CONAKRY: The International Monetary Fund has signed off on a three-year credit line worth nearly $200 million for Guinea to help restore stability and usher the country towards completion point for billions of dollars of debt relief.
The new agreement with the IMF underscores renewed donor confidence in a country that is rich in minerals but is only just emerging from a period of military rule and transition back to civilian government.
"Performance under the authorities' 2011 program, monitored by the IMF's staff, has been strong. GDP growth picked up to an estimated 3.6 percent; the surge in inflation during 2010 was contained; and the exchange rate has been broadly stable," the IMF said in a statement issued late on Friday.
The IMF said the programme sought to ensure mining revenues translated into broad-based economic growth and helped cut poverty. Tax and spending reforms would be conduct.
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