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Burkina Faso: IMF Executive Board Completes Sixth Review Under the Extended Credit Facility Arrangement and Approves US$4.84 Million Disbursement

Press Release No. 13/241 July 1, 2013

The Executive Board of the International Monetary Fund (IMF) today completed the sixth review under a three-year arrangement under the Extended Credit Facility (ECF) for Burkina Faso.The completion of the review enables the disbursement of an amount equivalent to SDR 3.225 million (about US$4.84 million), bringing the total disbursements under the arrangement to SDR 79.049 million (about US$118.75 million). In completing the review, the Board approved an extension of the arrangement until December 31, 2013 and the rephasing of the remaining amount available under the arrangement. Fund staff and the authorities intend to use the additional time to discuss a possible successor Fund-supported program.

The ECF arrangement for Burkina Faso for the equivalent of SDR 46.15 million (about US$ 70.8 million) was approved by the IMF’s Executive Board on June 14, 2010 (see Press Release No. 10/241). The Executive Board subsequently approved augmentation of access under the ECF arrangement to the equivalent of SDR 82.27 (about US$126.4 million) on June 8, 2012 (see Press Release No. 12/214).

Following the Executive Board’s discussion of Burkina Faso, Mr. Naoyuki Shinohara, Deputy Managing Director and Acting Chair issued the following statement:

“The Burkinabe authorities’ implementation of their Fund-supported economic program has been strong. Growth is expected to remain robust this year; inflation is trending down; and a deterioration of the current account has been contained. Various reforms are in the pipeline to improve domestic resource mobilization. Going forward, continued prudent macroeconomic policies will consolidate the macroeconomic gains, and further structural reforms will help achieve lasting and more inclusive growth.

“With the growing importance of natural resource revenue, it will be important to ensure that the natural resource wealth is deployed to raise living standards for all. Strong investment planning and execution is a key element for this goal. Accordingly, the authorities are implementing measures to prioritize investment projects, particularly for infrastructure, and streamline procedures for their approval. Broader reforms in the business environment are also necessary to achieve the authorities’ growth and poverty reduction objectives.

“Fund engagement with Burkina Faso, together with the authorities’ strong program ownership, has supported macroeconomic stability and strong growth. Nonetheless, Burkina Faso continues to face economic challenges and a need for more inclusive growth. Continued Fund engagement should further support the authorities’ efforts.”