The Executive Board approved the three-year ECF arrangement for
Guinea‘s economy went through a difficult period in 2013, reflecting the fragile socio-political situation and a sharp slowdown in investment in the mining sector. As a result, growth is estimated to have slowed to 2.5 percent, sharply below the programmed 4.5 percent expansion. Inflation continued to fall, and at end-2013 was 10.5 percent year-on-year. International reserves were maintained at a satisfactory level, and the exchange rate remained broadly stable.
Performance under the ECF-supported program remains satisfactory. Notwithstanding a sizeable shortfall in government revenues and an increase in subsidies to the energy sector, strong adjustment measures have kept the fiscal deficit on track. All performance criteria (PCs) for
1 The Executive Board takes decisions without a meeting when it is agreed by the Board that a proposal can be considered without convening formal discussions.
Most Popular Stories
- Chinese May Have Spotted Malaysia Airlines Debris
- Why Buffett Bets Big on Green Energy
- 3 Shot Dead in Venezuela Unrest
- Better Pay Means Bigger Profits: Strategist
- Banks Buying Little From Minority Firms: Study
- Several Texas Cities Top Job Search List
- Senate Committee OKs Bill to Sanction Russia
- G7 Presses Russia to Pull Troops Out of Crimea
- Wall Street Rally Heads Off 3rd Day of Decline
- Obama's 'Between Two Ferns' Appearance Has Conservatives Upset