Guinea Adopts Sweeping Anti-Corruption Reforms as IMF Provides $283 Million in Support
Guinea has taken a significant step towards strengthening its governance and fighting corruption by adopting an ambitious plan to improve transparency and accountability in its economic sector. The country’s new program, supported by the International Monetary Fund (IMF), aims to support the recovery of the economy and promote sustainable growth.
IMF Approval and Program Details
The IMF approved a three-year program worth $283 million for Guinea last month, with a strong emphasis on strengthening governance and fighting corruption. According to Lisandro Abrego, the IMF’s mission chief for Guinea, the program is designed to support the country’s macroeconomic stability, improve social protection, and promote human capital development.
Key Components of the Program
The program includes several key components aimed at addressing Guinea’s significant challenges, including:
- Reducing inefficient spending
- Increasing non-resource tax revenue
- Improving public financial management
- Implementing measures to reduce corruption
Good Governance and Anti-Corruption Action Plan
A key component of the program is the “Good Governance and Anti-Corruption Action Plan,” which was adopted and published by the authorities in November 2019. The plan includes measures to:
- Improve transparency in the hydrocarbon sector
- Strengthen public financial management
- Implement an anti-corruption framework
- Upgrade the country’s anti-money laundering framework
Anti-Corruption Framework
The anti-corruption framework will include:
- Adoption of an anti-corruption law covering conflicts of interest and asset declarations by senior public officials
- Enhancements to enforcement and international cooperation
- Implementation of measures consistent with the Extractive Industries Transparency Initiative standard, including:
- Audits of state-owned hydrocarbon companies
- Regular publication of data on the sector
Prior Actions and Conditions
Guinea’s application to join the Extractive Industries Transparency Initiative was one of several “prior actions” that needed to be fulfilled before the IMF Board considered the country’s program request. Other measures included:
- Adoption and publication of an action plan to improve transparency and governance
- Establishment of a system to track and control government spending
Monitoring and Evaluation
The IMF will report regularly to its Executive Board on Guinea’s progress in implementing the program, with semi-annual reviews dependent on the country’s performance in meeting key governance and anti-corruption targets.