The International Monetary Fund (IMF) has made it clear that Guinea must recover outstanding tax debts before securing a new financial support program.
A week-long IMF mission is currently in Guinea, assessing the country’s urgent funding needs and defining the institution’s future relationship with the resource-rich West African nation.
Guinea, one of the world’s top exporters of bauxite, faces economic challenges despite its vast mineral wealth, and the IMF’s financial backing could play a critical role in stabilizing its economy.
Economy and Finance Minister Mourana Soumah stated that IMF representatives met with Prime Minister Amadou Oury Bah to outline key conditions for the program’s implementation.
Among the requirements are setting a reference price for bauxite exports and establishing a clear timeline for recovering tax arrears, though Soumah did not specify an exact amount.
“This meeting provided guidance that will help us finalize discussions and bring the program to completion,” Soumah told reporters.
He further revealed that Guinea plans to formally submit its financial request to the IMF by May 1 but did not disclose the requested sum.
Mission head Pilar Garcia Martinez emphasized that discussions centered on how Guinea could best utilize available funds but did not specify any figures or deadlines.
“The IMF is here to support Guinea’s reform agenda,” Martinez stated, reinforcing the institution’s commitment to economic stability.
Despite its natural wealth, Guinea remains one of the least developed nations, burdened by decades of political instability and economic mismanagement.
Since a 2021 military coup, the country has been ruled by a junta that initially pledged democratic reforms but has yet to fulfill those commitments.
