Guinea: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waiver of Nonobservance of Performance Criteria, Modification of Performance Criteria, Augmentation of Access, and Financing Assurances

First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waiver of Nonobservance of Performance Criteria, Modification of Performance Criteria, Augmentation of Access, and Financing Assurances Review: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Guinea

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 275

Publication date: August 2008

ISBN: 9781451815368

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Topics covered in this book

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Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , ISCR , CR , PRGF , twelve-month inflation rate , PC secretariat , staff appraisal , authority , Guinean authorities , financing policy , adverse opinion , Debt relief , International reserves , Mining sector , Monetary base , Global , Sub-Saharan Africa

Also of interest

Nepal

Republic of Congo : 2001 Article IV

Peru

Malawi

Summary

This paper discusses key findings of the First Review Under the Poverty Reduction and Growth Facility (PRGF) for Guinea. All but two quantitative performance criteria (PC) were met. IMF staff supports the authorities’ requests for waivers of nonobservance, based on their remedial actions. Progress of structural reforms was broadly satisfactory and all structural PCs and benchmarks for end-December 2007 were met. However, several quantitative indicative targets for end-March 2008 were missed, in part on account of a delayed response to the financial pressures arising from higher fuel prices.