IMF may resume support for Guinea-Bissau in December

27 September 2016

The resumption of International Monetary Fund (IMF) support which Guinea-Bissau hopes to obtain this December will give the country some “breathing space”, Economy and Finance Minister Henrique Horta said in Bissau.

Horta made his comments on Monday at the end of the last meeting with an IMF mission in Guinea-Bissau. The resumption of support is very important because it should also motivate partners’ renewed faith in the country along with the much-needed international assistance, he stated.

Mission head Felix Fischer said the talks would continue so that the IMF board can make a decision at its early December meeting, adding that if financial aid is approved it will be released within a few days, reports Lusa news agency.

The IMF decided in 2015 to deliver 22 million euros to Guinea-Bissau on a gradual basis over three years. But there has been no transfer this year, due among other reasons to disagreement regarding a bailout of commercial banks implemented by the previous government.

The situation of political instability in Guinea-Bissau during the last year, with four successive governments, has also hindered outside support. (Macauhub)