• IMF approves $3.2 million disbursement under Guinea-Bissau program
• Performance weaker than expected, several targets and benchmarks missed
• Growth remains strong; reforms urged on fiscal discipline and governance

The International Monetary Fund has approved a $3.2 million disbursement to Guinea-Bissau under the Extended Credit Facility (ECF) agreement with the country. The announcement was made on March 20, 2026, following the completion of the ninth and tenth program reviews by the Executive Board.

The disbursement is intended to support the country's balance-of-payments financing needs and government spending. Total disbursements under the program now amount to $50.8 million, out of a projected $53.14 million. However, the IMF said program performance since the eighth review in June 2025 has been weaker than expected.

"Three out ten end-June 2025 Quantitative Performance Criteria (QPCs) and five out of ten end‑December 2025 QPCs were missed. Of the 15 Structural Benchmarks set for June–December 2025, five were met, while ten were implemented with delays, and all three Continuous Structural Benchmarks were missed," the IMF said.

The institution nonetheless approved the authorities' request to extend the program through Dec. 29, 2026, as well as a rephasing of access to resources.

Guinea-Bissau’s economy has shown resilience, with growth estimated at 5.5% in 2025, driven by strong cashew nut production and favorable terms of trade. Average inflation slowed to 0.9%, and the current account deficit is estimated at 6.2% of GDP.

The IMF stressed the need to continue fiscal consolidation and strengthen governance, transparency and financial sector stability. Guinea-Bissau’s authorities have committed to corrective measures, including in the banking and energy sectors, to reduce risks and support growth.

Ingrid Haffiny