December 11, 2017, the IMF’s board approved a three-year agreement under the extended credit facility (ECF) for Guinea.

Valued at 120.488 million special drawing rights (SDR), which is about $170.1 million, representing 56.25% of Guinea’s quota, this programme aims to foster a stronger and inclusive growth, diversify Guinea’s economy and reduce poverty.

The IMF’s decision will enable the immediate provision of SDR 17.2 million (about $24.3 million). The remaining sum will be paid in tranches throughout the agreement’s duration, subjected to half-year reviews.

According to the IMF, the three-year programme will support government’s 2016-2020 national economic and social development plan (PNDES) aiming to foster a stronger and more inclusive growth, while preserving macroeconomic stability. Thus, the scheme will aim to boost Guinea’s macroeconomic resiliency, public infrastructure investments and also preserve debt viability. It will also promote private sector’s growth and tighten social security nets.

According to Mitsuhiro Furusawa (photo), IMF’s managing director, “the Guinean economy has rebounded from the adverse impact of the Ebola epidemic and growth momentum is expected to be sustained. Going forward, the priorities are to preserve macroeconomic stability, reduce vulnerabilities, facilitate structural transformation and diversification, tackle widespread poverty, improve living standards, and promote good governance”.

Borgia Kobri