Despite a recent track record of sustained growth, large natural resource endowments, and macroeconomic stability, Guinea remains one of the poorest countries in the world. Mining production has boomed in recent years, but the economy remains undiversified and investment to close the country's human capital gaps will be critical to unleashing growth and reducing poverty sustainably. Although Guinea's response to Coronavirus (COVID-19) has been strong, based on lessons learned from the recent Ebola outbreak, the pandemic has exposed the lack of a social safety net and has had a negative impact on tax collection and fiscal buffers. The government now faces the challenge of addressing the pressing need for human capital investment while also preserving fiscal and debt sustainability. Making spending more efficient could help address Guinea's human capital challenges. Guinea's Human Capital Index (HCI) is below what would be expected for its income level, while rapid population growth is putting pressure on the provision of education and health services. The lack of fiscal space has narrowed its scope to increase education and health spending to reach regional and international norms. Without reforms, tax revenues are unlikely to increase enough to finance the country's large social and infrastructure needs. In the current context of weak tax revenues, increasing the efficiency (allocative and technical) of spending will therefore be key to improving health and education outcomes. This Public Expenditure Review (PER) therefore aims to examine the efficiency and effectiveness of Guinea's public expenditure on health and education, as well as its domestic revenue mobilization