Statement of an IMF Mission at the End of its Visit to Guinea

August 17, 2017

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.

• Significant progress was made in discussions of the economic policies and reforms that could be supported by a new IMF arrangement
• Real growth is expected to 6.7% in 2017 supported by dynamic activity in the mining and construction sectors and good agricultural performance;
• Average inflation would remain moderate at 8.5 percent in 2017.

An International Monetary Fund (IMF) mission led by Giorgia Albertin visited Conakry from July 31 to August 15, 2017 to negotiate a new program that could be supported by an Extended Credit Facility (ECF).

At the conclusion of the mission, Ms. Albertin issued the following statement:

“The Guinean authorities and the IMF staff made significant progress in the discussions of the economic policies and reforms that could be supported by a new IMF arrangement and would support the Guinea’s 2016–20 National Social and Economic Development Plan (PNDES) aimed at fostering higher and broad-based growth and significantly reducing poverty.

“The Guinean authorities' economic policies and reforms program would aim at strengthening macroeconomic resilience, increasing investment in infrastructure to generate higher growth and diversify the economy while preserving debt sustainability, strengthening social programs aimed at reducing poverty and promote inclusion, and improving governance and business climate to support private sector development.

“The Guinean economy has rebounded from the negative impact of the Ebola epidemic and real growth is expected to 6.7% in 2017 supported by dynamic activity in the mining and construction sectors and good agricultural performance. Average inflation would remain moderate at 8.5 percent in 2017.

“Exports of bauxite and gold would increase further in 2017 and imports would continue to be sustained owing to the projects to increase production capacity in the mining sector and investment in infrastructure.

“Efforts to mobilize revenues and contain current expenditures and strong mining revenues led to basic fiscal surplus of 0.9 percent of GDP at the end of June 2017.

“The mission met with Prime Minister Mamady Youla, the Economic and Finance Commission of the National Assembly, Minister of Economy and Finance Malado Kaba,  central bank Governor Lounceny Nabé, Minister of Budget Mohamed Doumbouya, Minister of Planning and Cooperation Kanny Diallo and other members of the government, the Ministers Counselors to the President and other senior government officials. The mission also met international partners, as well as representatives of the private sector and civil society organizations.

“The IMF team thanks the authorities for their hospitality and for the constructive and productive discussions.”