The Minister of Economy and Finance and his Budget and Planning counterparts jointly hosted a press conference this Thursday, December 10, 2020. They were discussing the amending finance law and the economic and financial program of Guinea supported by the Extended Credit Facility (ecF).

In his communication, the Minister of the Economy recalled that Guinea concluded an agreement with the International Monetary Fund in December 2017 and which resulted in the adoption of an economic and financial program.

"The major objective of this program was to consolidate the stability of the macroeconomic framework and to implement economic and financial policy measures promoting the economic and social development of our country", indicated Mamadi Camara, not without specifying that this has allowed Guinea to conclude with the IMF on Wednesday, December 9, the 5th and 6th reviews under the Extended Credit Facility.

According to the Minister of Finance, these reviews will make it possible to support the budget and the balance of payments and also constitute the concretization of the good performances achieved by the government within the framework of its economic and financial program, which are the subject of half-yearly reviews whose most recent related to the results at the end of December 2019 and at the end of June 2020.

Following him, the Minister of the Budget, abounding in the same direction, said that since independence until the arrival of President Alpha Condé in power, Guinea had never concluded a program with the International Monetary Fund before. .

“It is not superfluous to recall that when Professor Alpha Condé came to power, all the macroeconomic aggregates were red. In particular, there was no growth, the budget deficit in relation to GDP was around 14%, the money supply in the broad sense grew around 60% practically, the inflation rate was exactly 21%. As a result, as soon as he took office, the first job he had to do was to reconnect with technical and financial partners. The first tool we have adopted is the National Economic and Social Development Plan, which provides an overall framework for the economy, and which in fact constitutes a guide for the economy,” said Ismaël Dioubaté.

About the actual completion of the second program, the Budget Minister noted that it was conclusive, without reservation. “Our country has complied with all the quantitative criteria, that is to say, with regard to the net international reserves of the Central Bank, the net domestic assets, the basic balances. So, the reviews were conclusive, we must be pleased, to say that President Alpha Condé is part of a virtuous dynamic in the conduct of economic, financial and monetary affairs,” he said, while adding that the Guinean economy has shown great resilience during the Coronavirus pandemic.