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[February 16, 2014]
IMF approves $28.2m loan for Guinea [Agence de Presse Africaine]
(Agence de Presse Africaine Via Acquire Media NewsEdge) The Board of Directors of the International Monetary Fund (IMF) has approved a $28.2 million loan for Guinea to implement development programs. Disclosing the details, an IMF communiqué to APA on Saturday said it comes as the institution finishes the third review of the country's economic results in the framework of the support program of the Extended Credit Facility (ECF).
The IMF said Guinea has gone through torrid economic times in 2013 due to uncertainties in its socio-political situation coupled with negligible investment in her mining sector.
The results obtained within the framework of the ECF are satisfactory, the IMF communiqué pointed out while acknowledging that the prospects were higher than the results actually met.
It also said the country's budget deficit is on the right track due to severe adjustment measures introduced.
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