Burkina Faso: Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility and Request for Modification of Performance Criteria and Augmentation of Access: Staff Report; Debt Sustainability Analysis; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Burkina Faso.
International Monetary Fund, Jul 2, 2012 - Business & Economics - 94 pages
This paper presents findings of the Fourth Review Under the Extended Credit Facility Arrangement for Burkina Faso. Near-term policy discussions focused on specifying 2012 financing needs arising from the shocks to help prevent crowding out the authorities’ development program—Strategy for Accelerated Growth and Sustainable Development. The authorities have implemented decisive adjustment measures, without which financing needs would be much higher. Program performance was strong in 2011, despite domestic social unrest and political turmoil in neighboring Côte d’Ivoire. All quantitative performance criteria and all indicative targets were met.
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adjustment AFRITAC AFRITAC AFRITAC assessment augmentation of access balance of payments BCEAO Burkina Faso Burkinabe authorities central bank CFA francs CFAF concessional cotton credn Customs Administration debt management capacity debt sustainability disbursed domestic financing donor ECF arrangement Economic and Financial end-December estimates and projections Executive Board Extended Credit Facility external debt external financing FAD FAD Faso’s ﬁnancial ﬁnancing financing needs food security fourth review framework fuel prices Fund gold production government’s grants IMF staff estimates implementation improve increase indicative target inﬂation International Monetary Fund investment June loans macroeconomic March measures medium term MEFP microfinance mining Ministry mission Monetary Ouagadougou overall percent of GDP percent of quota program budgeting Public Financial Management quantitative performance criteria reduce reﬂect reforms RITAC Sahel drought SCADD SONABHY spending strategy strengthening stress test structural benchmark subsidies Table Tax administration technical assistance Total Treasury WAEMU World Bank