Guinea-Bissau: Second Review Under the Extended Credit Facility Arrangement and Requests for a Waiver of Nonobservance of Performance Criteria, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Exec

Guinea-Bissau is a fragile state facing significant development challenges, including sustaining the recovery from the COVID-19 pandemic, supply disruptions, and the global economic slowdown. The IMF Board approved the First Review of the Extended Credit Facility (ECF) arrangement in May 2023. The reform agenda includes an ambitious fiscal consolidation to support inclusive growth while preserving debt sustainability and structural and governance reforms to strengthen state capacity. The opposition party won an outright majority at the legislative election on June 4, 2023, but a change in the government has not affected the authorities’ program commitments.