CONAKRY (Reuters) – The International Monetary Fund (IMF) has approved $24 million for Guinea to support the economy of the bauxite-producing West African nation, the Finance Ministry said on Wednesday.
Guinea, whose economy has been hit by low global commodities prices, reached a deal with the IMF in December giving it access to $650 million in non-concessional borrowing under a three-year Extended Credit Facility, running from 2017 to 2020.
The IMF programme aims to help Guinea, Africa’s top producer of the aluminium ore bauxite, boost spending on infrastructure projects.
Finance Minister Mamadi Camara said in a statement the $24 million would enable Guinea to secure other budgetary support from partners including $50 million from the World Bank and 20 million euros ($23.16 million) from the European Union.
($1 = 0.8636 euros)
Reporting by Saliou Samb; Writing by Bate Felix; Editing by Edmund Blair