Guinea-Bissau will benefit from financing of $20.4 million from the International Monetary Fund (IMF). This was announced by the institution in a press release published on January 25, 2021. In 2020, the IMF estimates that the covid-19 pandemic caused the Bissau-Guinean economy to shrink by -2.9%. Despite a 3% increase forecast for this year, the arrival of a second wave of contamination in Africa increases the need to maintain the health investments committed by the State. The new financing was granted within the framework of a facility rapid credit (RCF), the objective of which is to help the government meet the urgent budgetary and balance of payments needs, due to the covid-19 pandemic. It will also make it possible to respond to the essential increase in health, social protection and investment expenditure to support Guinea-Bissau's economic recovery.
With more than 2,532 cases listed to date for 45 deaths and 2,421 recoveries, the West African country also fears that the second wave of covid-19 which is currently shaking the African continent will further affect its economy during this year.