Guinea Gets Staff-level Approval For 3-year IMF Deal

By Joe Bavier

IMF new

The International Monetary Fund said on Tuesday it had reached a staff-level agreement with Guinea for a three-year programme of reforms with backing from the lender of last resort’s Extended Credit Facility (ECF).

The agreement still requires approval from the IMF’s Executive Board, which is expected to consider it next month.

An IMF statement said the programme would support Guinea’s 2016–20 National Social and Economic Development Plan to “foster higher and broad-based growth, diversify the economy, and reduce poverty”.

It did not say how much the package was expected to be worth.

Guinea’s economy has struggled due to low global commodities prices that have hindered development of some of the world’s largest iron ore deposits.

The West African country also has the largest reserves of bauxite.

Guinea, along with neighbours Liberia and Sierra Leone, was hit by an Ebola epidemic that peaked in 2014 and killed about 11,300 people.

 (Editing by G Crosse)

Source: af.reuters.com

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