Saturday 24 February 2018

IMF bill of health for Burkina economy

IMF bill of health for Burkina economy
(APA 08/03/17)

The International Monetary Fund (IMF) has expressed satisfaction with Burkina Faso’s economic performance, pending a new three-year program in 2018.

The Ministry of Economy and Finance said despite the security problems and social tensions, the IMF has been impressed with what it saw as a good macroeconomic management, acceleration of the GDP growth rate at 5.9 percent in 2016, against 4 percent in 2015, as well as tax revenue mobilization at 15 percent of GDP, signifying an increase of 0.8 percent compared with two years ago.

Under the 2017 forecast, the IMF forecasts real GDP growth to increase to around 6.5 percent in the medium term.

To this end, the Fund has encouraged the Burkinabe government to implement structural and budgetary reforms that will enhance revenue mobilization, public finance management and the quality of investment.

The three-year program (2014/2016) originally scheduled to expire in December 2016 and extended for nine months, runs out in September 2017.

Negotiations with the IMF for the formulation of the next program and new structural targets and benchmarks will take place by November this year.

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