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International Monetary Fund. African Dept.
Real growth is expected to reach 5.2 percent in 2020 as the severe impact of the pandemic in the country was partially mitigated by a resilient mining sector. Presidential elections were held on October 18, giving President Condé an outright victory. Such results were contested by the opposition and followed by violent demonstrations and unrest. Since the Constitutional Court validated the electoral results on November 7, the situation has remained calm.
International Monetary Fund. African Dept.
Real growth is expected to reach 5.2 percent in 2020 as the severe impact of the pandemic in the country was partially mitigated by a resilient mining sector. Presidential elections were held on October 18, giving President Condé an outright victory. Such results were contested by the opposition and followed by violent demonstrations and unrest. Since the Constitutional Court validated the electoral results on November 7, the situation has remained calm.
International Monetary Fund. African Dept.

foreign exchange management Develop and publish an asset declaration form in line with the decree on the asset declaration regime. Prior Action Met. 2 Strengthen governance Submit to Parliament a 2021 Budget Law aligned with program commitments. Prior Action Met . Ensure consistency of fiscal policy with program advice Structural Benchmarks Fifth Review Prepare and adopt a manual for the preparation, appraisal and selection of investment projects, which will also require that major public investment projects be

International Monetary Fund. African Dept.

made in enhancing foreign exchange flexibility. With foreign exchange reserves broadly adequate—supported by the authorities’ active accumulation during the ECF arrangement—recent steps to enhance flexibility and introduce a rule-based foreign exchange intervention strategy to reduce discretion are welcome. “Improvements to the anti-corruption framework are an encouraging development and the authorities should continue to implement reforms. The recent publication of the asset declaration form is a welcome critical step to allow for the operationalization of the new

International Monetary Fund. African Dept.

rationalizing non-priority spending and mobilizing additional external resources to finance the deficit. On the structural front, although most of the benchmarks (SBs) set for 2020 were missed due to the virus outbreak, progress is being made on various fronts. The asset declaration form was published on the website of the audit court in November 2020 and forceful steps are also being taken to finalize the Public Investment Management manual during this month of December. The continuous SB on a new agreement for iron ore extraction was implemented and the agreement ratified

International Monetary Fund. African Dept.

asset declaration form was completed with delay in November 2020 (prior action). The delayed finalization of the PIM manual is now expected for December 2020. The continuous SB on new or renewed mining agreements was met. Table 1. Guinea: Key Economic and Financial Indicators, 2017–25 2017 2018 2019 2020 2021 2022 2023 2024 2025 Act. Act. Prel. 4th Rev. RCF Proj. Proj. Proj. Proj. Proj. Proj. Annual percentage change, unless otherwise indicated National accounts and prices

International Monetary Fund. African Dept.

at the local, state, or federal level, must declare their assets immediately after taking office, every four years thereafter, and again at the end of their terms/service. The Code of Conduct Bureau (CCB) is responsible for receiving and analyzing completed asset declaration forms, but must currently do so on a confidential basis, thereby limiting the potential for civil society organizations and members of the general public to identify, and bring the CCB’s attention to, assets that have not been declared—or that have not been declared accurately. Moreover, the

International Monetary Fund. African Dept.
This Selected Issues paper discusses further concrete steps to improve the governance of state-owned enterprise (SOE) and of the oil sector, given their importance to fiscal transparency and sustainability. Reducing leakages in the petroleum sector is especially macroeconomically critical, given Nigeria’s current fiscal and external dependence on oil revenue. This paper provides an overview of developments, recent reforms, and challenges, and outlines policy recommendations for stronger governance and corruption prevention, detection, and resolution, including through anti-money laundering and combating the financing of terrorism measures that are useful beyond the petroleum sector. Strengthening transparency is needed to ensure that Nigeria receives maximum benefits from the oil and gas sector. The Nigerian authorities must accelerate their anti-corruption efforts to maintain momentum against both entrenched challenges and evolving threats. Achieving critical improvements to SOE governance and Anti-Money Laundering and Combating the Financing of Terrorism efforts will require a combination of legislative action, institutional reform, and additional resources.