IMF Staff Country Reports

Burkina Faso: 2024 Article IV Consultation and First Review Under the Extended Credit Facility and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

July 29, 2024

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Format: Chicago

International Monetary Fund. African Dept. "Burkina Faso: 2024 Article IV Consultation and First Review Under the Extended Credit Facility and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso", IMF Staff Country Reports 2024, 249 (2024), accessed November 23, 2024, https://doi.org/10.5089/9798400284274.002

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Summary

This paper focuses on Burkina Faso’s 2024 Article IV Consultation and First Review under the Extended Credit Facility Arrangement and Financing Assurances Review. Burkina Faso’s performance under the program has been positive. All quantitative performance criteria, all indicative targets but one, and most structural benchmarks for the first review were met; some structural benchmarks were implemented with delay. Burkina Faso faces multiple development challenges, including heightened security conditions, climate change, and food insecurity. The authorities are progressing in their fiscal consolidation efforts, structural reforms and fiscal governance measures, and the creation of fiscal space for priority spending. Growth accelerated in 2023 to 3.6 percent of gross domestic product, supported by a rebound in construction and expansion of the tertiary sector. Inflation significantly decreased, and the fiscal and debt positions improved. Growth is projected at 5.5 percent in 2024 but remains below potential in the medium term, and a lasting recovery is contingent on bringing security under control.

Subject: Debt sustainability, External debt, Food security, Poverty, Public debt

Keywords: Africa, Appreciation to IMF management, Consultation cycle, Debt sustainability, Food security, Global, HIPC resource, Investment expenditure budgeting, SDR equivalent

Publication Details

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