Summary by Staff Reporter
- The medium-term macroeconomic framework aims to contain the deficit at around
3 percent of GDP while providing space for higher social and investment spending
- Burkina Faso also requested for a new three-year Extended Credit Facility arrangement,
- The request for successor 3-year ECF arrangement to meet projected balance of payments needs.
- Programme implementation remain satisfactorily strong
- Economic activity continued to grow at a brisk pace in 2013.
- Growth projections have been revised slightly downwards to 6.8 percent in 2013 and 2014, based on lower gold and cotton prices that are leading to somewhat lower output, and the impact of the high base of agricultural production in 2012 on growth in 2013.
- Inflation has continued to decline, reaching 2 percent, with notable reductions in the prices of food and staple goods.
- The current account is likely to deteriorate more than previously anticipated due to declining terms of trade, and higher volume imports of fuel and capital goods.
- Revenue performance remains on target, but is no longer overshooting targets as in recent years, while spending execution is below target.
- Almost all program targets were met, including on net domestic financing and the fiscal balance.
- All structural benchmarks slated for completion in June and September were met.
Please see the complete document -http://www.imf.org/external/pubs/ft/scr/2014/cr1443.pdf