IMF to fund Guinea Bissau's cashew nut commercialization campaign

The commercialization campaign of cashew nuts, Guinea Bissau's main agricultural product, will this year be funded by the International Monetary Fund (IMF), IMF representative in Bissau Oscar Melhado said Monday.

Melhado, who did not reveal the total amount to be released by IMF, made the revelations after meeting Guinea Bissau Prime Minister Carlos Correia.

"The money will be provided to national economic operators to buy cashew nuts," he said, adding that IMF has confidence the country's private sector can revive the fledgling agriculture sector.

However, economic operators involved in the purchase of cashew nuts have expressed anxiety over political instability that threatens the current campaign.

In 2015, Guinea Bissau exported over 180,000 tons of cashew nuts.

"Chinese and Indian entrepreneurs are the main cashew nuts buyers in the country. However, due to insecurity being witnessed in the country, most of them chose not to participate in this year's campaign," head of Guinea Bissau's Chamber of Commerce Mama Saliu Lamba said recently.

Melhado said IMF will also support Guinea Bissau to secure funding promised by donors during the Brussels roundtable.

During the meeting, donors promised to fund Guinea Bissau's 2015-2020 economic plan, but persistent political crises in the country have delayed the realization of the promises. Enditem