This paper discusses key findings of the Third Review Under the Extended Credit Facility (ECF) for Burundi. In a difficult post-conflict environment, performance on the ECF-supported program was satisfactory. All quantitative performance criteria for end-September 2009 were met, and structural reforms are on track. The closing of off-budget accounts constitutes a major step toward establishment of a single treasury account. The program for 2010 seeks to consolidate economic stability and support gradual recovery of the economy. IMF staff recommends completion of the Third Review based on Burundi’s performance and the strength of the program.
International Monetary Fund. Strategy, Policy, & and Review Department
This paper undertakes a triage of the backlog of open actions in Management Implementation Plans (MIPs) responding to recommendations by the Independent Evaluation Office (IEO), based on the Framework endorsed by the Board in March 2019.
Context: Rwanda�s economic performance since the turn of the century has beenremarkable. Strong policies have played a key role in maintaining GDP growth at7.8 percent on average since 2000, with significant poverty reduction. The economy isrecovering from the disruptions induced by aid suspension through mid-2013, withgrowth bouncing back in the first half of 2014 and inflation well contained. Performanceunder the PSI has remained strong. All quantitative assessment criteria (QAC) atend-June were met and all but one benchmark observed.Article IV discussions: The discussions focused on near-term policies needed tomaintain macroeconomic stability and support growth under uncertain prospects for aidand the global environment; and the government�s medium-term objective of sustainingstrong, inclusive growth while simultaneously managing a successful transition from apublic sector-led, aid-dependent economy to a more private sector-led economy. Policypriorities are mobilizing more domestic revenue, leveraging exports, and removingimpediments to private sector development, including by accelerating infrastructureprojects and tackling bottlenecks in energy.Outlook and risks: The outlook is positive, with sustained growth projected ahead inresponse to continued good policy implementation and investment. External risksinclude a protracted period of slower growth in advanced and emerging economies andweaker than expected export growth.Exchange restrictions and regime: Rwanda has accepted the obligations under ArticleVIII and maintains an exchange system free of restrictions on the making of paymentsand transfers for current international transactions. The exchange rate regime iscategorized as crawl-like.Key policy recommendations:? Growth: Prioritize investments to reduce the infrastructure deficit and increase energygeneration, thus facilitating private sector engagement and growth.? Fiscal Policy: Retain the objectives of the FY14/15 budget, anchored on limitingrecourse to domestic financing, while keeping the overall budget in line withavailable resources and protecting priority spending.