好消息：几内亚今后可以使用商业贷款实施基础设施建设项目

好消息：几内亚今后可以使用商业贷款实施基础设施建设项目

几内亚政府官网30日报道，10月29日，正在中国进行国事访问的几内亚总统孔戴在接见在华几内亚侨民并发表讲话时宣布：国际货币基金组织执行理事会10月28日已经顺利批准IMF第8次几内亚国别审议报告。

为此，陪同孔戴总统访华的几内亚经济与财政部长卡巴女士（Mme. Malado KABA）向随行的几内亚政府新闻办、国家电视台等媒体记者发表了谈话。

卡巴部长表示，几内亚政府与国际货币基金组织2012年2月11日在扩大贷款计划框架下（Facilité Élargie de Crédit ，IMF Extended Credit Facility ，ECF)签署合作协议，今年9月下旬，IMF派出第8次、也是最后一次审议工作组访几，其审议报告10月28日获得了IMF执行理事会的批准通过，预料今后几天后IMF将发布公告正式确认此事。这是一个历史性的时刻，几内亚在历史上第一次圆满完成了与IMF的合作计划，履行了几方的所有承诺。几政府在认真履行承诺、改善和加强宏观经济治理和调控方面的卓越表现获得了IMF的充分肯定和认可。IMF此举也向国际社会和外国投资者发出了一个强烈的积极信号，会极大地增强外国投资者对于几内亚经济形势和经济改革治理的信心。

  国际货币基金组织IMF推出的中期信贷（Extended Credit Facility ，ECF），是IMF向长期面临国际收支问题的低收入国家提供中期（一般3年）支持的主要工具。

ECF中期信贷下的贷款利率每2年评估确定一次，目前截止到2016年底的利率已确定为零。宽限期为5年半，偿还期为10年。

2012年2月11日，几内亚政府与IMF在ECF框架下签署贷款合作协议，1.99亿美元贷款，合作期3年；后因埃博拉疫情的原因，合作期延长到2016年10月底。

根据双方达成的合作协议，几内亚政府承诺实施保守稳健的宏观经济政策，遵守一系列IMF制定的量化宏观经济调控指标，包括财政赤字、预算、汇率、外汇储备、通胀率、政府向中央银行的拆借款额度、货币发行量、外债率等。此外，几内亚政府还承诺加强和改善宏观经济治理，提高政府治理能力，如改革中央银行、改革国有企业，制定并颁布经济领域的新法律法规，如《中央银行法》、《政府采购法》、《财政投资公共工程法》等。

在几方对IMF的众多承诺中，其中一条承诺就是：几方在合作期限内不能使用外国商业贷款，只能使用优惠贷款（concessional loans）。

10月28日，IMF执行理事会审议批准了ECF框架下第8次审议报告，标志着几政府与IMF于2012年2月11日签署的ECF合作协议顺利完成、结束。自此，几方不再受其国际承诺的约束，IMF也放开并解除了对几方的限制。几内亚政府今后可以自由使用外国商业银行提供的商业贷款实施基础设施建设项目，使用商贷不再存在国际承诺上的障碍。

当然，为了保证几内亚经济保持长期稳定、健康的发展，IMF今后将会一如既往地经常善意地提醒几方，注意控制外债规模、量力而行、量入为出、严格筛选那些经济效益较好的项目。如发现几方借外债过多，则会发出没有强制约束力的预警和提醒。

同时，IMF还会为帮助几方提高政府治理能力提供技术支持、智力支持和人才培训；例如，派遣IMF专家帮助几方评估刷选好项目，出资聘请国际知名的国际工程设计咨询公司、会计师事务所、律师事务所等作为几方专家顾问，帮助几方评估审议大项目可研报告、起草合同重要条款等，并作为几方顾问团队直接参与大项目的商业谈判。

此外，根据IMF的章程，IMF今后每年将对几内亚进行一次“第四条款项下国别政策审议”（IMF Article IV Consultation）。

                     驻几内亚使馆经商处

                     2016年10月30日

2012年2月11日IMF与几内亚签署ECF贷款协议英文文本.pdf

Press Release No. 12/57

February 24, 2012

The Executive Board of the International Monetary Fund (IMF) today approved a new arrangement for Guinea under the Extended Credit Facility (ECF) in an amount equivalent to SDR 128.52 million (about US$198.9 million). The Board’s decision will enable an immediate disbursement equivalent to SDR 18.36 million (about US$28.41 million).

The authorities’ program is aimed at supporting higher growth, reducing poverty and reaching quickly the completion point under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The Board also approved an amount equivalent to SDR 1.2852 million (about US$ 1.99 million) in interim assistance for Guinea under the enhanced HIPC Initiative. The Executive Board also completed the 2011 Article IV Consultation with Guinea. A Public Information Notice will be published in due course.

Following the Board’s discussion of Guinea, Mr. Naoyuki Shinohara, Deputy Managing Director and Acting Chair issued the following statement:

“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 fiscal deficit was cut sharply; government recourse to bank financing was halted, and monetary policy was tightened. Progress was made with administrative and policy reforms, while improved relations with the international community led to the resumption of budget support and project assistance.

“The government’s medium-term program, which is supported by an arrangement under the Extended Credit Facility, aims to consolidate macroeconomic stability and lay the foundations for sustained and broad-based growth and poverty reduction. Immediate policy priorities include reducing the high inflation rate; strengthening public financial management, including of windfall mining revenues, and increasing public investment and social sector spending.

“A key medium-term challenge is to create a policy and infrastructure environment that will ensure that sharp growth in mining activity translates into inclusive growth and poverty reduction. The government’s structural reform agenda aims at developing hydroelectricity and agriculture, while improving government services, including utilities, infrastructure, and the business climate.

“Fiscal policy aims at containing the budget deficit to support the monetary tightening needed to reduce inflation while preserving debt sustainability. Key measures include reform of the tax system to boost non-mining revenues and reorientation of spending to priority areas—specifically, public investment and social sector spending. The authorities are working to enhance efficiency and transparency of the foreign exchange market.

“Reaching the completion point as soon as possible would pave the way for permanent debt relief under the HIPC initiative and MDRI. Guinea’s external debt position would then become sustainable, subject to prudent public external borrowing policies,” added Mr. Shinohara.

Recent economic developments

Guinea is emerging from a prolonged period of social unrest and from military rule. Following presidential elections completed in December 2010, the new government adopted an economic stabilization program for 2011, monitored by Fund staff. Performance under the Staff Monitored Program (SMP) has been good. Real GDP growth rebounded on the back of the improved political situation and a sharp increase in agricultural production. Strong adjustment and prudent use of the windfall revenue resulted in a sharp decline in the 2011 fiscal basic balance. The authorities made good progress with structural reforms, notably the adoption of a new mining code compatible with international standards in September 2011.

The medium-term macroeconomic outlook is driven by large investments in the mining sector. Foreign direct investment (FDI) in the mining sector, which could be as high as 40 percent of GDP or more per year during 2012–14, will raise output, imports, and the external current account deficit, and should boost employment with the construction of infrastructure such as railroads and ports. However, this outlook is subject to downside risks, mainly renewed political instability. Social unrest would affect both short- and long-term growth and complicate the implementation of the reform agenda.

Program objectives

The government’s medium-term program (January 2012–December 2014), supported by the ECF arrangement, seeks to address Guinea’s development challenges. Building on the progress made under the SMP in 2011, it aims at real GDP growth in the range of 4–5 percent per year during 2012–14; a drop in inflation to the single digits; and maintenance of gross official reserves at a level at least equivalent to 2.5 months of imports (excluding imports for large mining projects). International reserves, which were boosted by the 2011 windfall revenue, will be negatively affected by the subsequent use of these resources over the program period, which will be partly offset by the support under the ECF arrangement.

Fiscal policy will be guided by the need to maintain expenditure within the constraints of the objective for net domestic financing and limited availability of external financing while ensuring (post-HIPC) debt sustainability. Strengthening public financial management remains a high priority. In this regard, the authorities intend to implement a comprehensive reform and capacity building strategy in close coordination with external partners, including the Fund and AFRITAC West. The main objective of the central bank’s (BCRG) monetary policy is to reduce inflation through an orderly unwinding of the economy’s remaining excess liquidity.

On the structural front, the reform agenda, which is in line with the extended PRSP, the authorities focus on the implementation of the new mining code. The authorities will review and may renegotiate the existing mining concessions, while pursuing Guinea’s reintegration into the Extractive Industries Transparency Initiative process. In the electricity sector, the authorities’ first priority is to reduce the severe shortages by adding generating capacity and strengthening the electricity company (EDG). The government expects to adopt a comprehensive plan for the sector, which will also focus on developing Guinea’s abundant hydroelectric potential, including by reforming the institutional and legal framework by upgrading the law on public-private partnerships to international best practices. Reform in the agricultural sector will be based on a National Plan for Agricultural Investment and Food Security (PNIASA). This plan is expected to be approved by government early in 2012 and aims at ensuring food security by 2014 and becoming a food exporter thereafter.