{"id":68748,"date":"2022-11-24T03:12:32","date_gmt":"2022-11-24T03:12:32","guid":{"rendered":"https:\/\/www.africannewspaper.net\/2022\/11\/24\/international-monetary-fund-imf-staff-completes-2022-article-iv-mission-to-and-reaches-staff-level-agreement-with-guinea-on-financial-assistance-through-the-food-shock-window-under-the-rapid-credit\/"},"modified":"2022-11-24T03:13:50","modified_gmt":"2022-11-24T03:13:50","slug":"international-monetary-fund-imf-staff-completes-2022-article-iv-mission-to-and-reaches-staff-level-agreement-with-guinea-on-financial-assistance-through-the-food-shock-window-under-the-rapid-credit","status":"publish","type":"post","link":"https:\/\/www.africannewspaper.net\/2022\/11\/24\/international-monetary-fund-imf-staff-completes-2022-article-iv-mission-to-and-reaches-staff-level-agreement-with-guinea-on-financial-assistance-through-the-food-shock-window-under-the-rapid-credit\/","title":{"rendered":"International Monetary Fund (IMF) Staff Completes 2022 Article IV Mission to and Reaches Staff-Level Agreement with Guinea on Financial Assistance through the Food Shock Window under the Rapid Credit Facility – African Business"},"content":{"rendered":"\n
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Guinea has reached a staff-level agreement to receive up to $69 million (25 percent of Guinea\u2019s IMF quota) in emergency financing through the IMF\u2019s new Food Shock Window under the Rapid Credit Facility; This emergency financing will help Guinea address its urgent balance of payments needs related to the global food crisis. Guinea\u2019s request will be discussed by the IMF\u2019s Executive Board as soon as possible; Following Guinea\u2019s Article IV consultation, IMF staff project growth to reach 4.7 percent in 2022, driven by continued strength in the mining sector, even as the non-mining sector grapples with the impact of the international price shock; Containing the effects of the price shock and cushioning its impact on food security is the key short-term policy priority.<\/p>\n

An International Monetary Fund (IMF) staff team, led by Ms. Clara Mira, held a hybrid mission from October 4 \u2013 November 18, 2022, to conduct the 2022 Article IV Consultation discussions with Guinea, during which the authorities requested emergency financing under the IMF Rapid Credit Facility\u2019s new Food Shock Window. Ms. Mira made this statement at the conclusion of the mission:<\/p>\n

\u201cThe pandemic impacted Guinea\u2019s non-mining sector harder than expected. The situation was made worse by the war in Ukraine and subsequent global food fuel and fertilizer price shocks and food insecurity. Despite this, the growth of the mining sector was resilient, driven by strong mining output, which allowed overall growth to reach a predicted 4.4 percent and 4.7 percent respectively in 2021-2022.<\/p>\n

\u201cAverage inflation is expected to remain at 12 percent in 2022, broadly the same level as in 2021, due mostly to rising food and petrol prices. The decline in central bank net credit to government, partly due to the SDR allocation and the appreciation in the Guinean Franc during the first half 2022, prevented an increase in inflation in 2022.<\/p>\n

\u201cFood insecurity has worsened since early 2022, with the number of people in acute food insecurity projected to reach over 11 percent by the end of the year. The spike in international prices caused fertilizer prices to rise by more than 300%. Low fertilizer use can lead to a lower harvest and increased food imports.<\/p>\n

\u201cRevenue performance in 2021 and the first half of 2022 was somewhat weaker than expected, despite the improvements observed in the first half of 2022. Non-mining revenues have not returned to pre-pandemic levels. Furthermore, food and fuel support measures led to significant foregone revenues\u2014for the latter, of about 2.1 percent of GDP in 2022. Some of the lost revenues have been partially compensated by increased digitalization, improved tax collection, and large one-off payments made to the government.<\/p>\n

\u201cThe authorities\u2019 restraint in recurrent spending and the under-execution in the capital budget compensated the overall weaker revenue performance and helped reduce the overall fiscal deficit in 2022.<\/p>\n

\u201cThe surge in commodity prices in 2022 is expected to have a net negative impact on Guinea\u2019s overall balance of payments. While the balance of payments financing appears more difficult, continuing growth in mining outputs and export volumes may compensate for some of this.<\/p>\n

\u201cIn this context, the IMF reached a staff-level agreement with Guinea on financial assistance under the Rapid Credit Facility through the IMF\u2019s new Food Shock Window to help address Guinea\u2019s urgent balance-of-payments need and rising food insecurity. The disbursement under the Food Shock Window, of SDR 53.6 million (about US$69 million or 25 percent of Guinea\u2019s IMF quota), will contribute to mitigate the severe impact of the food crisis. It will also help to provide resources for the most vulnerable by providing food and cash distribution and financing interventions to improve the supply and support farmers.<\/p>\n

\u201cThe mission welcomed the authorities\u2019 efforts to refrain from additional central bank financing. It encouraged the authorities to increase the scale-up of the social security system. The scaling up should also support efforts to eliminate fuel and electricity subsidies. These subsidies are highly regressive and a drain on public funds.<\/p>\n

\u201cThe IMF mission encouraged the authorities to continue their efforts to mobilize domestic revenue \u2013including from the mining sector and welcomed the bauxite transfer pricing reform\u2014to create fiscal space to finance the pressing human capital and infrastructure development needs. It is important to maintain debt sustainability by using prudent borrowing strategies and prudent use of non-concessional financing.<\/p>\n

\u201cAdditional reforms to boost diversification, strengthen governance, and improve the business climate will enable a more resilient and inclusive recovery in the challenging domestic and international context.\u201d<\/p>\n

The team met with the Minister of Economy and Finance Moussa Ciss\u00e9, Minister of Budget Lancin\u00e9 Cond\u00e9, Central Bank Governor Karamo Kaba, and other senior officials, and representatives from the private sector, civil society, and the development partner community. The IMF mission thanks the Guinean authorities and the constructive discussions they had during the hybrid trip. IMF staff is now preparing to present to the IMF\u2019s Executive Board for approval a report of the Article IV consultation and the authorities\u2019 request for emergency financing through the IMF\u2019s Food Shock Window as soon as possible.<\/p>\n

Distributed by APO Group, International Monetary Fund (IMF).<\/i><\/p>\n<\/div>\n

APO has issued this Press Release. APO has issued this Press Release. The content has not been reviewed by African Business’ editorial team. This announcement is solely the responsibility of the issuer.<\/i><\/p>\n

Source: african.business<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Download logo Guinea has reached a staff-level agreement to receive up to $69 million (25 percent of Guinea\u2019s IMF quota) in emergency financing through the IMF\u2019s new Food Shock Window under the Rapid Credit Facility; This emergency financing will help Guinea address its urgent balance of payments needs related to the global food crisis. Guinea\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":12020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"yoast_head":"\nInternational Monetary Fund (IMF) Staff Completes 2022 Article IV Mission to and Reaches Staff-Level Agreement with Guinea on Financial Assistance through the Food Shock Window under the Rapid Credit Facility - African Business - African News Paper<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africannewspaper.net\/2022\/11\/24\/international-monetary-fund-imf-staff-completes-2022-article-iv-mission-to-and-reaches-staff-level-agreement-with-guinea-on-financial-assistance-through-the-food-shock-window-under-the-rapid-credit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"International Monetary Fund (IMF) Staff Completes 2022 Article IV Mission to and Reaches Staff-Level Agreement with Guinea on Financial Assistance through the Food Shock Window under the Rapid Credit Facility - African Business - African News Paper\" \/>\n<meta property=\"og:description\" content=\"Download logo Guinea has reached a staff-level agreement to receive up to $69 million (25 percent of Guinea\u2019s IMF quota) in emergency financing through the IMF\u2019s new Food Shock Window under the Rapid Credit Facility; This emergency financing will help Guinea address its urgent balance of payments needs related to the global food crisis. 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