The International Monetary Fund has stated that it has approved a disbursement of $71 million for Guinea.
According to Reuters, the IMF stated that the funds was disbursed under its ‘food shock window’ to help the country address urgent balance of payment needs related to the global food crisis.
Guinea is currently facing a challenging economic and food insecurity situation.
Guinea’s chronic food insecurity was significantly exacerbated in 2022 as a result of the international food and fertilizer price shock, threatening the fragile post-pandemic recovery of the non-mining sector.
The authorities’ plan to use the resources to support the most vulnerable, in coordination with the World Food Program, and to provide fertilizers to improve the next harvest, is welcome. Ensuring the transparent and effective use of the resources will be essential.