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HomeAfricaIMF worried about Guinea's financial position

IMF worried about Guinea’s financial position

 The International Monetary Fund (IMF) representative in Guinea, Jean Le Dem, has described the financial situation in Guinea as very wo r rying and called on government officials to enthrone a sound macro-economic mana g ement.

Speaking on National Radio here Thursday, after a meeting with the Guinea Acting President, General Sékouba Konate, the previous day, Le Dem said “Officials ha v e to make a lot of efforts to control the country’s financial situation which is

still crumbling under the weight of a strong inflation and substantial foreign d e bt.”

According to sources, Finance Minister and former Central Bank Governor, Kerfall a Yansané, has submitted to Prime Minister Jean Marie Dore, “a damning report” o n the financial situation, which said that, in 2009, large sums of money were po u red into circulation, a measure which has been condemned by the IMF.

Financial observers say the measure is a result of the “non-compliance” with rul es of good financial management, adding that Over-the-Counter (OTC) grants in th e country amounted to tens of millions of dollars.

Guinea’s external debts are estimated at about US$ 3 billion.

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