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Statement by the IMF staff mission to Burkina Faso

Jan '07
Martin Petri, International Monetary Fund (IMF) Mission Chief to Burkina Faso, made the following statement in Ouagadougou:

"An IMF mission team visited Ouagadougou during January 10-24 for discussions on a new program supported under the Poverty Reduction and Growth Facility (PRGF). The discussions on a new PRGF arrangement, notably the fiscal targets for 2007, will continue in the period ahead and their successful conclusion would open the way for consideration by the IMF Executive Board."

"The mission held constructive discussions with Minister of Finance and Budget Jean-Baptiste Compaoré; Minister of Economy and Development Seydou Bouda; Central Bank of West Africa States (BCEAO) National Director Bolo Sanou, other senior officials of the Government of Burkina Faso, members of parliament, representatives of the private sector, labor unions, nongovernmental organizations, and development partners."

"Burkina Faso's 2006 macroeconomic performance was generally strong despite substantial economic challenges resulting from low world cotton prices and high oil prices. Cereal and cotton harvests have been good, which bolstered growth and led to declining cereal prices and overall food-price inflation."

"The construction and service sectors also performed well, and overall real GDP growth is estimated at 6.4 percent, while average inflation remained low at 2.4 percent. The overall fiscal deficit including grants was 5.2 percent of GDP as expected, with a sizeable shortfall in domestic revenues offset by higher external grants and expenditure cuts."

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International Monetary Fund

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