IMF says it will be present at Guinea Bissau round table meeting in Geneva

26 October 2006

Bissau, Guinea Bissau, 26 Oct – The International Monetary Fund (IMF) Wednesday gave a positive assessment of Guinea Bissau’s macroeconomic performance and guaranteed it would be present at the country’s round table meeting due to be held in Geneva in the first week of November.

The evaluation of the country’s economic performance and the assurance of being at the round table was given by the head of the IMF mission for Guinea Bissau.

In a joint press conference with Guinea’s Finance Minister, Vítor Mandinga, the head of the IMF mission, Catherine Mcgrive said that there had been, “considerable progress” in carrying out a set of recommendations agreed between Bissau and the IMF.

However, Mcgrive noted that some of the targets had not been met, particularly in terms of tax reforms and collection of internal revenues, as of the projected 34 billion CFA francs (51.9 million euros) only 31 billion (47.3 million euros) were collected.

Mcgrive said she was satisfied with how economy policy was being conducted and the fulfilment of the “eight structural objectives,” set with the Guinean authorities.

Mandinga said that of the “eight structural objectives” established last July with the IMF, five had been fulfilled to a reasonable extent and others to a satisfactory extent.

Containment of expenditure, payment of public worker salaries and Public Service and Armed Forces reforms, as well as a strict control of tax obligations, amongst others, are the measures drawn up by the Finance Minister. (macauhub)