Burkina Faso: Staff Report for the 2011 Article IV Consultation and the Third Review Under the Extended Credit Facility: Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Burkina Faso
International Monetary Fund, Jul 2, 2012 - Business & Economics - 114 pages
This 2011 Article IV Consultation and the Third Review Under the Extended Credit Facility for Burkina Faso highlights that the authorities have maintained fiscal consolidation efforts while mitigating the impact of exogenous shocks. Executive Directors have welcomed the authorities’ sustained implementation of sound policies and structural reforms, which has contributed to robust economic growth, low inflation, and a broadly favorable external position. Directors have encouraged the authorities to maintain fiscal discipline within the context of a medium-term fiscal framework while increasing investment and social spending.
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Advisor AFRITAC Alternative Scenarios arrears assessment baseline scenario borrowing budget Burkina Faso Burkinabe authorities Capital expenditure CFA francs CFAF billions concessional loans contracted or guaranteed cotton sector current account Current expenditure customs debt management capacity debt relief December deﬁcit deﬁned end-June exchange rate external debt Faso’s ﬁnancial ﬁnancing ﬁrst ﬁscal adjustment ﬂows framework Fund grant element growth at historical historical average minus IMF staff estimates impact implementation improve including grants increase indicative targets infrastructure International Monetary Fund macroeconomic medium-term MEFP Memorandum microﬁnance Millennium Development Goals mining sector minus one standard Monetary ofﬁcial Ouagadougou overall payments percent of GDP poverty-reducing social expenditure Previous DSA shock private sector Proj projected PRSP public investment Real GDP growth REER reﬂecting revenue mobilization RITAC AF RITAC scaling-up SDR Million standard deviation strategy strengthen Table Text Figure TOFE Total treasury U.S. dollars WAEMU World Bank