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IMF approves $271mn loan to Burundi
The Executive Board of the International Monetary Fund approved a 38-month arrangement which allows Burundi to access loan worth $271 million. This is the first IMF arrangement of the kind to Burundi since 2016. Astou Mame Diouf, IMF Mission Chief to Burundi spoke to CNBC Africa for more.
Thu, 20 Jul 2023 12:41:35 GMT
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AI Generated Summary
- The IMF has approved a $271 million loan for Burundi under a 38-month program to support economic recovery.
- Regular program reviews and disbursements will be conducted every six months, with conditions focusing on debt reduction, sustainable growth, and governance reforms.
- The program aims to address balance of payments issues through reserve accumulation, policy adjustments, and exchange rate reforms.
The Executive Board of the International Monetary Fund has approved a 38-month arrangement granting Burundi access to a loan worth $271 million. This marks the first IMF arrangement of its kind for Burundi since 2016. Astou Mame Diouf, IMF Mission Chief to Burundi, discussed the details of the program with CNBC Africa. The program, known as the extended credit facility, signifies a significant milestone in the journey of economic recovery initiated by Burundi's authorities back in 2020. The IMF's response to Burundi's request for assistance has culminated in this substantial loan approval. Over the past two years, Burundi achieved critical milestones including debt relief, rapid disbursements related to COVID-19, and an in-depth review of its economy through an Article 4 consultation. Diouf commended the authorities for their dedication and success in reaching this program. The IMF's continued support with an immediate disbursement of $62.6 million demonstrates confidence in Burundi's economic prospects.
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