IMF mission visits Guinea-Bissau to assess economic performance

24 February 2015

A mission from the International Monetary Fund (IMF) will be in Guinea-Bissau until Thursday to analyse the country after it received a loan from the institution, the Ministry of Economy and Finance said in Bissau.

The purpose of the visit is to “evaluate economic performance under the terms of fast credit, approved by the IMF in November,” the ministry said in a statement.

At the time the IMF approved a loan of US$5.4 million to Guinea-Bissau for its government pay urgent expenses and make part payment of the country’s IMF membership fee.

The urgency, the IMF explained, was due to the fact that the new Guinea-Bissau authorities (elected in 2014) have inherited “a difficult situation” in terms of cash flow “after two years of economic disruption” following the 2012 military coup.

The situation was characterised by “drop in state revenues, delayed salaries for civil servants, fall in gross domestic product (GDP) by 2 percent and a dramatic increase” of poverty levels in the country. (macauhub/GW)