IMF and Guinea Reach Staff-Level Deal on $439 Million Credit Facility
The IMF has reached a staff-level agreement with Guinea on a $439 million Extended Credit Facility, pending board approval in September.
The International Monetary Fund (IMF) has reached a staff-level agreement with Guinea on a 41-month Extended Credit Facility worth SDR 310.59 million (approximately $439 million). The agreement is subject to approval by IMF management and the executive board, which is expected in September.
The proposed program is designed to help Guinea channel growing mining revenue—particularly from the Simandou iron ore project—into priority spending. It also aims to strengthen fiscal management, rebuild foreign-exchange reserves, and improve governance and transparency.
Izabela Karpowicz, the IMF's mission chief for Guinea, noted that the country is at an important economic juncture as the Simandou project enters production and mining activity expands. She said the program would help authorities turn these opportunities into lasting development gains.
The IMF observed that Guinea's economy has remained resilient, with growth expected to accelerate as mining output increases. However, inflation has risen, and fiscal and external buffers remain below desired levels.