IMF plans to provide supplementary funding of US$30 million to Guinea Bissau

7 June 2007

Bissau, Guinea Bissau, 7 June – The International Monetary Fund (IMF) has promised the Guinea Bissau government that it would try to mobilize, “in an urgent manner” US$30 million from the country’s donors, Catherine McAuliffe said in Bissau Wednesday.

McAuliffe, who led an IMF mission to assess Guinea Bissau’s macroeconomic situation, announced the move to journalists at the end of a meeting with Guinean prime minister, Martinho N’Dafa Cabi.

McAuliffe informed the head of the government of the results of the public accounts assessment as well as the IMF’s availability to ask Guinea Bissau’s donors for “urgent supplementary aid.”

The IMF meeting with Guinea Bissau’s donors is expected to take place Thursday in Dakar, Senegal.

The head of the IMF mission also pledged that her institution may sign a Post-Conflict Program (PPC), an instrument that the Bissau authorities have wanted to sign with the donor community for the last seven years.

The PPC is a financial instrument that the IMF and the World Bank sign with countries that have been through armed conflicts, which affected the economy and public infrastructures, as is the case with Guinea Bissau, which went through a civil war between 1998 and 1999. (macauhub)