Burkina Faso: Request for a Four-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2023 Issue 343

Publication date: October 2023

ISBN: 9798400255878

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Topics covered in this book

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Exports and Imports , Labor , Money and Monetary Policy , Public Finance , International - Economics , food insecurity crisis , implementation of the food emergency response , authorities' implementation , emergency food expenditure , financing gap , Debt sustainability , Budget planning and preparation , Global

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Summary

Burkina Faso faces large balance of payments (BoP) and security needs aggravated by acute food insecurity and political instability. In March 2023, the authorities obtained Fund emergency financing under the Food Shock Window (FSW) of the Rapid Credit Facility to address the ongoing food insecurity crisis, which in some regions remains acute. Following two military coups in 2022, international development support has declined. Burkina Faso has agreed with the Economic Community of West African States (ECOWAS) on a return to constitutional order, with elections to be held by July 2024.