The IMF announces an agreement of 280 million euros with Burkina Faso to stimulate an economic reform plan

July 2 (EUROPA PRESS) –

Burkina Faso and the International Monetary Fund (IMF) have reached an agreement for the delivery to the African country of a loan of 305 million dollars (280 million euros) to stimulate its economic reform plan.

This agreement, which will last an estimated four years, is intended to cement a reform plan aimed at “restoring the country’s macroeconomic stability” and “laying the foundations for its future growth,” the international institution announced in a statement. .

The deal is still subject to approval by the IMF’s executive board and guarantees to be provided by international development aid partners for the African country, which now faces a goal of reducing the deficit to 3 percent of its GDP by 2027.

The IMF also calls on the Burkinabe authorities to make “efforts to improve fiscal transparency and balance social, development and security spending,” according to the IMF note.

Burkina Faso is led by a military junta headed by Ibrahim Traoré, whose main objectives have been the defeat of jihadism in the country and the consolidation of economic stability as essential conditions for holding future elections in the country.