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Africa > Guinea-Bissau

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Cover IMF Staff Country Reports
Guinea-Bissau: Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; and Staff Report
International Monetary Fund. African Dept.
Guinea-Bissau is a fragile state with significant development challenges, including limited fiscal space, debt vulnerabilities and poor governance. After years of political turmoil and delayed reforms, in 2021 the authorities started the implementation of an ambitious fiscal consolidation program to ensure debt sustainability while creating fiscal space to address developmental needs. A Rapid Credit Facility (RCF) disbursement of SDR 14.2 million (50 percent of quota) was approved in January 2021 to provide urgent financing to support critical spending in health. A nine-month SMP with three quarterly reviews, approved in July 2021 ended with satisfactory performance building track record of policy implementation towards an Extended Credit Facility (ECF) arrangement. The August 2021 SDR 27.2 million allocation and the reforms underpinned by the SMP have helped address the adverse impact of the pandemic, while improving the transparency of government spending, and mitigating debt vulnerabilities.
Keywords:
reform priority; tax penalty regime; Bissau-Guinean authorities; ECF arrangement; Guinea-Bissau authorities; Debt sustainability analysis; Fiscal consolidation; Auditing; Global; West Africa; Africa
Cover IMF Staff Country Reports
West African Economic and Monetary Union: Financial Sector Assessment Program-Technical Note on Systemic Risks and Macroprudential Policy Framework
International Monetary Fund. Monetary and Capital Markets Department
Since the 2008 Financial Sector Assessment Program (FSAP), the financial sector of the West African Economic and Monetary Union (WAEMU) has undergone major changes that have altered its risk profile. Three structural changes have played a key role since the 2008 FSAP: (i) the financial sector has grown significantly; (ii) regional banking groups have become dominant; and (iii) the high concentration of bank portfolios in sovereign exposures, which accounted for an average of 31 percent of banking assets at end-2020, are almost triple the level observed in 2004. These changes have altered the structure of systemic risks and vulnerabilities and raised the need for implementing reforms to strengthen the effectiveness of the macroprudential policy and banking supervision frameworks.
Keywords:
Basel-type liquidity ratios; contagion risk; bank portfolio; WAEMU bank holding; risk profile; IMF-World Bank Financial Sector Assessment Program; bank assets; verifiable liquidity indicator; Macroprudential policy; Financial sector stability; Systemic risk; Commercial banks; Financial sector risk; West Africa; Global; Sub-Saharan Africa; Europe; North Africa
Cover IMF Staff Country Reports
West African Economic and Monetary Union: Financial Sector Assessment Program-Technical Note-Stress Tests, Credit Concentration, and Interest Rate Risks
International Monetary Fund. African Dept.
This technical note presents the stress tests on credit, interest rate, and concentration risk conducted by the WAEMU FSAP.1 Stress tests on contagion and liquidity risks are addressed separately.2 Stress tests are an important tool for detecting financial sector vulnerabilities, setting up targeted banking sector monitoring, imposing preventive measures, and informing public decision-makers of macrofinancial risks and costs.
Keywords:
concentration risk; bank portfolio; bank cluster; IMF-World Bank Financial Sector Assessment Program; risk modeling; BCEAO's bank; Stress testing; Financial Sector Assessment Program; Market risk; Nonperforming loans; Bank soundness; West Africa
Cover IMF Staff Country Reports
West African Economic and Monetary Union: Staff Report On Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive for the WAEMU
International Monetary Fund. African Dept.
The WAEMU has, so far, demonstrated strong resilience to the Covid crisis. The economic rebound that started in the second half of 2020 firmed up in 2021, while fiscal and monetary policies remained supportive. External reserves have risen to comfortable levels and the financial system appears to be broadly sound. However, the region faces significant challenges to ensure the sustainability of macroeconomic policies, while supporting the economic recovery and navigating the uncertain outlook.
Keywords:
WAEMU region; deficit target; central bank BCEAO; WAEMU institution; accommodative monetary policy stance; Government debt management; Credit; Inflation; Securities; West Africa; Sub-Saharan Africa
Cover IMF Working Papers
Unorthodox Expenditure Procedures in CEMAC and WAEMU Countries