Guinea’s economy minister, Mourana Soumah, has announced that future financial support from the International Monetary Fund (IMF) hinges on a significant improvement in the recovery of outstanding tax debts.
The minister’s statement, tying any new assistance from the Bretton Woods institution to the collection of tax arrears, comes as an IMF mission has been in the country since February 18, assessing the conditions for a potential financing program.
According to Soumah, the delegation met with Prime Minister Amadou Oury Bah to discuss critical steps, including establishing a reference price for bauxite—a cornerstone of Guinea’s economy—and setting a timeline for recovering tax arrears. These measures must be implemented before the IMF commits to any financial aid.
Soumah also noted that the Guinean government plans to submit a funding request to the IMF by May 1, 2025, at the latest, though the exact amount remains unspecified.
Despite its vast natural resources, Guinea faces steep economic challenges, with international financial institutions pressing for better public finance management and improved tax collection. Still ranked among the world’s least developed nations, Guinea has been under military rule since a 2021 coup, with the junta failing to honour its pledge to transition to civilian rule by the end of 2024.
The IMF mission head, Pilar Garcia Martinez, affirmed the institution’s readiness to back Guinea’s reform agenda, although she provided no specifics on the funding amount or program duration.
The Guinean government now faces the imperative of boosting tax collection efficiency and tightening public financial management to meet IMF requirements and pave the way for economic development.
TE/sf/lb/as/APA