BURKINAFASO /IMF Executive Board Concludes the 2026 Article IV Consultation, Completes the Fifth Review under the Extended Credit Facility Arrangement and Approves the Request for Augmentation, and Completes the First Review under the Resilience and Sustainability Facility Arrangement with Burkina Faso

IMF Executive Board Concludes the 2026 Article IV Consultation, Completes the Fifth Review under the Extended Credit Facility Arrangement and Approves the Request for Augmentation, and Completes the First Review under the Resilience and Sustainability Facility Arrangement with Burkina Faso

FOR IMMEDIATE RELEASE

The IMF Executive Board concluded the 2026 Article IV consultation with Burkina Faso and completed the fifth review of Burkina Faso’s Extended Credit Facility Arrangement and approved the request for its augmentation by fifty percent of quota (SDR 60.20 million), raising the total access under the arrangement to SDR 288.96 million, and enabling an immediate disbursement of SDR 60.20 million.
The Executive Board also completed the first review of the Resilience and Sustainability Facility arrangement, enabling an immediate disbursement of SDR 16.42 million.
Economic growth reached 5.3 percent in 2025, buoyed by a rise in mining activity spurred by the gold price boom on the international market. Commendable budget discipline enabled a reduction of the overall fiscal deficit from 5.8 percent of GDP in 2024 to 1.8 percent in 2025 creating welcome policy space amid heightened global volatility.
The sharp increase in the international prices of fertilizer and petroleum products in the wake of the conflict in the Middle East has weakened the near-term macroeconomic outlook while posing an immediate challenge to the balance of payments and food security, underscoring the need to protect the most vulnerable while preserving fiscal sustainability.

Washington, DC – June 26, 2026: The Executive Board of the International Monetary Fund (IMF) completed the fifth review under the 48-month Extended Credit Facility (ECF) arrangement, which was approved on September 21, 2023, and approved an augmentation of access under the ECF arrangement. The augmentation of fifty percent of quota (SDR 60.20 million) brings total access under the arrangement to 240 percent of quota (SDR 288.96 million). The completion of the 5^th review under the ECF arrangement and approval of the augmentation enable the immediate disbursement of SDR 60.20 million, bringing the total IMF financial support disbursed under the ECF arrangement to SDR 180.60 million. The Executive Board also completed the first review under the Resilience and Sustainability Facility (RSF) arrangement, which was approved by the IMF Executive Board on February 18, 2026 for a total amount of SDR 90.30 million, enabling the disbursement of SDR 16.42 million. The Executive Board also completed the 2026 Article IV Consultation.^[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.^[2]

High gold prices, combined with reforms in the mining sector, energized economic activity in Burkina Faso in 2025. Real GDP growth reached 5.3 percent while average inflation receded to -0.5 percent, reflecting a drop in food and energy prices. Strong gold exports also supported the external position, which improved from a deficit of 3.5 percent of GDP in 2024 to a surplus of 6.3 percent in 2025.

Fiscal adjustment exceeded expectations. The overall fiscal deficit narrowed from 5.8 percent of GDP in 2024 to 1.8 percent of GDP in 2025, compared with the program objective of 4.0 percent. This created welcome policy space for shock mitigation in the current volatile global and regional environment.

Program performance under the ECF arrangement has been strong. All quantitative performance criteria and all but two indicative targets were met. The authorities implemented all structural benchmarks and made notable progress on their broader public financial management and governance agenda. The two reform measures slated for the first review under the RSF arrangement were implemented, and the work on future reform measures remains on track.

The macroeconomic outlook remains subject to significant downside risks. Burkina Faso’s reliance on imported petroleum products and fertilizers exposes it to the commodity price shock stemming from the conflict in the Middle East. Global supply disruptions, rising prices for oil, gas, and fertilizers, funding cuts for humanitarian aid, and heightened security risks cloud near-term prospects. The agreed policy measures in support of the approved augmentation of the ECF arrangement therefore aim to ensure that the additional Fund resources serve to alleviate the socio-economic impact of the shock, while preserving the reform momentum to foster fiscal sustainability.

At the conclusion of the Executive Board’s discussion, Mr. Kenji Okamura, Deputy Managing Director, and Acting Chair, issued the following statement:

“Burkina Faso’s economy has remained resilient amid security and humanitarian pressures. Prudent economic policies have helped create fiscal space, support growth, keep inflation contained, and maintain public debt sustainability.

“The authorities’ program supported by the Extended Credit Facility (ECF) arrangement remains firmly on track. They have advanced reforms to strengthen governance and domestic revenue mobilization, while promoting strategic investment and social safety nets. The augmentation of access under the ECF arrangement will help offset fertilizer and energy supply shocks linked to the war in the Middle East.

“Fiscal consolidation remains critical to preserving macroeconomic stability. To make growth more inclusive, energy subsidies should be targeted and temporary, while health, education, and social protection spending should be protected and prioritized in multiyear plans. Continued gains in public investment efficiency, together with steadfast implementation of the governance action plan, will support the authorities’ development objectives. Improving the business environment and limiting exposure to commodity price volatility will be essential to sustaining broad-based growth.

“The authorities have also completed planned reforms under the Resilience and Sustainability Facility (RSF) arrangement: adopting a National Disaster Risk Finance Strategy and publishing climate hazard and risk maps. Continued implementation of the RSF reform agenda will help reduce climate risks and mobilize investment to strengthen resilience.”

Executive Board Assessment^[3]

Executive Directors agreed with the thrust of the staff appraisal. They welcomed the strong economic performance and substantial fiscal consolidation achieved in 2025, supported by the gold price boom and the Burkinabè authorities’ steadfast implementation of their Fund-supported programs. Directors noted, however, that the challenging security and humanitarian situation has been aggravated by the fertilizer and energy supply shocks from the war in the Middle East, regional insecurity, and lower humanitarian aid. Against this backdrop, they called on the authorities to sustain medium-term fiscal consolidation and the implementation of governance and transparency reforms to support macroeconomic resilience, unlock additional financing, and promote inclusive growth and diversification.

Directors agreed that a temporary relaxation of the fiscal stance is warranted to cushion the impact of recent external shocks, while remaining firmly committed to medium-term convergence to the WAEMU deficit criterion to safeguard debt sustainability. They stressed the need to further strengthen domestic revenue mobilization and to maintain strong transparency, procurement, and reporting practices in the use of crisis-related resources. Directors also emphasized the importance of contingency plans and expenditure rationalization in response to the commodity price shock, notably to ensure that energy subsidies are targeted and temporary and that adequate fiscal space is preserved for priority social and development spending. They recommended strengthening debt management and a prudent approach to external borrowing that prioritizes concessional financing. Directors also encouraged the authorities to adopt a countercyclical fiscal framework to insulate fiscal policy from gold price volatility.

Directors called for sustained implementation of structural reforms to foster inclusive growth and diversification as well as to enhance climate resilience. They welcomed advances in social protection and recent governance reforms, and emphasized that steadfast progress, particularly in implementing the recommendations of the Governance Diagnostic Assessment report —despite its non-publication—is essential to bolster reform credibility. Directors recommended strengthening banking supervision, addressing asset quality, and reducing sovereign-bank linkages, alongside efforts to support credit recovery and enhance financial inclusion. They welcomed the progress made on enhancing climate resilience and looked forward to further efforts on this front.

It is expected that the next Article IV consultation with Burkina Faso will be held in accordance with the Executive Board decision on consultation cycles for members with Fund arrangements.

Table 1. Burkina Faso: Selected Economic and Financial Indicators, 2023–30


Population (2024): 23.5 million								Gini Index (2021): 37.4
Per capita GDP (2024): 982 USD						Life Expectancy (2021): 62 years
Share of population below the poverty line (2022): 43.7%									Literacy rate (2023): 41%
	2023	2024	2025	2025	2026		2026		2027	2028	2029	2030
	Act.	Prel.	ECF 4^th Review	Prel.	ECF 4^th Review		Proj.		Proj.	Proj.	Proj.	Proj.
	(Annual percentage change, unless otherwise indicated)
GDP and Prices
GDP at constant prices	3.0	4.8	5.0	5.3	4.9		3.6		4.8	4.8	4.8	4.8
GDP deflator	2.0	9.7	7.0	8.9	4.4		6.2		7.5	3.9	2.1	2.0
Consumer prices (annual average)	0.9	4.2	-0.5	-0.5	1.4		4.2		4.0	2.0	2.0	2.0
Consumer prices (end of period)	1.0	4.9	-2.2	-2.2	2.9		5.8		3.7	2.0	2.0	2.0

Money and Credit
Broad money (M3)	-3.0	7.2	5.9	18.3	9.6		9.5		9.4	8.2	8.5	7.0
Net domestic assets (banking system) 1/	5.3	0.4	0.7	-0.4	7.4		0.5		4.2	4.5	4.6	3.2
Credit to the government (banking system) 1/	3.0	3.7	1.7	7.0	3.0		2.5		2.5	2.0	1.3	1.2
Credit to private sector	5.9	-2.2	-2.8	-4.1	5.7		-3.7		2.8	4.8	6.5	4.3
Private sector credit/GDP	31.9	27.2	23.5	22.7	22.7		19.9		18.2	17.5	17.4	17.0

External Sector
Exports (f.o.b.; valued in CFA francs)	-3.1	12.3	43.2	62.5	5.9		11.8		3.8	0.5	2.2	2.2
Imports (f.o.b.; valued in CFA francs)	-1.5	8.4	16.6	12.0	5.7		39.6		-0.5	2.7	5.6	5.8
Current account (percent of GDP)	-5.1	-3.5	1.1	6.3	0.8		-2.0		-1.1	-3.2	-2.4	-2.9
	(Percent of GDP, unless otherwise indicated)
Central Government Finances
Current revenue	20.8	20.7	21.4	22.5	19.9		19.9		20.2	20.5	20.7	20.8
Of which: Tax revenue	18.4	18.4	17.8	19.2	17.5		17.7		18.2	18.6	18.7	18.9
Total expenditure and net lending	29.3	27.8	26.1	25.4	24.6		25.0		24.6	24.6	24.8	24.9
Of which: Current expenditure	18.1	16.4	16.5	16.3	15.7		16.7		15.2	14.5	14.5	14.5
Overall fiscal balance, incl. grants (commitments)	-6.8	-5.8	-3.5	-1.8	-3.5		-4.0		-3.3	-3.0	-3.0	-3.0
Total public debt	56.8	57.2	52.1	53.4	51.2		52.8		50.3	49.0	48.6	48.3
Of which: External debt	26.2	25.5	21.3	23.9	20.5		23.6		22.4	21.3	21.2	21.2
Of which: Domestic debt	30.6	31.8	30.8	29.5	30.6		29.1		27.9	27.7	27.4	27.1

*Memorandum Items:*
Nominal GDP (CFAF billion)	12,200	14,022	15,750	16,077	17,255		17,682		19,920	21,689	23,213	24,832
Nominal GDP per capita (US$)	874	982	1,127	1,149	1,250		1,290		1,417	1,504	1,573	1,645
Nominal exchange rate (CFAF/US$, period average)	606	606	580	581	560		556		558	559	559	559
Gold price (US$/troy ounce)	1,943	2,387	3,218	3,440	3,472		4,023		4,164	4,164	4,164	4,164
Oil price (US$/barrel)	81	79	69	68	66		129		91	74	74	74
Sources: Burkinabé authorities; IMF staff estimates and projections.
1/ Annual change in percent of beginning-of-period broad money.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/en/countries/bfa page.

[3] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

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