• IMF approves Burkina Faso’s third ECF review, unlocking $32.8M; total aid nears $131M
• Growth hit 5% in 2024, seen slowing to 4.2% in 2025; insecurity hurts mining
• Program on track despite missed targets; reforms advance, deficit narrows to 5.8%

On June 20, 2025, the IMF Executive Board approved the third review of Burkina Faso’s program under the Extended Credit Facility (ECF). This approval unlocks an immediate $32.8 million disbursement. Since September 2023, the IMF has provided nearly $131 million in financial support to Ouagadougou.

Burkina Faso’s economy grew 5% in 2024, thanks to strong agriculture and a service sector rebound. But endemic insecurity continues to hit the mining sector hard, a key export pillar. The IMF expects growth to slow to 4.2% in 2025 due to average rainfall returning and stagnant industrial output.

Despite these challenges, the IMF program stays on track. Burkina Faso missed two performance targets at the end of 2024—the primary budget deficit and net domestic financing—by 0.6% of GDP. Still, the government included corrective measures in the 2025 budget. The IMF accepted these and granted waivers. Structural reforms also advanced: the country met seven of eight benchmarks, completing the last before this review.

The overall budget deficit shrank to 5.8% of GDP in 2024, down from 6.7% in 2023, despite higher public investment. The IMF projects a further deficit drop to between 3.3% and 4.0% of GDP in 2025, depending on external funding.

Burkina Faso’s balance of payments improved, helped by favorable trade terms and rising gold prices. The current account deficit fell from 5.7% of GDP in 2024 to a projected 3.4% in 2025.

In a tough security environment, the IMF urges deeper reforms. It calls for stronger budget governance, more transparency in public procurement, and better wage bill management. A governance audit is underway, and its results will shape the program’s next steps.

Kenji Okamura, IMF Deputy Managing Director, said, "Burkina Faso’s economy has proven resilient notwithstanding security challenges, a difficult humanitarian situation, and weather shocks. A lasting improvement in socio‑economic conditions will require progress on security and structural reforms to foster diversification, fiscal governance, and resilience." He added that the challenges remain large, but the country appears to hold steady—for now.