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Guinea-Bissau President Says Nation a ‘Banana Republic’ No More

Guinea-Bissau President Says Nation a ‘Banana Republic’ No More

Guinea-Bissau President Umaro Sissoco Embalo vowed to restore law and order in the small west African nation, whose political instability and association with drug-smuggling has earned it the reputation of a failed state.

The 48-year-old former military officer said that since winning an election in December, he has been busy fighting corruption and narcotics trafficking across dozens of his country’s forested islands in the Atlantic Ocean. Embalo also plans to change the constitution to increase presidential powers.

“Guinea-Bissau is not a banana republic,” Embalo said at a press conference in Lisbon Saturday. “There hasn’t been any more talk about drugs after I came to power. I think that is behind us.”

The country of 1.8 million people, slightly less than three times the size of Connecticut and bordered by Senegal and Guinea, has a history of political turmoil dating back to its independence from Portugal in 1974. It has experienced at least four successful coups and 16 attempts to overthrow the government.

“The country needed a chief and unity,” said Embalo. “We had lost our way.”

Guinea-Bissau, which depends heavily on cashew nut exports for revenue, is in advanced talks with creditors -- including China, Portugal and the European Union -- to renegotiate its debt after its economy was hit by the coronavirus outbreak, said Embalo. The economy is forecast to contract 1.5% this year and expand 3% in 2021, according to the International Monetary Fund.

Asked if the goal was to restructure Guinea-Bissau’s debt, Embalo replied: “Exactly. That’s what we are doing.”

©2020 Bloomberg L.P.