The International Monetary Fund has approved an aid program for Burkina Faso totaling $305 million to strengthen resilience to shocks and reduce poverty in the country.
The fund’s board of directors is expected to approve the program in the coming weeks.
Martin Schindler, head of the IMF mission, said in a statement that the economic program aims to restore macroeconomic stability and debt sustainability, while laying the foundations for stronger and more inclusive growth.
The reforms planned under the program will improve the efficiency of public institutions in the energy sector, better mobilize tax resources, and implement social measures that will be financed through improved growth.
The reforms make it possible to create the conditions for controlling public spending and providing the necessary funds to deal with the risks of the food crisis.
Burkina Faso saw growth of 2.5% in 2022, but it suffered inflation of 14.1%, a record in the past ten years and the highest in the Sahel region, according to the World Bank.
The local economy is expected to grow by 4.5% in 2023, while inflation is likely to return to 4.9%.
Since 2015, Burkina Faso has been witnessing a spiral of violence that has left more than 10,000 dead, between civilians and military personnel, according to non-governmental organizations, and more than two million internally displaced persons.
