May 28, 2024

IMF and Guinea Bissau Reach Agreement for Second Review of Extended Credit Facility

Managing Director Kristalina Georgieva on visit to Matipula School in Chongwe District, Zambia IMF Photo/Kim Haughton 23 January 2023 Lusaka, Zambia Photo ref: KEH05351.ARW

Guinea Bissau and the International Monetary Fund (IMF) have achieved a staff-level consensus, potentially paving the way for the second review of the Extended Credit Facility (ECF) supported program, pending approval from the IMF Executive Board.

Once the review is completed, Guinea Bissau will gain access to an additional SDR 2.37 million (approximately US$3.16 million).

The program has shown satisfactory performance in its initial months, particularly in terms of implementing structural measures, the IMF said in a statement, adding that to ensure fiscal and debt sustainability, it is crucial to enhance domestic revenue, control the wage bill, and manage current expenditures and transfers effectively.

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