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The International Monetary Fund will decide in two weeks if Guinea is eligible for some $2 billion in debt relief, the IMF's Africa director said on Friday.
The waiver on a total of $3.2 billion in foreign debt would free up much-needed resources in a mineral-rich nation that is still searching for political stability after decades of turmoil.
Mining firms have signed billions of dollars worth of deals targeting the west African country's iron ore reserves but a transition to civilian rule has stalled as the final step - parliamentary elections - has been repeatedly delayed.
A decision on debt relief, under the World Bank and IMF's Heavily Indebted Poor Countries initiative, would come in two weeks, Antoinette Fayeh, the IMF's director for Africa, said.
?Completion point would free up resources to boost spending in priority sectors,? Fayeh said at the launch of an economic forum in Conakry. She gave no details on how much Guinea would save on funds currently being used to service debt.
The IMF said in March that Guinea was on track to qualify for debt cancellation.
The country has one-third of the world's bauxite reserves, hosts huge untapped iron ore reserves and is also rich in gold and diamonds. But decades of misrule, much under the army, have left its people mired in poverty.
Kerfalla Yansane, Guinea's finance minister, said poverty rates had risen from 48 percent in 2002 to 55 percent in 2010. - Reuters
Source: http://www.iol.co.za/imf-to-rule-on-2-bln-guinea-debt-relief-1.1383556
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