73045
      Republic Of Guinea: Completion Point Of The Enhanced Highly Indebted Poor Countries
                                        (Hipc) Initiative
                                                 And
       Annual Progress Report Of The Extended Poverty Reduction Strategy Paper And Joint
                                  Ida-Imf Staff Advisory Note
                                     CHAIR’S SUMMING UP

                                 Meeting of the Executive Directors

                                         September 25, 2012

      The Executive Directors considered the President’s Memorandum and Recommendation and
Completion Point Document for the Enhanced Heavily Indebted Poor Countries (HIPC) (IDA/R2012-
0224), the Annual Progress Report (APR) of the Extended Poverty Reduction Strategy Paper (EPRSP)
prepared by the Government of Guinea, and the Joint IDA-IMF Staff Advisory Note (JSAN) of the
APR (IDA/SecM2012-0459).

         Completion Point of the Enhanced Highly Indebted Poor Countries (HIPC) Initiative

       Directors agreed that Guinea had met the conditions for reaching the completion point under the
enhanced HIPC Initiative and endorsed staff’s recommendations regarding the upward revision of HIPC
assistance to Guinea on the basis of the updated debt reconciliation exercise.

        Directors noted that Guinea exits from the enhanced HIPC Initiative to attain debt sustainability
and sufficient assurances have been given by creditors to commit enhanced HIPC Initiative assistance
on an irrevocable basis. In this regard, Directors called for closer monitoring of the utilization of debt
relief savings. Directors agreed with the request for one waiver among the ten floating completion point
triggers.

       Directors expressed broad support to Guinea and noted the solid reform progress since the
elections in 2010. Directors underlined the need for continued governance reform, in the mining sector
in particular, to reap the large development opportunities mining resources could offer. Directors urged
the Bank to help build the technical capacity of the Government to exploit the opportunities in the
mining sector. Directors further noted the new challenges related to prudent fiscal policy and
strengthened public debt management in the post-debt relief environment.

 Annual Progress Report of the Extended Poverty Reduction Strategy Paper and Joint IDA-IMF
                                     Staff Advisory Note

       Directors commended the Annual Progress Report (APR) for providing a comprehensive account
of the main accomplishments in the EPRSP implementation in 2011. Directors welcomed the
authorities’ progress under the recent EPRSP as reviewed by the JSAN and commended the authorities’
commitment to promote good governance, increase employment opportunities, and improve access to
basic service delivery.

       Directors noted the challenges going forward, particularly relating to conflict prevention and
protecting the security of the population. Directors further emphasized the need to improve the
understanding of the extent and distribution of poverty, as well as its causes. Directors also underlined
the need to place transparent public investment management at the center of future strategies to
effectively convert forthcoming mineral rents into development assets. Directors further called for
greater synergy with IFC to support the private sector.              Directors lastly urged that staff
recommendations be taken into account in the preparation of the next PRSP.

  
  This summary is not an approved record.