Guinea: Third Review Under the Three-Year Arrangement Under the Extended Credit Facility, and Financing Assurances Review-Staff Report and Press Release

This paper discusses Guinea’s Third Review Under the Three-Year Arrangement Under the Extended Credit Facility (ECF), and Financing Assurances Review. The macroeconomic environment in 2013 was difficult, reflecting the fragile socio-political situation and a sharp slowdown in mining sector projects. As a result, growth is estimated to have slowed to 2.5 percent, sharply below the projected 4.5 percent. Inflation continued to fall and at end-2013 was 10.5 percent year-over-year. Performance under the ECF-supported program remains satisfactory. IMF Staff supports the completion of the third review under the ECF arrangement and completing the financing assurances review.