Burkina Faso is a step closer to securing nearly $105 million in fresh financing from the International Monetary Fund (IMF) after reaching a staff-level agreement with the lender following a review of its economic reform programme.
The agreement was reached at the end of an IMF mission to Ouagadougou from May 4 to 13, as the West African nation continues to grapple with persistent security threats and humanitarian challenges that have placed pressure on public finances and economic growth.
In a statement, IMF Resident Representative in Burkina Faso, William Gbohoui, said IMF staff and Burkinabe authorities had concluded discussions under the fifth review of the country’s programme supported by the Extended Credit Facility (ECF), as well as the first review under the Resilience and Sustainability Facility (RSF).
The reviews assessed the government’s economic policies and reform efforts amid a difficult operating environment marked by insecurity and displacement.
If approved by the IMF Executive Board, which is expected to consider the agreement at the end of June, Burkina Faso would gain access to 76.62 million Special Drawing Rights (SDRs), equivalent to approximately $104.89 million.
