The African Development Bank has approved US$7.3 million of financial support to boost economic growth and reduce poverty in Guinea-Bissau, the institution announced on Thursday in a statement released in Dar es Salaam.
The statement indicates that the amount (a US$5.32 million soft loan plus US$1.69 million donated under the African development Fund) represents “essential financing for the Emergency Programme to Support Economic and Financial Reforms.”
The AfDB indicates that the funds “will help restore the basic foundations for managing public finances and strengthening the public sector, both vital for the transition from a situation of post-conflict crisis to one of reduced weakness in the country.”
Direct beneficiaries of the Emergency Programme include the Court of Auditors, which will be able to carry out its mission to control budget implementation, thereby enhancing its credibility, and the Inspectorate for the Fight against Corruption.
The AfDB soft loan will in turn help Guinea-Bissau respect its budget needs and follow the pace of structural reform application begun after constitutional order was re-established in the wake of legislative and presidential elections respectively held in April and May 2014. (Macauhub/GW)