containment measures,\n  - a more stable political situation."
    },
    {
      "heading": "Financing and debt developments",
      "content": "- An RCF disbursement of SDR 14.2 million (50 percent of quota) was approved in January to provide urgent financing.\n- The RCF covered 35 percent of the external gap in 2021.\n- The RCF aimed to support critical spending in health and catalyze additional donor resources.\n- The RCF followed two years of protracted political turmoil and delays in reforms, now undertaken by the new government.\n- Public debt was assessed as sustainable in a forward-looking sense based on the authorities’ commitment to sound policies supported by strong donor engagement and a Fund program.\n- Debt relief and donor initiatives:\n  - Debt service relief under the CCRT has provided some fiscal space.\n  - Participation in the DSSI should also help mobilize additional resources."
    },
    {
      "heading": "Reform needs and policy recommendations",
      "content": "- Significant and sustained reform efforts are required after the 2021 budget approval within the statutory deadlines to:\n  - meet the WAEMU 3 percent of GDP overall balance criteria by 2025,\n  - bring public debt-to-GDP ratio within 70 percent by end-2026.\n- Policy priorities implicitly emphasized by the analysis:\n  - sustain sound macroeconomic policies,\n  - continue reforms delayed during prior political turmoil,\n  - leverage donor engagement and Fund-supported program to reinforce fiscal and health spending priorities."
    },
    {
      "heading": "Key statistics and identifiers",
      "content": "- RCF disbursement: SDR 14.2 million (50 percent of quota).\n- RCF coverage of external gap in 2021: 35 percent.\n- 2020 GDP contraction: 1.4 percent of GDP (estimated).\n- 2021 GDP projection: about 3.3 percent.\n- WAEMU overall balance target: 3 percent of GDP by 2025.\n- Public debt-to-GDP target: within 70 percent by end-2026.\n- Publication date: July 30, 2021.\n- Pages: 76.\n- Issue: 172.\n- Series: Country Report No. 2021/172.\n- DOI: https://doi.org/10.5089/9781513588056.002\n- ISBN: 9781513588056\n- ISSN: 1934-7685\n\nGuinea-Bissau: Request for a Nine-Month Staff Monitored Program-Press Release; and Staff Report, International Monetary Fund, July 30, 2021.\n\n---\n\n Content in this bundle\n\n- 1gnbea2021002\n  - 1gnbea2021002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1gnbea2021002 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2021/07/30/guinea-bissau-request-for-a-nine-month-staff-monitored-program-press-release-and-staff-463111"
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    "Published: July 30, 2021",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513588056.002",
    "Guinea-Bissau is described as a fragile state with considerable needs to fight the COVID-19 pandemic and address developmental challenges.",
    "After an estimated 1.4 percent of GDP contraction in 2020, a modest recovery of about 3.3 percent is projected for 2021.",
    "The outlook is subject to considerable uncertainty.",
    "2020 GDP contraction: 1.4 percent of GDP (estimated).",
    "2021 projected recovery: about 3.3 percent.",
    "Drivers of the 2021 recovery:",
    "An RCF disbursement of SDR 14.2 million (50 percent of quota) was approved in January to provide urgent financing.",
    "The RCF covered 35 percent of the external gap in 2021.",
    "The RCF aimed to support critical spending in health and catalyze additional donor resources.",
    "The RCF followed two years of protracted political turmoil and delays in reforms, now undertaken by the new government.",
    "Public debt was assessed as sustainable in a forward-looking sense based on the authorities’ commitment to sound policies supported by strong donor engagement and a Fund program.",
    "Debt relief and donor initiatives:",
    "Significant and sustained reform efforts are required after the 2021 budget approval within the statutory deadlines to:",
    "Policy priorities implicitly emphasized by the analysis:",
    "RCF disbursement: SDR 14.2 million (50 percent of quota).",
    "RCF coverage of external gap in 2021: 35 percent.",
    "2020 GDP contraction: 1.4 percent of GDP (estimated).",
    "2021 GDP projection: about 3.3 percent.",
    "WAEMU overall balance target: 3 percent of GDP by 2025.",
    "Public debt-to-GDP target: within 70 percent by end-2026.",
    "Publication date: July 30, 2021.",
    "Pages: 76.",
    "Issue: 172.",
    "Series: Country Report No. 2021/172.",
    "DOI: https://doi.org/10.5089/9781513588056.002",
    "ISBN: 9781513588056",
    "ISSN: 1934-7685",
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