Burkina Faso: Promising Economic Growth in 2024 according to the IMF
Projected Growth of 4.2%
The International Monetary Fund (IMF) has announced that Burkina Faso’s economic growth is expected to reach 4.2% in 2024 , despite a tense security context. This forecast stems from efforts to build resilience in the national economy, particularly in the services sector.
Economic Progress Welcomed by the IMF
During a mission to Ouagadougou, the IMF applauded the economic reforms implemented by the Burkinabe authorities as part of a program supervised since September 2023.
- Notable advances :
- Control of public spending , in particular control of the wage bill.
- Reduction of energy subsidies .
- Increase in VAT refund ceilings .
According to Martin Schindler, head of the IMF mission, these measures strengthen economic stability and support ambitions to reduce the budget deficit to 5% of GDP in 2024 , with a target of 3% by 2027 to meet WAEMU standards.
Financial Support Conditional on Successful Reforms
The mission concluded an agreement in principle for the second review of the programme under the Extended Credit Facility (ECF) .
- If validated by the IMF Board of Directors, this agreement will release $32 million in aid to support Burkina Faso’s economy in the face of challenges such as:
- Food insecurity .
- High borrowing costs .
A Program to Ensure Resilience
Burkina Faso remains engaged in a reform process aimed at stabilizing its economy despite security and financial uncertainties. Current efforts should promote sustainable growth and consolidate the economic foundations for years to come.
Conclusion: An Encouraging Roadmap
With fiscal discipline and ongoing reforms, Burkina Faso appears on track for significant economic recovery . With IMF support and rigorous management, the country could lay the foundations for sustainable economic resilience while pursuing its long-term development goals.
