Burundi: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria

IMF Staff Country Reports, February 17, 2005

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The report discusses Burundi’s First Review Under the Poverty Reduction and Growth Facility and a Request for Waiver of Performance Criteria.
Fiscal slippages emerged following the surge in petroleum prices and higher spending needs associated with the peace process and the domestically financed counterpart to much higher-than-expected project spending.
Important progress has been made in pursuing peace and reconciliation and initiating the multiyear demobilization effort and security programs.
Burundi has made considerable progress in normalizing relations with international creditors.

Fiscal slippages are attributed to:
- the surge in petroleum prices;
- higher spending needs associated with the peace process;
- the domestically financed counterpart to much higher-than-expected project spending.

Noted progress:
- Pursuit of peace and reconciliation.
- Initiation of the multiyear demobilization effort.
- Implementation of security programs.

Considerable progress reported in normalizing relations with international creditors.

Subjects: Commodities, Expenditure, External debt, Money, Public financial management (PFM)
Keywords: Agricultural commodities, Arrears, audit court, Budget planning and preparation, budget proposal, CR, Credit, exchange regime, export surrender requirement, ISCR, PRGF arrangement