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Guinea-Bissau: Selected Issues and Statistical Appendix International Monetary Fund

Guinea-Bissau: Selected Issues and Statistical Appendix

International Monetary Fund

Published August 21st 2006
ISBN : 9786613732019
ebook
67 pages
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 About the Book 

1. After several years of political instability, which has undermined economic policies and performance, Guinea-Bissau faces an extremely difficult fiscal and economic situation. Frequent changes in government, lack of accountability and ownership,More1. After several years of political instability, which has undermined economic policies and performance, Guinea-Bissau faces an extremely difficult fiscal and economic situation. Frequent changes in government, lack of accountability and ownership, and poor fiscal controls have left a legacy of low growth, unsustainable fiscal deficits, and large stocks of domestic arrears. Though some progress was made under the 2008 EPCA-supported program to reform fiscal management, the fiscal situation was still difficult and domestic arrears continued to accumulate, including several months of government wages. The country has also been hit hard by global economic developments. Last years surge in food and fuel prices and more recently the slowdown in global growth have put pressures on inflation, the external sector, and government resources, and threaten to severely weaken economic activity.