The Executive Board of the International Monetary Fund has decided to disburse US$3.15 million to the Government of Guinea-Bissau to help meet urgent financing needs.
The IMF said in a statement that Guinea-Bissau’s economy grew by 4.2% last year, expecting it to recover to 4.5% this year amid high inflation indicators, while the authorities are taking measures to address external shocks.
The fund stated that its discussions with the country’s government were aimed at meeting the country’s balance of payments and financial financing needs amid challenges related to the Russian-Ukrainian crisis, the significant increase in the cost of living that particularly affects the population, and the ongoing effects of the pandemic, while the total funding under the fund’s arrangement amounted to $9.46 million.