Washington, Dec 10 (Agency) Guinea will receive an additional $49.47 million from the International Monetary Fund (IMF), bringing the total amount of loans received during the coronavirus pandemic to slightly more than $166 million, the IMF Executive Board said in a press release. “While performance under the Fund-supported program remains broadly satisfactory, Guinea faces significant downside risks related to COVID-19 pandemic,” the release said on Wednesday.
With the latest disbursement, Guinea will reach 56 percent of its borrowing quota from the IMF’s Extended Credit Facility (ECF), the release said. The IMF projected 5.2 percent economic growth this year due to a “buoyant mining sector,” even as the COVID-19 restrictive measures hit the non-mining economy by lowering annual growth to 2.4 percent, about half the pre-pandemic level. The IMF relaxed requirements earlier in the year, allowing Guinea to borrow from the nation’s central bank to fund its coronavirus response, the release said. However, the IMF release credited Guinea’s 2021 draft budget with properly supporting post-pandemic recovery while allowing the nation to continue servicing its debt, the release added.