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Burkina Faso Invests $1bn in Military Equipment in 2023

Monday, 10 June 2024 17:45
Burkina Faso Invests $1bn in Military Equipment in 2023

(Ecofin Agency) - Burkina Faso invested about $1 billion (over CFA600 billion) in military equipment in 2023, accounting for 30% of the state budget. This significant expenditure comes amid a prolonged security and humanitarian crisis fueled by terrorist attacks, placing substantial pressure on public finances. The country's budget deficit reached 6.7% in 2023 due to security-related expenses.

Minister of Economy Aboubakar Nacanabo revealed this information during the "Tribune de la Redevabilité" program broadcast on the national TV channel. He stated that the investment aims to enhance the operational capabilities of the national armed forces in their fight against terrorism.

Minister Nacanabo assured the public that following these acquisitions, the government will gradually increase spending in other sectors. This approach reflects the administration's commitment to balanced national development despite the ongoing security challenges.

Captain Ibrahim Traoré, the transitional president, has prioritized combating terrorism and reclaiming national territory, which he considers essential before holding national elections. Consequently, several reforms have been implemented to address the crisis more effectively. Notably, the Patriotic Support Fund (FSP) was established in January 2023. Initially funded by voluntary contributions, the government introduced mandatory contributions on certain products and services to support the Fund.

For FY2024, the Burkinabé government plans to allocate 29.49% of its budget to security-related expenditures.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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