US will support Guinea-Bissau in the improvement of the tax system

29 April 2015

The Treasury Department of the United States of America, in the second half of this year, will support Guinea-Bissau in improving its national tax system, announced the Guinean Minister of Economy and Finance, Geraldo Martins.

“We talked to the US Treasury, which from the second half of this year will start giving support to Guinea-Bissau in improving its tax system, especially through the Directorate General of Taxation,” said Martins.

Martins did not name the number of US financial experts that would be made available to Bissau by the Obama administration, but said the support was very important to the national economy.

He also said a min round table meeting may be organised in the next few months in Bissau involving many Middle Eastern countries and financial institutions from the region such as the Islamic Development Bank, the Arab Bank for Development in Africa (BADEA), the Saudi Arabia Fund, the Kuwait Fund and the Abu Dhabi Fund.

The minister said that this mini-conference would provide great opportunities to discuss specific development plans and other additional needs of the country.

For now, Guinea-Bissau has received guarantees of a cash amount of US$6 million from the Saudi Arabia Fund for the water sector. With this funding, the national authorities can build wells and water tanks, allowing Guineans better access to drinking water, said Martins.

The Guinean finance minister also said that the country would receive US$60 million from the so-called “fragile countries fund” recently set up by the World Bank, from which Guinea-Bissau will be the first “fragile” state to benefit. (macauhub/GW)