Burkina Faso : consultations de 2024 au titre de l'article IV et première revue de la FEC — rapport des services du FMI

© 2024 International Monetary Fund IMF Country Report No. 24/249 BURKINA FASO 2024 ARTICLE IV CONSULTATION AND FIRST REVIEW UNDER THE EXTENDED CREDIT FACILITY ARRANGEMENT AND FINANCING ASSURANCES REVIEW—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR BURKINA FASO In the context of the 2024 Article IV Consultation and First Review Under the Extended Credit Facility and Financing Assurances Review, the following documents have been released and are included in this package: • A Press Release including a statement by the Chair of the Executive Board and summarizing the views of the Executive Board as expressed during its June 14, 2024 consideration of the staff report on issues related to the Article IV Consultation and the IMF arrangement. • The Staff Report prepared by a staff team of the IMF for the Executive Board’s consideration on June 14, 2024, following discussions that ended on March 7, 2024, with the officials of Burkina Faso on economic developments and policies underpinning the IMF arrangement under the Extended Credit Facility. Based on information available at the time of these discussions, the staff report was completed on May 31, 2024. • An Informational Annex prepared by the IMF staff. • A Debt Sustainability Analysis prepared by the staffs of the IMF and the International Development Association.

• A Statement by the Executive Director for Burkina Faso. The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D. C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf. org Web: http://www. imf. org International Monetary Fund Washington, D. C. July 2024

PR24/219 Burkina Faso: IMF Executive Board Completes First Review under Extended Credit Facility Arrangement and Concludes 2024 Article IV Consultation FOR IMMEDIATE RELEASE • The IMF Executive Board today completed the first review of Burkina Faso’s Extended Credit Facility arrangement. The decision allows for an immediate disbursement of about US$ 31. 7 million. The Executive Board also completed the 2024 Article IV consultation. • Burkina Faso’s performance under the program has been positive. All quantitative performance criteria, all indicative targets but one, and most structural benchmarks for the first review were met; some structural benchmarks were implemented with delay. The authorities are progressing in their fiscal consolidation efforts, structural reforms and fiscal governance measures, and the creation of fiscal space for priority spending. • Growth accelerated in 2023 to 3. 6 percent of GDP, supported by a rebound in construction and expansion of the tertiary sector. Inflation significantly decreased, and the fiscal and debt positions improved. Growth is projected at 5. 5 percent in 2024 but remains below potential in the medium term, and a lasting recovery is contingent on bringing security under control.

Washington, DC – June 14, 2024: The Executive Board of the International Monetary Fund (IMF) concluded today the Article IV consultation 1 with Burkina Faso. The Board also completed the First Review of the 48-month Extended Credit Facility (ECF) arrangement, approved on September 21, 2023. The approval of the first review enables the immediate disbursement of about US$ 31. 7 million (SDR 24. 08 million), bringing total IMF financial support under the arrangement to about US$63. 4 million (SDR 48. 16 million). The Board also completed the Financing Assurances Review. Burkina Faso faces multiple development challenges, including heightened security conditions, climate change, and food insecurity. This complicates efforts to combat food insecurity and forced displacement, while also disrupting economic activity, especially in the agriculture, livestock, and mining sectors. Following a modest GDP recovery of 3. 6 percent in 2023, up from 1. 8 percent in 2022, growth is projected to accelerate to 5. 5 percent in 2024, buoyed by the expectation of improvements in the security situation. However, medium-term growth remains below potential. The overall fiscal deficit declined from 10. 7 percent of GDP in 2022 to 6. 7 percent of GDP in 2023, supported by revenue mobilization efforts and expenditure control.