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International Monetary Fund. African Dept.
Guinea Bissau is a fragile state with a long history of political instability. Poverty is high with about 67 percent of the population living below the poverty line of US$1.90 per day. The economy relies heavily on the production and exports of unprocessed cashew nuts, making most households highly vulnerable to cashew nut price shocks and climate change risks.
International Monetary Fund. African Dept.
Guinea Bissau is a fragile state with a long history of political instability. Poverty is high with about 67 percent of the population living below the poverty line of US$1.90 per day. The economy relies heavily on the production and exports of unprocessed cashew nuts, making most households highly vulnerable to cashew nut price shocks and climate change risks.
International Monetary Fund

source of revenue, which yields 20 percent of revenue, were delayed. In the external sector, while imports declined, the export of cashew nut increased, such that the current account balance improved in 2003. My authorities recognize the importance of establishing more stable conditions in the country, in order to lay the foundation for a broad-based economic growth, necessary to reduce poverty. This will allow them to repair the remaining damage from the conflict, restore fiscal sustainability and basic social services, and reduce widespread poverty. I would like to

International Monetary Fund

employment increased sharply after the conflict, which was compounded by a general wage increase in 2000, and expenditure management weakened amidst increasing extra budgetary expenditure. As a result, in addition to external arrears, the budget started accumulating domestic arrears, including, especially after mid-2002, in wages. In 2003, the external current account deficit, excluding official transfers, halved relative to the previous year, to 6.7 percent of GDP, reflecting higher cashew nut exports and stagnating imports. The terms of trade deteriorated slightly (by

International Monetary Fund
This 2004 Article IV Consultation highlights that Guinea-Bissau’s economic performance has weakened substantially in recent years. Real GDP declined by 7 percent in 2002 and was flat in 2003. Structural reforms stalled after the war; the private sector remained incapacitated because of the destruction of equipment and infrastructure caused by the conflict, and the loss of stocks owing to confiscating and looting. In 2003, the external current account deficit, excluding official transfers, halved relative to the previous year, to 6.7 percent of GDP, reflecting higher cashew nut exports and stagnating imports.