IMF carries out further technical mission to Guinea Bissau

17 June 2010

Bissau, Guinea Bissau, 17 June – A mission from the International Monetary Fund (IMF) is due to be in Bissau between Thursday and 25 June to meet with the authorities, Guinea’s Finance Minister said Wednesday in Bissau.

During its stay in Bissau, the IMF mission will host two seminars for members of the Government, donors, non-governmental organisations, the private sector and unions on support for the Government’s economic programme and the Highly Indebted Poor Countries (HIPC) initiative.

In May, the IMF approved aid of US$33.3 million for the Guinea Bissau government’s economic programme for the next three years, which, if it is successful, could lead to a debt pardon.

The board of the IMF, which met in Washington, also approved payment of a second tranche of aid, worth US$1.5 million, under the terms of the HIPC programme.

Approval of the aid programme, known as ECF, had been scheduled for the beginning of April, but was delayed due to political instability in Bissau at the time.

Guinea Bissau’s foreign debt is calculated at US$1.5 billion and since 2001 the country has, unsuccessfully, tried to fulfil criteria to benefit from a debt pardon. (macauhub)