Burkina Faso’s Economic Resilience Amid Challenges Commendable -IMF
Burkina Faso continues to drive economic resilience amid security and humanitarian challenges, a development that the International Monetary Fund (IMF) commends following a recent official visit.
The country thrives with sound economic policies, and a rapid increase in exports has contributed to growth, helping to keep public debt on a sustainable path, while keeping inflation under control.
Mr. Kenji Okamura, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement today in Ouagadougou at the end of his visit to Burkina Faso:
“I am delighted to have visited Burkina Faso. I would like to extend my gratitude to His Excellency President Ibrahim Traoré, Minister of Economy and Finance Aboubakar Nacanabo, National Director of the BCEAO Armand Badiel, President of the WAEMU Commission Abdoulaye Diop, and other senior officials for their warm hospitality during this highly informative visit.
“Burkina Faso’s economic resilience amid security and humanitarian challenges is commendable. Sound economic policies and a rapid increase in exports have contributed to growth, helping to keep public debt on a sustainable path, while keeping inflation under control.
“Continued sound macroeconomic management and reforms hold the promise of delivering future growth and stability, and greater prosperity for the people of Burkina Faso.
“To this end, it will be important to strengthen fiscal discipline, including by improving domestic resource mobilization to help create space for social spending, and to strengthen the country’s resilience to commodity price shocks, notably gold and oil.
“Near-term policies can also help revive the private sector and provide a foundation to sustain robust and broad-based growth over the medium term”.
IMF government’s ambitious reform agenda, notably to improve fiscal governance, expand critical infrastructure, and diversify Burkina Faso’s economy.
Okamura said resolute efforts to improve the efficiency of public investment, encourage digitalization, and promote innovation will be essential.
“We also discussed policy options to advance human capital and reduce external vulnerabilities and agreed that implementation will be critical for success. The director reiterated the IMF’s support and commitment to Burkina Faso. Fidelity Bank Gains 6.3% as Investors Take Positions
