IMF to Grant $8.2M to Guinea-Bissau
The International Monetary Fund (IMF) has proposed disbursing $8.2 million to Guinea-Bissau, pending approval by the IMF’s Executive Board.
This funding, expected to be disbursed in May upon approval, is part of Guinea-Bissau’s Extended Credit Facility program, which commenced in January 2023.
The program aims to allocate approximately $47 million to support the country’s economic adjustments.
The IMF initiated the program to strengthen domestic resource mobilization, enforce expenditure controls, facilitate fiscal consolidation, and reduce public debt levels.
Jose Gijón, the head of the IMF mission in Guinea-Bissau, remarked that “the structural reform agenda is progressing, albeit with some delays,” and emphasized the government’s commitment to implementing the policies outlined in the IMF-supported program.
Gijón further recommended that Guinea-Bissau authorities take steps to mitigate budgetary risks associated with state-owned enterprises, improve financial and debt management practices, and enhance governance.
