{
  "title": "Guinea-Bissau: Seventh Review Under the Extended Credit Facility and Request for Modification of Performance Criteria and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Guinea-Bissau",
  "publication": "IMF Staff Country Reports, December 19, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/12/19/guinea-bissau-seventh-review-under-the-extended-credit-facility-and-request-for-559749",
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  "summary": "This paper presents IMF’s Seventh Review under the Extended Credit Facility and Request for Modification of Performance Criteria and Financing Assurances Review for Guinea-Bissau.",
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    {
      "heading": "Summary of the review",
      "content": "- The paper presents IMF’s Seventh Review under the Extended Credit Facility and Request for Modification of Performance Criteria and Financing Assurances Review for Guinea-Bissau.\n- Program performance was strong relative to the quantitative targets and broadly satisfactory as regards structural reforms.\n- All nine quantitative performance criteria and all three structural benchmarks for end-June 2024 were met.\n- Significant progress was made with regard to energy sector reforms.\n- Actions have been undertaken to mitigate fiscal risks associated with the public utility company, thereby helping restore its cost recovery."
    },
    {
      "heading": "Macroeconomic outlook and key statistics",
      "content": "- Growth is expected to reach 5 percent in 2024.\n- Inflation should average 4.2 percent.\n- The fiscal deficit is projected to reach 5 percent of GDP in 2024.\n- The authorities remain committed to achieving a fiscal deficit of 3 percent of GDP in 2025, in line with the West African Economic and Monetary Union target.\n- The economic outlook remains subject to significant downside risks."
    },
    {
      "heading": "Structural reforms and implementation status",
      "content": "- Structural reforms are being advanced and are described as critical to the successful implementation of the program.\n- Energy sector reforms showed notable progress, contributing to the program’s satisfactory assessment on structural measures.\n- Fiscal-risk mitigation measures targeting the public utility company have been implemented and are helping to restore cost recovery."
    },
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      "heading": "Assessment of program performance",
      "content": "- Program performance: strong relative to quantitative targets.\n- Structural reform progress: broadly satisfactory.\n- Compliance: all nine quantitative performance criteria and all three structural benchmarks met for end-June 2024."
    },
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      "heading": "Risks and considerations",
      "content": "- The economic outlook is subject to significant downside risks (no further quantification provided in the source content).\n- Continued implementation of structural reforms and fiscal-risk mitigation is implied to be necessary for program success.\n\nIMF Staff Country Report: Guinea-Bissau: Seventh Review Under the Extended Credit Facility and Request for Modification of Performance Criteria and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Guinea-Bissau\n\n---\n\n Content in this bundle\n\n- 1gnbea2024003-print-pdf\n  - 1gnbea2024003-print-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1gnbea2024003-print-pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 19, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400296703.002",
    "The paper presents IMF’s Seventh Review under the Extended Credit Facility and Request for Modification of Performance Criteria and Financing Assurances Review for Guinea-Bissau.",
    "Program performance was strong relative to the quantitative targets and broadly satisfactory as regards structural reforms.",
    "All nine quantitative performance criteria and all three structural benchmarks for end-June 2024 were met.",
    "Significant progress was made with regard to energy sector reforms.",
    "Actions have been undertaken to mitigate fiscal risks associated with the public utility company, thereby helping restore its cost recovery.",
    "Growth is expected to reach 5 percent in 2024.",
    "Inflation should average 4.2 percent.",
    "The fiscal deficit is projected to reach 5 percent of GDP in 2024.",
    "The authorities remain committed to achieving a fiscal deficit of 3 percent of GDP in 2025, in line with the West African Economic and Monetary Union target.",
    "The economic outlook remains subject to significant downside risks.",
    "Structural reforms are being advanced and are described as critical to the successful implementation of the program.",
    "Energy sector reforms showed notable progress, contributing to the program’s satisfactory assessment on structural measures.",
    "Fiscal-risk mitigation measures targeting the public utility company have been implemented and are helping to restore cost recovery.",
    "Program performance: strong relative to quantitative targets.",
    "Structural reform progress: broadly satisfactory.",
    "Compliance: all nine quantitative performance criteria and all three structural benchmarks met for end-June 2024.",
    "The economic outlook is subject to significant downside risks (no further quantification provided in the source content).",
    "Continued implementation of structural reforms and fiscal-risk mitigation is implied to be necessary for program success.",
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