Guinea- Bissau: 2017 Article IV Consultation and Fourth Review Under the Extended Credit Facility Arrangement, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Guinea-Bissau

International Monetary Fund.
2017 IMF Staff Country Reports  
The Executive Board of the International Monetary Fund (IMF) today completed the fourth review of the arrangement under the Extended Credit Facility (ECF). 1 The completion enables the release of SDR 3.03 million (about US$4.3 million), bringing total disbursements under the arrangement to SDR14.01 million (about US$19.8 million). The Executive Board also concluded the 2017 Article IV Consultation. 2 Guinea-Bissau's three-year ECF arrangement for SDR 17.04 million (60 percent of quota) was
more » ... ved by the Executive Board on July 10, 2015 (see Press Release No. 15/331). The ECF-supported program aims to restore macroeconomic stability and improve efficiency in public service delivery to foster inclusive growth. Guinea-Bissau's commitment to the ECF-supported program is strong and the results are apparent. All performance criteria and indicative targets for end-June were met as were most structural benchmarks. Two benchmarks, relating to debt management operations and financial reporting on the public electricity company, were not met but are likely to be implemented with delay. The economy is growing strongly and the fiscal position has improved markedly. Supported by favorable terms of trade, real GDP growth averaged almost 6 percent in 2015-2016, with a surplus on the external current account and inflation below 2 percent a year. Public financial management has improved and the 2017 fiscal deficit is projected to fall under 2 percent of GDP, more than halving the 2016 level. 1 The ECF is a lending arrangement that provides sustained program engagement over the medium to long term in case of protracted balance of payments problems. For more details, see
doi:10.5089/9781484333150.002 fatcat:aofea3fppzhrdkxkehlwc2tbhy