IMF Staff Concludes Visit to Burkina Faso

IMF News, October 9, 2024

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An International Monetary Fund (IMF) staff team led by Martin Schindler visited Ouagadougou during September 30–October 9 to discuss macroeconomic policies in the context of the second review of the authorities’ four-year program supported by the Extended Credit Facility (ECF) arrangement.
Press Release No. 24/362

Meetings with:
- the Minister of Economy and Finance, Hon. Aboubakar Nacanabo;
- the BCEAO National Director, Armand Badiel;
- other senior government officials.
Meetings with private sector representatives and development partners.

The mission’s discussions centered on:
- macroeconomic and fiscal developments;
- improving fiscal transparency and governance;
- reducing fiscal risks;
- enhancing efficiency in the energy sector.
Program objectives reiterated:
- creating fiscal space for priority spending;
- strengthening social protection;
- advancing good governance;
- promoting sustainable growth.
Contextual constraint noted:
- discussions occurred “in the context of a volatile security situation.”

Mr. Schindler: “An IMF team visited Ouagadougou for discussions on the second review of the IMF-supported four-year program, which aims at creating fiscal space for priority spending, strengthening social protection, advancing good governance, and promoting sustainable growth. We had constructive discussions on the evolution and prospects of the program in the context of a volatile security situation. They focused on macroeconomic and fiscal developments, improving fiscal transparency and governance, reducing fiscal risks, and enhancing efficiency in the energy sector.”
Mr. Schindler on follow-up: “The team will return to Washington, D.C., to advance its technical work, and discussions with the authorities will continue in the weeks ahead, including during the upcoming IMF/World Bank Group Annual Meetings in Washington, D.C. in late October. The discussions will focus on making further progress on the authorities’ structural reform and fiscal governance agenda, among other topics.”
Commitment reaffirmed: “We reaffirm our commitment to support Burkina Faso in these challenging times, consistent with IMF policies.”
Acknowledgement: “Staff expresses their gratitude to the authorities, private sector representatives, development partners, and other stakeholders in Burkina Faso for their constructive engagement and support during this mission.”

The IMF team will return to Washington, D.C., to advance technical work.
Continued discussions with the authorities in the weeks ahead, including during the upcoming IMF/World Bank Group Annual Meetings in Washington, D.C. in late October.

Press Release No. 24/362 — October 9, 2024, IMF Communications Department.