Guinea:Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Guinea

Author: International Monetary Fund. African Dept.

Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Guinea

Volume/Issue: Volume 2020 Issue 218

Publication date: July 2020

ISBN: 9781513550305

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Topics covered in this book

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Banks and Banking , Exports and Imports , Finance , Public Finance , ISCR , CR , financing , Guinean authorities , emergency financing request , financing gap , IMF disbursement , health emergency , IMF lending tracker , COVID-19 , Debt relief , Stress testing , Global

Also of interest

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Spain

Malawi

Peru

Summary

Guinea is being severely affected by the COVID-19 pandemic. A local outbreak is spreading rapidly, adding pressure to the fragile social context and putting a strain on the health system. Containment measures have started to negatively impact domestic economic activity. Furthermore, the sharp slowdown in China (Guinea’s main export market) has hindered mining exports and tax revenues, putting pressure on Guinea’s external and fiscal position. Since the completion of the fourth ECF review, worsening global conditions and the local outbreak have deteriorated Guinea’s short-term outlook. Real growth is expected to sharply decelerate to 1.4 percent in 2020.