- West Africa
- Development - Bank - Technology - Commonwealth
GUINEA RELIEF OF ITS DEBTS
Guinea has been relief of a debt of over 2.1 billion this Wednesday and has now been removed from the list of highly indebted poor countries (HIPC) in the world. After several months of expectation and hopes, the administrative advisers from the World Bank and international monetary fund confirm Guinea had made a great progress within the past years.
Guinea had successfully implemented the strategy documents for poverty reduction (PRSP) and improved on the country’s macroeconomic policy to reduce poverty in their country. Moreover, they also tried to follow the annual publication on the activities of the national agency to fight against corruption and also they tried to increase children registration in primary school. All this had let to a cancellation of 2/3 of its total stock as she had received a procurement to have implement and improved on the countries condition. According to Harry Snoek, Head of the International Monetary Fund (IMF) mission for Guinea, this illustrates the major advances in economic management ever since the first democratic elections in December2011. He made mention that now that Guinea has reached the completion point; she will be able to allocate more resources to poverty reduction and economic growth. He also says It remain crucial to ensure strong macroeconomic management after the completion point because the country can take advantage of its abundant mineral resources and other potential sources of growth.
Guinean President Alpha Conde has thanked the people and the social movement for the efforts and sacrifices made for them to obtain this result. To him attaining the completion point of the HIPC initiative is an important step for Guinea and its people. According to the statistic of the World Bank, Guinea is the 34th country to reach the completion point under the HIPC Initiative. The completion point marks the end of the initiative process, which began in 2000 when the Executive Boards of the IMF, IDA and the World Bank agreed that Guinea had met the conditions required to achieve decision point and at this point country start receiving debt relief on an interim basis.
The Director of the World Bank in Guinea, Ousmane Diagana, also welcomed the achievement of the HIPC of Guinea as a relief of debt.To him it remain an extraordinary opportunity for the development of Guinea because it will help the country achieve economic stability and to devote more resources to poverty reduction .He mention that his institution will always continue to support Guinea to help strengthen financial management.