IMF board to disburse additional $25.6 million to aid Guinea's economy

The Executive Board of the International Monetary Fund (IMF) completed a sixth and seventh review of Guinea’s economic performance as part of the Extended Credit Facility (ECF) arrangement and has agreed to disburse $25.6 million immediately in aid.

The current aid comes as part of a total $216.7 million given in the ECF arrangement, which the board agreed to extend until the end of October.

“Guinea was declared free of the Ebola epidemic in end-2015, reflecting the sustained efforts of the government and Guinea’s civil society,” Mitsuhiro Furusawa, deputy managing director and acting chair, said. “The epidemic has claimed thousands of lives, brought economic activity to a standstill, reversed socioeconomic gains and aggravated poverty.”

Furusawa went on to say that growth is expected to rebound by 4 percent in 2016 now that the Ebola epidemic has ended. He cautions that the post-Ebola recovery will be gradual.

“The authorities have taken strong adjustment measures to put their fund-supported program back on track,” Furusawa said. “Going forward, continued efforts are needed to restore macroeconomic stability and support the recovery, including structural reforms to improve the business environment, particularly in the mining and electricity sectors, and strengthen the delivery of public service.”

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