At the conclusion of the visit, the mission issued the following statement:
“In December 2010, the Boards of Directors of the IMF and the World Bank’s International Development Association decided to support US$1.2 billion in debt relief for Guinea-Bissau. The IMF Executive Board also completed the first review under Guinea-Bissau’s Extended Credit Facility (ECF) arrangement.
“The debt relief significantly reduces the size of Guinea-Bissau’s debt and follows continuous progress made in recent years in strengthening macroeconomic management.
“Economic performance under the ECF-supported program has been satisfactory, and the authorities have made progress on structural reforms. We are encouraged by the authorities’ commitment to implementing their reform program aimed at raising economic growth and reducing poverty.
“As the authorities in Guinea-Bissau continue to implement their economic program, the IMF mission plans to return to Bissau in March to review performance under the ECF.”
US$1.2 billion in debt relief for Guinea-Bissau
Special Correspondent - 2011-01-14 17:59
An International Monetary Fund (IMF) mission led by Mr. Paulo Drummond visited Bissau January 10–14, 2011. The mission met with President Malam Bacaí Sanhá, Prime Minister Carlos Gomes Junior, Minister of Finance José Mario Vaz, Minister of Economy Helena Embaló, BCEAO National Director João Fadía, other government ministers and representatives of civil society, the private sector and the donor community.