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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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