- IMF staff and the Guinean authorities have reached staff-level agreement on a 41-month Extended Credit Facility (ECF) arrangement of SDR 310.59 million (145 percent of quota). The agreement is subject to approval by IMF management and the Executive Board, which is expected to consider it in September 2026, together with the conclusion of the 2026 Article IV consultation.
- The program is designed to help Guinea transform its resource wealth into sustainable and inclusive growth by mobilizing revenue for priority spending, strengthening fiscal, monetary, and governance frameworks, and enhancing transparency.
- Guinea's economy has remained resilient, and growth is expected to accelerate as mining production scales up. The program provides a policy framework to contain inflationary pressures, support growth-friendly fiscal consolidation, and strengthen external buffers. With sustained implementation, the medium-term outlook is favorable.
Washington, DC: An International Monetary Fund (IMF) team, led by Ms. Izabela Karpowicz, conducted discussions with the Guinean authorities in Conakry during June 16-29, 2026, in the context of the 2026 Article IV consultation and the authorities' request for a 41-month Extended Credit Facility (ECF) arrangement. The mission met with Prime Minister Amadou Oury Bah; Minister of Economy, Finance and Budget Mariama Ciré Sylla; Governor of the Central Bank of the Republic of Guinea Karamo Kaba; Minister of Planning, International Cooperation, and Development Ismael Nabe; Minister of Mines Bouna Sylla; Minister of Energy Laye Sékou Camara; Minister of Agriculture Aminata Kaba; other government officials; and representatives of the private sector, civil society, and development partners.
At the conclusion of the mission, Ms. Karpowicz issued the following statement:
"IMF staff and the Guinean authorities have reached staff-level agreement on policies to be supported by a 41-month arrangement under the Extended Credit Facility in the amount of SDR 310.59 million (145 percent of quota). The agreement is subject to approval by IMF management and the Executive Board in September 2026.
"Guinea is at an important economic juncture as the Simandou iron ore project enters production and mining activity expands, creating significant opportunities to support higher growth and revenue mobilization. The proposed program would help the authorities channel these opportunities into lasting development gains by supporting sound resource management, investment in people and infrastructure, economic diversification, and prudent macroeconomic policies.
"Guinea's economy has remained resilient despite repeated shocks, and growth is expected to gain momentum over the medium term. Inflationary pressures have increased recently, while fiscal and external buffers remain below desired levels, underscoring the need for continued policy discipline and timely reform implementation.
"Risks to the outlook are tilted to the downside, including from commodity price and financing shocks, spillovers from the war in the Middle East, prolonged cash shortages, and slower reform implementation. The outlook could surprise on the upside if mining production is scaled up faster than expected and non-mining activity strengthens.
"Anchored in the authorities' national development strategy and the Simandou 2040 vision, the proposed program is organized around four mutually reinforcing priorities. These include mobilizing revenue-especially from mining-to finance priority spending while preserving debt sustainability; strengthening liquidity management and preparedness for shocks; rebuilding reserves, supported by greater exchange rate flexibility; and advancing governance and transparency reforms, including reforms to central bank governance, the framework for gold operations, and integrity and anti-corruption frameworks.
"Article IV discussions focused on balancing fiscal sustainability with Guinea's development needs. They covered options for a rules-based fiscal framework to manage resource wealth, including a possible sovereign wealth fund, as well as policies to build human capital, expand employment opportunities beyond mining, and support economic diversification.
"The IMF team thanks the Guinean authorities for their cooperation, the high-quality policy dialogue, and the warm hospitality extended during the mission. The IMF stands ready to continue supporting Guinea's reform agenda."
