Guinea-Bissau: Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; and Staff Report

International Monetary Fund

No 2023/087, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents Guinea-Bissau’s Request for a Three-year Arrangement under the Extended Credit Facility (ECF). The ECF-supported program aims to anchor macroeconomic stability, putting the budget back on track and ensuring medium-term debt sustainability, while continuing progress on structural reforms initiated under the 2021–22 Staff Monitored Program. It will provide a framework to assist the authorities in designing and implementing effective policies to better address development challenges such as enhanced education and health systems, promote inclusive growth, and reduce poverty. Fiscal policy will aim to reduce the deficit and debt in line with the West Africa Economic and Monetary Union convergence criteria over the medium term through revenue mobilization, expenditure rationalization, mitigation of fiscal risks and prudent borrowing. Further action to enhance governance including to advance Anti Money Laundering/Combating the Financing of Terrorism/effectiveness will improve the management of fiscal resources and public investment, increase transparency and accountability, and counter corruption. The program will also help catalyze much needed donor financing, particularly in the form of grants and concessional loans, and support the reduction of debt vulnerabilities.

Keywords: reform priority; tax penalty regime; Bissau-Guinean authorities; ECF arrangement; Guinea-Bissau authorities; Debt sustainability analysis; Fiscal consolidation; Auditing; Global; West Africa; Africa (search for similar items in EconPapers)
Pages: 105
Date: 2023-02-15
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