Abstract
BURUNDI
Title Page
BURUNDI
STAFF REPORT FOR THE 2022 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX
July 7, 2022
Prepared By
The African Department
(In Consultation with other Departments)
Contents
RELATIONS WITH THE IMF
STATISTICAL ISSUES
RELATIONS WITH OTHER INTERNATIONAL FINANCIAL INSTITUTIONS
Relations with the IMF
(As of May 31, 2022)
Membership Status
Joined: 9/28/1963; Acceptance Article VIII: No
| General Resources Account: | SDR Million | Percent Quota |
| Quota | 154.00 | 100.00 |
| Fund Holdings of currency (Exchange Rate) | 144.14 | 93.60 |
| Reserve Tranche Position | 9.90 | 6.43 |
| General Resources Account: | SDR Million | Percent Quota |
| Quota | 154.00 | 100.00 |
| Fund Holdings of currency (Exchange Rate) | 144.14 | 93.60 |
| Reserve Tranche Position | 9.90 | 6.43 |
| SDR Department: | SDR Million | Percent Allocation |
| Net cumulative allocation | 221.45 | 100.00 |
| Holdings | 96.85 | 43.74 |
| SDR Department: | SDR Million | Percent Allocation |
| Net cumulative allocation | 221.45 | 100.00 |
| Holdings | 96.85 | 43.74 |
| Outstanding Purchases and Loans: | SDR Million | Percent Quota |
| RCF Loans | 53.90 | 35.00 |
| ECF Arrangements | 10.40 | 6.75 |
| Outstanding Purchases and Loans: | SDR Million | Percent Quota |
| RCF Loans | 53.90 | 35.00 |
| ECF Arrangements | 10.40 | 6.75 |
Latest Financial Commitments:
Arrangements:
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| ECF | Jan 27, 2012 | Mar 31, 2016 | 40.00 | 30.00 |
| ECF | Jul 07, 2008 | Jan 23, 2012 | 51.20 | 51.20 |
| ECF | Jan 23, 2004 | Jan 22, 2008 | 69.30 | 69.30 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| ECF | Jan 27, 2012 | Mar 31, 2016 | 40.00 | 30.00 |
| ECF | Jul 07, 2008 | Jan 23, 2012 | 51.20 | 51.20 |
| ECF | Jan 23, 2004 | Jan 22, 2008 | 69.30 | 69.30 |
Outright Loans:
| Type | Date of Commitment | Date Drawn/Expired | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| RCF | Oct 25, 2021 | Oct 27, 2021 | 53.90 | 53.90 |
| Type | Date of Commitment | Date Drawn/Expired | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| RCF | Oct 25, 2021 | Oct 27, 2021 | 53.90 | 53.90 |
Projected Payments to Fund1
(SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | 2.90 | 4.50 | 2.50 | 0.50 | |
| Charges/Interest | 0.38 | 0.79 | 0.79 | 0.78 | 0.79 |
| Total | 3.28 | 5.29 | 3.29 | 1.28 | 0.79 |
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | 2.90 | 4.50 | 2.50 | 0.50 | |
| Charges/Interest | 0.38 | 0.79 | 0.79 | 0.78 | 0.79 |
| Total | 3.28 | 5.29 | 3.29 | 1.28 | 0.79 |
Implementation of HIPC Initiative:
| Enhanced | ||||
| Commitment of HIPC assistance | Framework | |||
| Decision point date | Aug 2005 | |||
| Assistance committed by all creditors (US$ Million)2 | 832.60 | |||
| Of which: IMF assistance (US$ million) | 27.87 | |||
| (SDR equivalent in millions) | 19.28 | |||
| Completion point date | Jan 2009 | |||
| Disbursement of IMF Assistance (SDR Million): | ||||
| Assistance disbursed to the member | 19.28 | |||
| Interim assistance | 0.26 | |||
| Completion point balance | 19.02 | |||
| Additional disbursement of interest income3 | 3.07 | |||
| Total disbursements | 22.35 | |||
| Implementation of Multilateral Debt Relief Initiative (MDRI): | ||||
| MDRI-eligible debt (SDR Million)4 | 26.40 | |||
| Financed by: MDRI Trust | 9.01 | |||
| Remaining HIPC resources | 17.39 | |||
| Enhanced | ||||
| Commitment of HIPC assistance | Framework | |||
| Decision point date | Aug 2005 | |||
| Assistance committed by all creditors (US$ Million)2 | 832.60 | |||
| Of which: IMF assistance (US$ million) | 27.87 | |||
| (SDR equivalent in millions) | 19.28 | |||
| Completion point date | Jan 2009 | |||
| Disbursement of IMF Assistance (SDR Million): | ||||
| Assistance disbursed to the member | 19.28 | |||
| Interim assistance | 0.26 | |||
| Completion point balance | 19.02 | |||
| Additional disbursement of interest income3 | 3.07 | |||
| Total disbursements | 22.35 | |||
| Implementation of Multilateral Debt Relief Initiative (MDRI): | ||||
| MDRI-eligible debt (SDR Million)4 | 26.40 | |||
| Financed by: MDRI Trust | 9.01 | |||
| Remaining HIPC resources | 17.39 | |||
Debt Relief by Facility (SDR Million):
| Eligible Debt | |||
| Delivery Date | GRA | PRGT | Total |
| February 2009 | N/A | 26.40 | 26.40 |
| Eligible Debt | |||
| Delivery Date | GRA | PRGT | Total |
| February 2009 | N/A | 26.40 | 26.40 |
Implementation of Catastrophe Containment Relief (CCR) Trust:
| Date of Catastrophe | Board Decision Date | Amount Committed (SDR million) | Amount Disbursed (SDR million) |
| N/A | Jul 20, 2020 | 5.48 | 5.48 |
| N/A | Oct 02, 2020 | 4.82 | 4.82 |
| N/A | Apr 01, 2021 | 4.16 | 4.16 |
| N/A | Dec 15, 2021 | 3.50 | 3.50 |
| Date of Catastrophe | Board Decision Date | Amount Committed (SDR million) | Amount Disbursed (SDR million) |
| N/A | Jul 20, 2020 | 5.48 | 5.48 |
| N/A | Oct 02, 2020 | 4.82 | 4.82 |
| N/A | Apr 01, 2021 | 4.16 | 4.16 |
| N/A | Dec 15, 2021 | 3.50 | 3.50 |
Safeguards Assessments:
An update safeguards assessment is in progress in the context of financing under the RCF, and the mission took place in late June 2022. The previous assessment was conducted in 2012. While most of the recommendations from the 2012 assessment were implemented at the time, the 2022 update assessment will take stock of developments since.
Exchange System and Exchange Rate Arrangement:
While the de jure exchange rate arrangement is floating, the de facto exchange rate arrangement is a crawl-like arrangement. Burundi has availed itself of the transitional arrangements of Article XIV since it joined the Fund in 1962 but no longer maintains any exchange restrictions or multiple currency practices that relate to that article. Based on information available to staff, Burundi continues to maintain a multiple currency practice (MCP) that is inconsistent with Article VIII, Section 3: the exchange rate used for government transactions (the official rate) may differ by more than 2 percent from market exchange rates and there is no mechanism to prevent such a deviation. Staff is currently assessing the information recently obtained from the authorities to determine whether or not the measure still gives rise to an MCP under the new MCP policy adopted by the Executive Board on July 1, 2022. Burundi maintains certain foreign exchange restrictions for security reasons and has notified the Fund of those restrictions in the past pursuant to Decision 144-(52/51).
Article IV Consultation:
The last Article IV consultation discussions with Burundi were held in July 2014. The staff report was discussed by the Executive Board on August 25, 2014.
Resident Representative:
Mr. Felix Vardy (appointed Res. Rep.)
AFRITAC-Centre (AFC) technical assistance to Burundi in FY2019 – FY2022
In FY2019 and FY2022, AFC delivered several TA to Burundi in various sectors.
| Description | Start Date | End Date |
|---|---|---|
| Public Financial Management (PFM) | ||
| (2) Missions to support the adoption and implementation of the Government Finance Statistics Manual 2014 (GFSM 2014) by clearing their fiscal data backlogs. | 01/24/2022 01/31/2022 | 01/28/2022 02/04/2022 |
| Review and update of TOFE statistics | 06/14/2021 | 06/25/2021 |
| Mission to support the process of switching to the program budgeting | 01/5/2022 | 01/18/2022 |
| Diagnostic mission to assess public finance management system. | 04/28/2022 | 05/18/2022 |
| Revenue administration | ||
| Strengthening the evaluation function by customs | 10/25/2021 | 11/05/2021 |
| Financial markets | ||
| Implementation of risk-based supervision in the banking sector | 10/15/2019 | 10/25/2019 |
| Review of the regulatory framework on credit classification and provisioning in banking institutions (IFRS 9 implementation) – desk review of new draft prudential regulations on payment institutions | 02/22/2021 | 03/19/2021 |
| Financial markets | ||
| Methodological guidance for on-site control of the accounting function and the data quality-control framework in banking institutions | 04/17/2020 | 04/30/2020 |
| Develop a draft Internal Capital Adequacy Assessment Process (ICAAP) regulation. | 01/31/2022 | 03/25/2022 |
| Methodology of the on-site control of the accounting function and quality control of data in the establishments of credit. | 04/19/2021 | 04/30/2021 |
| Develop the capacity of banking supervisors of the to implement risk-based supervision. | 03/15/2022 | 04/28/2022 |
| Macroeconomic statistics | ||
| Implementation of quarterly national accounts in volume | 05/17/2021 | 05/28/2021 |
| Support for the project to change the base year according to the 2008 System of National Accounts (2008 SNA) by the Institute of Statistics and Economic Studies of Burundi (ISTEEBU).). | 07/26/2021 | 08/6/2021 |
| Public debt management | ||
| Preparation of the quarterly debt bulletin | 06/28/2021 | 07/9/2021 |
| Description | Start Date | End Date |
|---|---|---|
| Public Financial Management (PFM) | ||
| (2) Missions to support the adoption and implementation of the Government Finance Statistics Manual 2014 (GFSM 2014) by clearing their fiscal data backlogs. | 01/24/2022 01/31/2022 | 01/28/2022 02/04/2022 |
| Review and update of TOFE statistics | 06/14/2021 | 06/25/2021 |
| Mission to support the process of switching to the program budgeting | 01/5/2022 | 01/18/2022 |
| Diagnostic mission to assess public finance management system. | 04/28/2022 | 05/18/2022 |
| Revenue administration | ||
| Strengthening the evaluation function by customs | 10/25/2021 | 11/05/2021 |
| Financial markets | ||
| Implementation of risk-based supervision in the banking sector | 10/15/2019 | 10/25/2019 |
| Review of the regulatory framework on credit classification and provisioning in banking institutions (IFRS 9 implementation) – desk review of new draft prudential regulations on payment institutions | 02/22/2021 | 03/19/2021 |
| Financial markets | ||
| Methodological guidance for on-site control of the accounting function and the data quality-control framework in banking institutions | 04/17/2020 | 04/30/2020 |
| Develop a draft Internal Capital Adequacy Assessment Process (ICAAP) regulation. | 01/31/2022 | 03/25/2022 |
| Methodology of the on-site control of the accounting function and quality control of data in the establishments of credit. | 04/19/2021 | 04/30/2021 |
| Develop the capacity of banking supervisors of the to implement risk-based supervision. | 03/15/2022 | 04/28/2022 |
| Macroeconomic statistics | ||
| Implementation of quarterly national accounts in volume | 05/17/2021 | 05/28/2021 |
| Support for the project to change the base year according to the 2008 System of National Accounts (2008 SNA) by the Institute of Statistics and Economic Studies of Burundi (ISTEEBU).). | 07/26/2021 | 08/6/2021 |
| Public debt management | ||
| Preparation of the quarterly debt bulletin | 06/28/2021 | 07/9/2021 |
Statistical Issues
As of June 30, 2022
| I. Assessment of Data Adequacy for Surveillance | |
| General. Data is assessed broadly adequate for surveillance, with significant improvements since the 2014 Article IV Consultation, supported by CD, including regarding the accuracy, timeliness, and coverage of data. Notably, BOP data have been expanded, including a broader coverage of remittances and FDI data based on surveys. National accounts data have significantly improved and the official data are being used by staff for the macroframework starting in 2020. The authorities have also initiated steps towards adopting e-GDDS standards. Nonetheless, shortcomings persist and data could be further improved, including for national accounts, balance of payments and government finance statistics (GFS). Shortcomings regarding data coverage affect mostly GFS, especially data on local government and contingent liabilities. The ongoing rebasing of GDP will help address outstanding methodological issues. Inadequate funding, staffing, and equipment remain a challenge. | |
| National accounts. National accounts statistics are broadly adequate. Annual GDP estimates (base year 2005) are currently compiled and disseminated by the national statistical office (ISTEEBU), based on the methodology of the 1993 System of National Accounts (SNA). However, for 2015–19 there are large discrepancies between real GDP growth rates published by ISTEEBU and the World Bank’s growth estimates. While the World Bank’s estimates are not based on surveys and do not have a consistent sectoral decomposition, a World Bank’s capacity development (CD) mission (in May 2019) identified methodological issues in the compilation of 2015–19 national accounts estimates. | |
| CD has been provided by the World Bank (on methodology) and the IMF (AFRITAC-Centre and STA) on GDP rebasing, though the workplan was disrupted by the COVID-19 crisis. The authorities are making progress in rebasing the GDP series to 2016, addressing remaining methodological weaknesses, and implementing the 2008 SNA methodology. The first rebased NA data are expected to be published by end-2022. The latest finalized national accounts annual data used in staff’s macroframework are for 2020, implying a dissemination lag of about a year. For 2021, the macroframework uses the authorities’ annual and quarterly GDP estimates. | |
| AFRITAC-Centre and STA have also provided limited technical assistance to improve the quality of the Supply and Use Table (SUT) for the new base year (2016), including on the treatment of the final household consumption expenditure, informal sector estimates as well as changes to the trade margins. Once the 2016 SUT is finalized, ISTEEBU will be able to produce GDP estimates for the period 2017–21 following the new base year (2016) and complete the backcasted GDP series for 2006–15 (by June 2023). | |
| Regarding the quarterly national accounts compilation, the system used by ISTEEBU is still under calibration with technical assistance of AFRITAC-Centre and the financial support of the World Bank. ISTEEBU started publishing quarterly GDP series compiled using the production approach only and benchmarked to currently available ISTEEBU annual GDP series, following the old base year (2005) and based on the methodology of the 1993 SNA. Changes will be made to the current quarterly GDP series to incorporate the rebased annual GDP series following the recommendations of the 2008 SNA and using 2016 as new base year. | |
| Price statistics. Data provision is adequate, with appropriate coverage, methodology and timeliness. The ISTEEBU produces and disseminates the monthly consumer price index (CPI) for the main cities and an aggregate CPI for the whole country. The CPI is based on the methodology recommended by the Common Market for Eastern and Southern Africa (COMESA). Current weights, based on the 2008 household expenditure survey and should be updated as soon as possible. ISTEEBU plans to update CPI weights based on a survey on household consumption expenditure that is expected to be completed and released by the end of 2022. CPI data are typically released with lags of one month. | |
| Government finance statistics (GFS). GFS are broadly adequate, notwithstanding some weaknesses mainly in coverage of pending bills and contingent liabilities, local government data, and timeliness. They are presented in the Table of Government Financial Operations (TOFE). The TOFE is produced using the Government Finance Statistics Manual 1986 (GFSM1986), instead of GFSM 2014, which provides the most recent international GFS compilation standards and uses an analytic framework that includes appropriate balancing items and thus harmonizes flows and stocks. This contributes to discrepancies between above-the-line items (flows) and below-the-line items (changes in stocks), which are sometimes significant (about 2 percent of GDP in FY2019/20 and FY2020/21) and reflected in the TOFE as part of “accounts payable.” These discrepancies also imply potential inaccuracies in other spending lines of the TOFE. Moreover, recent IMF CD missions (of June 2021 and January/February 2022) noted among other challenges that data sources for the TOFE do not appear to be archived and therefore are not readily available, which hinders the assessment of the methodology used to compile the TOFE. In addition, the GFS only cover central government operations carried out under the central government budget and some special accounts. The other central government units and local governments are excluded from reported GFS. Capacity is limited by a weak IT infrastructure. Staffing is hampered by a high turnover in the department responsible for compiling statistics and infrequent training on methodology and tools (e.g., Excel). | |
| Monetary and financial statistics (MFS). The MFS are compiled by the Banque de la République du Burundi (BRB) following the IMF’s Monetary and Financial Statistics Manual and Compilation Guide. BRB reports monthly balance sheet data for the central bank, other depository corporations, and other financial corporations using the standardized report forms. They are broadly adequate for surveillance and harmonized with the monetary statistics of other East African Community countries. | |
| Until 2016, Burundi reported data on several indicators of the Financial Access Survey (FAS), including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| Financial sector surveillance. Until 2018Q2, the BRB reported 13 core Financial Soundness Indicators (FSIs) for deposit-takers and other encouraged FSIs along with metadata to the IMF for dissemination on its website. Since reengagement with the IMF in 2020, select FSIs have been shared with the IMF country team. During the 2022 Article IV mission, the authorities expressed interest in STA CD support to compile the FSIs in line with the updated 2019 FSI Compilation Guide and migrate to the new reporting templates. | |
| External sector statistics. Annual balance of payments (BOP) and international investment position (IIP) statistics are compiled by the Banque de la République du Burundi (BRB) according to the sixth edition of the Balance of Payments Manual (BPM6). However, further actions are required to improve the external sector data. First, some divergences have been noted between domestic and external sources of mining exports data. The compilation of remittances’ data has significantly improved in recent years, owing to an STA CD mission in January 2020 that helped broaden the coverage of remittances from 2019 onwards. Nonetheless, remittances are still being underestimated as large transactions are taking place through channels that are not yet well captured. FDI data are now being produced based on surveys. On the financial account, challenges remain in understanding and having reliable figures on “other investments.” Long delays in receiving survey results contribute to a gap between the value of imports and the financial flows recorded from the International Transaction Reporting System. IIP data were last published in 2018, and authorities have expressed the need for CD on the compilation of IIP data. | |
| II. Data Standards and Quality | |
| Burundi participates in the IMF Enhanced General Data Dissemination System (e-GDDS) since August 9, 2011. An e-GDDS mission took place in March/April 2022 to assist the authorities launch the National Summary Data Page (NSDP) and disseminate key economic data according to a regular schedule. | No data ROSC is available. |
| III. Reporting to STA | |
| Monthly and quarterly GFS are not reported, and the last reported annual GFS was for 2013. Subsequent years’ data series have just been updated to FY 2019/20 by AFC TA missions and are being finalized for review by STA and dissemination. Monetary and Financial Statistics, based on the Standardized Report Forms, are published in IFS. Balance of payments and international investment position data are published in IFS and in the Balance of Payments Yearbook. | |
| I. Assessment of Data Adequacy for Surveillance | |
| General. Data is assessed broadly adequate for surveillance, with significant improvements since the 2014 Article IV Consultation, supported by CD, including regarding the accuracy, timeliness, and coverage of data. Notably, BOP data have been expanded, including a broader coverage of remittances and FDI data based on surveys. National accounts data have significantly improved and the official data are being used by staff for the macroframework starting in 2020. The authorities have also initiated steps towards adopting e-GDDS standards. Nonetheless, shortcomings persist and data could be further improved, including for national accounts, balance of payments and government finance statistics (GFS). Shortcomings regarding data coverage affect mostly GFS, especially data on local government and contingent liabilities. The ongoing rebasing of GDP will help address outstanding methodological issues. Inadequate funding, staffing, and equipment remain a challenge. | |
| National accounts. National accounts statistics are broadly adequate. Annual GDP estimates (base year 2005) are currently compiled and disseminated by the national statistical office (ISTEEBU), based on the methodology of the 1993 System of National Accounts (SNA). However, for 2015–19 there are large discrepancies between real GDP growth rates published by ISTEEBU and the World Bank’s growth estimates. While the World Bank’s estimates are not based on surveys and do not have a consistent sectoral decomposition, a World Bank’s capacity development (CD) mission (in May 2019) identified methodological issues in the compilation of 2015–19 national accounts estimates. | |
| CD has been provided by the World Bank (on methodology) and the IMF (AFRITAC-Centre and STA) on GDP rebasing, though the workplan was disrupted by the COVID-19 crisis. The authorities are making progress in rebasing the GDP series to 2016, addressing remaining methodological weaknesses, and implementing the 2008 SNA methodology. The first rebased NA data are expected to be published by end-2022. The latest finalized national accounts annual data used in staff’s macroframework are for 2020, implying a dissemination lag of about a year. For 2021, the macroframework uses the authorities’ annual and quarterly GDP estimates. | |
| AFRITAC-Centre and STA have also provided limited technical assistance to improve the quality of the Supply and Use Table (SUT) for the new base year (2016), including on the treatment of the final household consumption expenditure, informal sector estimates as well as changes to the trade margins. Once the 2016 SUT is finalized, ISTEEBU will be able to produce GDP estimates for the period 2017–21 following the new base year (2016) and complete the backcasted GDP series for 2006–15 (by June 2023). | |
| Regarding the quarterly national accounts compilation, the system used by ISTEEBU is still under calibration with technical assistance of AFRITAC-Centre and the financial support of the World Bank. ISTEEBU started publishing quarterly GDP series compiled using the production approach only and benchmarked to currently available ISTEEBU annual GDP series, following the old base year (2005) and based on the methodology of the 1993 SNA. Changes will be made to the current quarterly GDP series to incorporate the rebased annual GDP series following the recommendations of the 2008 SNA and using 2016 as new base year. | |
| Price statistics. Data provision is adequate, with appropriate coverage, methodology and timeliness. The ISTEEBU produces and disseminates the monthly consumer price index (CPI) for the main cities and an aggregate CPI for the whole country. The CPI is based on the methodology recommended by the Common Market for Eastern and Southern Africa (COMESA). Current weights, based on the 2008 household expenditure survey and should be updated as soon as possible. ISTEEBU plans to update CPI weights based on a survey on household consumption expenditure that is expected to be completed and released by the end of 2022. CPI data are typically released with lags of one month. | |
| Government finance statistics (GFS). GFS are broadly adequate, notwithstanding some weaknesses mainly in coverage of pending bills and contingent liabilities, local government data, and timeliness. They are presented in the Table of Government Financial Operations (TOFE). The TOFE is produced using the Government Finance Statistics Manual 1986 (GFSM1986), instead of GFSM 2014, which provides the most recent international GFS compilation standards and uses an analytic framework that includes appropriate balancing items and thus harmonizes flows and stocks. This contributes to discrepancies between above-the-line items (flows) and below-the-line items (changes in stocks), which are sometimes significant (about 2 percent of GDP in FY2019/20 and FY2020/21) and reflected in the TOFE as part of “accounts payable.” These discrepancies also imply potential inaccuracies in other spending lines of the TOFE. Moreover, recent IMF CD missions (of June 2021 and January/February 2022) noted among other challenges that data sources for the TOFE do not appear to be archived and therefore are not readily available, which hinders the assessment of the methodology used to compile the TOFE. In addition, the GFS only cover central government operations carried out under the central government budget and some special accounts. The other central government units and local governments are excluded from reported GFS. Capacity is limited by a weak IT infrastructure. Staffing is hampered by a high turnover in the department responsible for compiling statistics and infrequent training on methodology and tools (e.g., Excel). | |
| Monetary and financial statistics (MFS). The MFS are compiled by the Banque de la République du Burundi (BRB) following the IMF’s Monetary and Financial Statistics Manual and Compilation Guide. BRB reports monthly balance sheet data for the central bank, other depository corporations, and other financial corporations using the standardized report forms. They are broadly adequate for surveillance and harmonized with the monetary statistics of other East African Community countries. | |
| Until 2016, Burundi reported data on several indicators of the Financial Access Survey (FAS), including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| Financial sector surveillance. Until 2018Q2, the BRB reported 13 core Financial Soundness Indicators (FSIs) for deposit-takers and other encouraged FSIs along with metadata to the IMF for dissemination on its website. Since reengagement with the IMF in 2020, select FSIs have been shared with the IMF country team. During the 2022 Article IV mission, the authorities expressed interest in STA CD support to compile the FSIs in line with the updated 2019 FSI Compilation Guide and migrate to the new reporting templates. | |
| External sector statistics. Annual balance of payments (BOP) and international investment position (IIP) statistics are compiled by the Banque de la République du Burundi (BRB) according to the sixth edition of the Balance of Payments Manual (BPM6). However, further actions are required to improve the external sector data. First, some divergences have been noted between domestic and external sources of mining exports data. The compilation of remittances’ data has significantly improved in recent years, owing to an STA CD mission in January 2020 that helped broaden the coverage of remittances from 2019 onwards. Nonetheless, remittances are still being underestimated as large transactions are taking place through channels that are not yet well captured. FDI data are now being produced based on surveys. On the financial account, challenges remain in understanding and having reliable figures on “other investments.” Long delays in receiving survey results contribute to a gap between the value of imports and the financial flows recorded from the International Transaction Reporting System. IIP data were last published in 2018, and authorities have expressed the need for CD on the compilation of IIP data. | |
| II. Data Standards and Quality | |
| Burundi participates in the IMF Enhanced General Data Dissemination System (e-GDDS) since August 9, 2011. An e-GDDS mission took place in March/April 2022 to assist the authorities launch the National Summary Data Page (NSDP) and disseminate key economic data according to a regular schedule. | No data ROSC is available. |
| III. Reporting to STA | |
| Monthly and quarterly GFS are not reported, and the last reported annual GFS was for 2013. Subsequent years’ data series have just been updated to FY 2019/20 by AFC TA missions and are being finalized for review by STA and dissemination. Monetary and Financial Statistics, based on the Standardized Report Forms, are published in IFS. Balance of payments and international investment position data are published in IFS and in the Balance of Payments Yearbook. | |
Burundi: Table of Common Indicators Required for Surveillance
(As of June 27, 2022)
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
GDP estimates for 2021, building on surveys, are available and used for the macroframework--they are not yet published.
Burundi: Table of Common Indicators Required for Surveillance
(As of June 27, 2022)
| Date of Latest Observation | Date Received | Frequency of Data1 | Frequency of Reporting1 | Frequency of Publication1 | |
|---|---|---|---|---|---|
| Exchange Rates | 24/06/22 | 24/06/22 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities2 | 31/01/22 | 25/02/22 | M | M | M |
| Reserve/Base Money | 12/31/21 | 03/22/22 | M | M | M |
| Broad Money | 12/31/21 | 03/11/22 | M | M | M |
| Central Bank Balance Sheet | 12/31/21 | 03/22/22 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 12/31/21 | 03/22/22 | M | M | M |
| Interest Rates3 | 31/03/22 | 28/01/22 | M, Q, A | Q | Q |
| Consumer Price Index | 30/05/22 | 15/06/22 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing4 – General Government5 | N/A | N/A | N/A | N/A | N/A |
| Revenue, Expenditure, Balance and Composition of Financing4– Central Government | 31/12/21 | 23/02/22 | Q | Q | Q |
| Stocks of Central Government and Central Government and Guaranteed Debt6 | 31/01/22 | 23/02/22 | M, Q, A | M | M |
| External Current Account Balance7 | 30/09/22 | 25/02/22 | Q | A | A |
| Exports and Imports of Goods and Services | 30/09/22 | 25/02/22 | Q | A | A |
| GDP/GNP8 | 31/12/20 | 30/11/21 | Q & A | Q & A | Q & A |
| Gross External Debt | N/A | N/A | N/A | N/A | N/A |
| International Investment Position | 31/12/18 | 2018 | A | N/A | N/A |
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
GDP estimates for 2021, building on surveys, are available and used for the macroframework--they are not yet published.
Burundi: Table of Common Indicators Required for Surveillance
(As of June 27, 2022)
| Date of Latest Observation | Date Received | Frequency of Data1 | Frequency of Reporting1 | Frequency of Publication1 | |
|---|---|---|---|---|---|
| Exchange Rates | 24/06/22 | 24/06/22 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities2 | 31/01/22 | 25/02/22 | M | M | M |
| Reserve/Base Money | 12/31/21 | 03/22/22 | M | M | M |
| Broad Money | 12/31/21 | 03/11/22 | M | M | M |
| Central Bank Balance Sheet | 12/31/21 | 03/22/22 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 12/31/21 | 03/22/22 | M | M | M |
| Interest Rates3 | 31/03/22 | 28/01/22 | M, Q, A | Q | Q |
| Consumer Price Index | 30/05/22 | 15/06/22 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing4 – General Government5 | N/A | N/A | N/A | N/A | N/A |
| Revenue, Expenditure, Balance and Composition of Financing4– Central Government | 31/12/21 | 23/02/22 | Q | Q | Q |
| Stocks of Central Government and Central Government and Guaranteed Debt6 | 31/01/22 | 23/02/22 | M, Q, A | M | M |
| External Current Account Balance7 | 30/09/22 | 25/02/22 | Q | A | A |
| Exports and Imports of Goods and Services | 30/09/22 | 25/02/22 | Q | A | A |
| GDP/GNP8 | 31/12/20 | 30/11/21 | Q & A | Q & A | Q & A |
| Gross External Debt | N/A | N/A | N/A | N/A | N/A |
| International Investment Position | 31/12/18 | 2018 | A | N/A | N/A |
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
GDP estimates for 2021, building on surveys, are available and used for the macroframework--they are not yet published.
Relations with Other International Financial Institutions
World Bank https://www.worldbank.org/en/country/burundi/overview
World Bank Group Projects: https://projects.worldbank.org/en/projects-operations/projects-list?os=0&qterm=burundi
African Development Bank https://www.afdb.org/en/countries/east-africa/burundi
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.