IMF approves $25.2 million disbursement for Guinea

The International Monetary Fund (IMF) has approved a $25.2 million disbursement for Guinea to help the west African nation recover from the worst Ebola pandemic to affect the globe.

The latest disbursement by the IMF means Guinea has now received about $241.9 million since the Extended Credit Facility arrangement was started some three years ago.

The arrangement was first approved on 24 February 2012, for an amount equivalent to about 120 per cent of the country’s quota in the IMF. The agreement was then extended on 11 February 2015 to an additional $62.2 million, about 42.1 per cent of the quota.

According to the IMF, Guinea’s economic growth is expected to reach 5.2 percent in 2016 mainly driven by brighter prospects in the mining sector.

The Bretton Woods institution also painted a positive picture of the west African nation’s economy and projects growth to average 5 percent during 2017–20, on the back of higher investments in the mining sector, increases in food production, and better electricity services.