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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action plan Advisor AFRITAC AFRITAC AFRITAC assessment assets August—October 201 balance of payments baseline BCEAO Burkina Faso Burkinabe authorities Capital expenditure central bank CFA francs CFAF billions commercial banks concessional contracted or guaranteed Current expenditure Customs Administration debt sustainability deﬁcit deﬁned disbursements domestic ﬁnancing donor ECF arrangement ECF Review end-June estimates and projections external debt Faso’s ﬁnancial ﬁrst fiscal food security Fund gold production growth IMF staff estimates implementation improve including grants increase indicative target International Monetary Fund investment loans macroeconomic March MEFP microﬁnance mining Ministry mission Monetary ofﬁcial Ouagadougou payment arrears percent in 2010 percent of GDP percent of quota poverty-reducing social expenditure Prog program budgeting Public Financial Management quantitative performance criteria reﬂects revenue Sahel drought SCADD SDR Million sector spending strategy strengthen stress tests structural benchmark Table Tax administration Tax Advisor technical assistance TOFE Total Treasury WAEMU World Bank