International Monetary Fund (IMF) / Press Release

Source: International Monetary Fund (IMF) | Mar 12, 2024

International Monetary Fund (IMF) Reaches Staff-Level Agreement with Guinea Bissau on Fourth and Fifth Reviews of Extended Credit Facility Arrangement

Conclusion of the Fourth and Fifth Reviews by the IMF Executive Board, tentatively scheduled for mid-May 2024, would enable the disbursement of SDR 6.17 million (about US$ 8.2 million), bringing total disbursement under the arrangement to SDR 19.44 million

A team from the International Monetary Fund (IMF) led by Jose Gijon, Mission Chief for Guinea Bissau, held videoconferences and meetings in Bissau during February 28– March 11, 2024, to discuss macroeconomic policies in the context of the Fourth and Fifth Reviews of the ECF arrangement [[1]]. The initial arrangement was…

Source: International Monetary Fund (IMF) | Oct 03, 2023

International Monetary Fund (IMF) Staff Reach Staff-Level Agreement on Third Review of the Extended Credit Facility Arrangement with Guinea Bissau

The initial arrangement was approved for a total amount of SDR 28.4 million (about US$ 37.9 million) on January 30, 2023

IMF staff and the Guinea Bissau authorities have reached a staff-level agreement that could support the third review of the Extended Credit Facility (ECF) supported program, subject to approval by the IMF Executive Board. Upon completion of the review, Guinea Bissau will have access to an additional SDR [6.16] million…

Source: International Monetary Fund (IMF) | May 30, 2023

International Monetary Fund (IMF) Staff Reach Staff-Level Agreement on Second Review of the Extended Credit Facility Arrangement with Guinea Bissau

A team from the International Monetary Fund (IMF) led by Jose Gijon, Mission Chief for Guinea Bissau, held virtual meetings during May 17–22, 2023, and meetings in Bissau during May 23–30, 2023

IMF staff and the Guinea Bissau authorities have reached a staff-level agreement that could support the second review of the Extended Credit Facility supported program, subject to approval by the IMF Executive Board. Upon completion of the review, Guinea Bissau will have access to an additional SDR 2.37 million (about…

Source: International Monetary Fund (IMF) | May 10, 2023

International Monetary Fund (IMF) Executive Board Concludes the First Review of the Extended Credit Facility Arrangement for Guinea-Bissau and Approves US$3.2 Million Disbursement

The ECF, with a total access of SDR28.4 million (about US$38.4 million at the time of approval, or 100 percent of quota), was approved by the IMF Executive Board on January 30, 2023

The IMF Executive Board decision allows for an immediate disbursement of SDR2.37 million (about US$3.2 million) to Guinea-Bissau to help meet the country’s financing needs. Growth is estimated at 3.5 percent in 2022 and is expected to improve to 4.5 percent in 2023. Performance has been strong during the initial…

Source: International Monetary Fund (IMF) | Mar 20, 2023

International Monetary Fund (IMF) Staff Reach Staff-Level Agreement on First Review of the Extended Credit Facility Arrangement with Guinea Bissau

The mission team reached staff-level agreement with the authorities on economic and financial policies that could support the approval of the first review of the ECF-supported program

A team from the International Monetary Fund (IMF) led by Jose Gijon, Mission Chief for Guinea Bissau, held virtual meetings during March 8–13, 2023, and meetings in Bissau during March 14–20, 2023, to discuss the assessment of the First Review of the Extended Credit Facility (ECF) arrangement [1]. The arrangement was…

Source: International Monetary Fund (IMF) | Jun 20, 2022

IMF Management Completes Third Review of the Staff-Monitored Program and IMF Executive Board Concludes 2022 Article IV Consultation with Guinea-Bissau

The authorities recognize that sustained medium-term economic growth would benefit from additional governance reforms and economic diversification

Guinea-Bissau’s economy has recovered well from the Covid-19 pandemic. Growth is projected to reach 3.8 percent in 2022 supported by a continued strong performance of the cashew sector and a relatively stable political situation; The successful completion of the Staff Monitored Program (SMP) reflects the authorities’ efforts to sustain strong…

Source: International Monetary Fund (IMF) | Feb 15, 2022

IMF Management Completes Second Review of the Staff-Monitored Program with Guinea Bissau

The authorities have made satisfactory progress on their reform program at end-September 2021 despite difficult socio-economic conditions compounded by the COVID-19 pandemic

IMF Management has approved the second review of Guinea Bissau’s Staff-Monitored Program (SMP), which supports the government’s program of reforms aimed at supporting macroeconomic stability and debt sustainability, strengthening social policies, and enhancing public governance. The authorities have made satisfactory progress toward establishing a strong track record of policy and…

Source: International Monetary Fund (IMF) | Dec 13, 2021

IMF Staff Completes Mission for the Second Review of a Staff-Monitored Program to Guinea Bissau

The review aimed at assessing the efforts being undertaken to build a policy track record towards an Extended Credit Facility (ECF) arrangement in 2022

Progress on the Staff-Monitored Program (SMP) reform agenda has continued since the first review in October 2021; Strengthening revenue mobilization and the yield of new taxes and ensuring expenditure containment remain essential to buttress debt sustainability and to support social and pro-growth spending; Macroeconomic stabilization, strong governance and transparency measures…

Source: International Monetary Fund (IMF) | Dec 01, 2021

IMF Management Completes First Review of the Staff-Monitored Program with Guinea Bissau

Growth has been revised upwards in 2020 and is projected to accelerate to 3¾ percent in 2021

IMF Management has approved the first review of Guinea Bissau’s Staff-Monitored Program (SMP), which supports the government’s program of reforms aimed at supporting macroeconomic stability and debt sustainability, strengthening social policies, and enhancing public governance; The authorities have made satisfactory progress toward establishing a strong track record of policy and…

Source: International Monetary Fund (IMF) | Oct 12, 2021

IMF Staff Completes Virtual Mission for the First Review of a Staff-Monitored Program to Guinea Bissau

The review is aimed at assessing the efforts being undertaken to build a policy track record towards a possible Extended Credit Facility (ECF) arrangement in 2022

Progress on the Staff-Monitored Program (SMP) reform agenda has been satisfactory despite difficult socio-economic conditions compounded by the COVID-19 pandemic; Ensuring revenue mobilization and expenditure containment, including in the wage bill, will help to create room for spending on critical social and pro-growth areas, and to buttress debt sustainability; Strict…

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