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Guinea receives landmark debt relief

This week the IMF and the World Bank have announced debt relief of at least two thirds of its external debt - under their Highly Indebted Poor Countries initiative (HIPC). The debt relief decision reflects effective management and reform of the Guinean economy and continued improvements in governance and other indicators set by the World Bank and IMF by President Conde and his Government.

Guinea's economy is set to grow at an estimated at 4.8% in 2012, the exchange rate is continuing to stabilise and inflation has dropped considerably since 2010. The government is also implementing an ambitious reform programme within the extractives sector aimed at reviewing mining contracts in the country to ensure revenue is equitably shared amongst Guinea’s people.

Commenting on the HIPC announcement AGI Patron Tony Blair said:

"This is a critical step in Guinea’s continued development. Before 2011 the process of securing debt relief under the Highly Indebted Poor Countries initiative had stalled. It is testament to President Conde’s leadership that Guinea has now achieved HIPC debt-relief, and I hope the decision will bring tangible benefits to the people of Guinea.

"My foundation, the Africa Governance Initiative, will continue to work with the Government of Guinea to help further reform the institutions of government and ensure that this debt relief is a catalyst for further progress and improvements in the lives of Guinea’s people."

AGI’s was invited by the Government of Guinea to begin work in November 2011 – AGI’s first project in a francophone country. Our small team in Conakry is concentrating on strengthening the capacity of the Presidency to deliver its priority projects to improve the lives of Guinea’s citizens and helping to improve the overall efficiency of the Presidency and its relations with other parts of government.