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International Monetary Fund

This 2012 Article IV Consultation highlights that despite a difficult economic and social context, Burundi has made steady, though uneven, progress in implementing its Extended Credit Facility (ECF)-supported economic reforms. Real GDP growth is estimated to have increased to 4.2 percent in 2011. The medium-term macroeconomic outlook is challenging. Risks emanate from a delicate social situation given persistent shocks and the high cost of living. Executive Directors have emphasized the importance of pursuing public financial management reforms to foster greater transparency and accountability, and to strengthen institutional capacity.

International Monetary Fund

This paper discusses key findings of the Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) Arrangement for Burundi. Macroeconomic performance under the PRGF-supported program in 2006 was broadly in line with the program. All end-June and end-September 2006 quantitative performance targets were met with the exception of a temporary accumulation of external arrears. Structural reforms lagged in mid-2006. The structural performance criterion at end-September and the structural benchmarks were missed. The measures covered by the performance criterion and three of the benchmarks were implemented by early 2007.

International Monetary Fund

Burundi’s First Review Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria are discussed. Fiscal slippages emerged following the surge in petroleum prices and higher spending needs associated with the peace process and the domestically financed counterpart to much higher-than-expected project spending. Important progress has been made in pursuing peace and reconciliation and initiating the multiyear demobilization effort and security programs. Burundi has made considerable progress in normalizing relations with international creditors.

International Monetary Fund

Burundi showed commendable performance owing to its prudent macroeconomic policies and ambitious structural reforms under the Poverty Reduction and Growth Facility (PRGF). Executive Directors appreciated its macroeconomic stability, strong fiscal discipline, and prudent monetary policies in support of low inflation objectives. They emphasized the need to reduce poverty, sustain macroeconomic stability, and strengthen implementation of structural reforms in reaching the MDGs. They appreciated the efforts taken to deepen implementation of the Poverty Reduction Strategy Paper (PRSP), which offers a framework for the diversification of growth and exports, the improvement of public finance management, and the integration of the regional and global economy.

Mr. Paolo Mauro, Mr. Herve Joly, Mr. Ari Aisen, Mr. Emre Alper, Mr. Francois Boutin-Dufresne, Mr. Jemma Dridi, Mr. Nikoloz Gigineishvili, Mr. Tom Josephs, Ms. Clara Mira, Mr. Vimal V Thakoor, Mr. Alun H. Thomas, and Mr. Fan Yang
This paper takes stock of the main fiscal risks facing the EAC partner countries. These include macroeconomic shocks, and specific risks, such as the financial performance of the public enterprises, large infrastructure projects, PPPs, and pension funds. In addition, weaknesses in the institutional framework are reviewed. This analysis highlights some of the largest risks and begins to give a sense of the potential magnitudes involved.
International Monetary Fund
The Poverty Reduction Strategy Papers (PRSPs) on Burundi focus on the implementation of the interim PRSP. The implementation of the Interim PRSP has been undertaken in a relatively difficult social and political context, as Burundi is still involved in a process of normalizing and democratizing its political life. The experience acquired in the process of formulating the I-PRSP showed gaps in the dissemination of information to the public at large, as well as gaps in the understanding of the PRSP process on the part of all the social and economic development players in Burundi.
International Monetary Fund
Burundi’s First Review Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria are discussed. Fiscal slippages emerged following the surge in petroleum prices and higher spending needs associated with the peace process and the domestically financed counterpart to much higher-than-expected project spending. Important progress has been made in pursuing peace and reconciliation and initiating the multiyear demobilization effort and security programs. Burundi has made considerable progress in normalizing relations with international creditors.
International Monetary Fund
Burundi is in great need of investment in infrastructure, but fiscal constraints leave little room for additional public spending. Despite this initial recovery, Burundi has yet to rebuild its pre-civil war level of public capital stock. Improving the business climate is one of the keys to attracting higher private investment. Since the Arusha agreement, some progress in the business climate has been made. Burundi is quickly moving away from the unsustainable debt situation and unstable exchange rate of the 1990s.
International Monetary Fund
This Joint Staff Advisory Note focuses on the Poverty Reduction Strategy Paper–Annual Progress Report (APR) for Burundi. Slow implementation of structural reforms, a sharp decline in coffee production, and the unstable security situation are largely responsible for lower-than-expected economic growth. Poor weather conditions and rising international petroleum and food prices are the main factors behind the faster-than-expected increase in domestic consumer prices. The APR also discusses the issue of regional economic integration, which is one of the elements that will shape medium-term economic developments in Burundi.
International Monetary Fund
Burundi showed commendable performance owing to its prudent macroeconomic policies and ambitious structural reforms under the Poverty Reduction and Growth Facility (PRGF). Executive Directors appreciated its macroeconomic stability, strong fiscal discipline, and prudent monetary policies in support of low inflation objectives. They emphasized the need to reduce poverty, sustain macroeconomic stability, and strengthen implementation of structural reforms in reaching the MDGs. They appreciated the efforts taken to deepen implementation of the Poverty Reduction Strategy Paper (PRSP), which offers a framework for the diversification of growth and exports, the improvement of public finance management, and the integration of the regional and global economy.