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IMF to grant 20 bln CFA Francs loan to Burkina Faso

Xinhua, April 10, 2016 Adjust font size:

The International Monetary Fund (IMF) has agreed to grant 20 billion CFA Francs loans to Burkina Faso unless the country is able to rectify economic indicators, source close to the Prime Minister told Xinhua Friday.

IMF delegation announced the credit opportunity at the end of two-week mission in Burkina Faso.

"As soon as IMF board of director approves Burkina Faso report in June, there will be 15 billion CFA Francs disbursement," Prime Minister Paul Kaba Thieba said after a meeting with IMF representatives in Ouagadougou early this week.

"If in December, the economic policy of my government is a step in the right direction, there will be additional disbursement to the amount of 5 billion CFA Francs," added Thieba.

The prime minister said, in overall, the country has met the criteria and benchmarks in spite of the difficult international economic climate marked by the instability of commodity prices and greater insecure regional environment.

"In spite of these shocks, the economy of Burkina Faso showed resilience," he said, adding that the year 2016 shows favorable outlook for the country as forecast predicts 5.7 percent GDP growth. Enditem