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 SÃ©kouba 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 YansanÃ©, 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.