The International Monetary Fund (IMF) has recommended disbursing $8.2 million to Guinea Bissau, pending approval by the IMF’s Executive Board.
This funding, slated for disbursement in May pending approval, is part of Guinea-Bissau’s Extended Credit Facility program initiated in January 2023. The program allocates approximately $47 million to bolster the country’s economic adjustments.
The IMF initiated the program to enhance domestic resource mobilization, reinforce expenditure controls, facilitate fiscal consolidation and reduce public debt levels.
Jose Gijón, head of the IMF mission in Guinea Bissau, said: “The structural reform agenda is progressing, albeit with some delays,” adding that “the government is firmly committed to implementing the policies underlying the IMF-supported program.”
Gijón recommended that “Guinea-Bissau authorities make efforts to mitigate budgetary risks arising from state-owned enterprises, improve financial and debt management, and enhance governance.”
