The International Monetary Fund (IMF) announced in a statement issued yesterday March 14 that it has granted Burkina Faso a 3-year Extended Credit Facility worth $157.6 million to support the economic reforms initiated by the country. This is to equilibrate the balance of payments to foster inclusive growth and reduce poverty by creating a fiscal space for priority investments spending in security, social services, and infrastructure. The facility also aims at helping Burkina Faso mobilize public and private financing and strengthen the country’s resilience to future shocks.

“Burkina Faso faces significant development challenges, which have intensified in the recent period due to security shocks and social unrest,” stated Mitsuhiro Furusawa (photo), IMF’s Deputy Managing Director.

Early this month, the French embassy in Ouagadougou and the local army headquarters were the targets of two deadly terrorist attacks resulting in the death of eight people. These attacks have been claimed by the Islamist and Muslim Support Group (GSIM), an Al Qaeda-linked terrorist organization.

IMF’s data showed that the Burkinabe economy increased by 6.5% in 2017 from 5.9% in 2016, owing to higher agricultural and mining output and an increase in investments. However, the growth outlook is subjected to risks including the deterioration in the security environment, price volatility of the country’s main export products such as oil, cotton, and gold. Rainfall hazards also constitute a risk for the country.