Guinea Bissau treasury is bankrupt, Finance Minister says

16 October 2006

Bissau, Guinea Bissau, 16 Oct – The Guinea Bissau Finance Minister said Saturday in Bissau that the country’s treasury was bankrupt, but added that he was still waiting for the outcome of the donor round table meeting, set for November 7 and 8 in Geneva, Switzerland.

Vítor Mandinga was speaking to journalists at the end of an International Monetary Fund evaluation meeting held in Bissau, not only to prepare for the round table, but also to analyze the economic situation in Guinea Bissau.

“I think the mission was satisfied with our work. The IMF is not the bogey man. It is helping us so that, in the future, we can climb out of this crisis. But, at the moment, the Treasury is bankrupt, as ever,” Mandinga said.

At the round table in Geneva, Guinea Bissau hopes to collect US$441 million to re-launch the country’s economy after a lack of foreign financing due to the crises that Guinea Bissau has suffered over the last nine years.

The documents to be taken to the round table meeting, and which were also presented at Forum Bissau on October 5, include the National Strategy Document for Reducing Poverty (DENARP), the Multi-year Action Plan (PAP) and the Three year Public Investment Program (PTIP). (macauhub)