IMF approves $300 million loan for war-torn Burkina Faso
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The IMF executive board has granted a four-year loan agreement worth around $302 million, under its Extended Credit Facility (ECF) to the West African nation
The International Monetary Fund (IMF) on Thursday (September 21) approved a $300 million loan agreement for Burkina Faso to combat poverty and bolster the economy.
The IMF executive board has granted a four-year loan agreement worth around $302 million under its Extended Credit Facility (ECF) to the West African nation. The first tranche of $31.8 million in aid will be disbursed immediately, the global monetary body said.
IMF said the credit line will help "create fiscal space for priority spending, strengthen resilience to shocks while reducing poverty, and bolster fiscal discipline, transparency and governance".
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"It will also help close financing gaps reflecting tight financial conditions, large fiscal deficits, debt vulnerabilities, food insecurity, and fragile security conditions," said the IMF.
IMF Deputy Managing Director Kenji Okamura, commenting on the 48-month-long loan agreement, said the priority lay in changing the challenging macroeconomic outlook of the country.
“For the country’s long-term development process, it remains essential to sustain structural reforms to foster economic growth and diversification as well as to reduce poverty. In this context, further efforts to improve the business environment, reinforce governance and anti-corruption efforts, and address the security crisis are critical," said Okamura.
Jihadist war-torn country of Burkina Faso
Being one of the poorest countries, Burkina Faso is undergoing a violent cycle after witnessing two coups last year. It is battling jihadist insurgency which spilt over eight years ago in 2015 from the neighbouring country of Mali, which is also incidentally run by the military.
The region is bustling with Islamist groups linked to deadly terror outfits al Qaeda and Islamic State.
WATCH | Troops film boys' killings in Burkina Faso
According to the IMF, over 40 per cent of Burkina Faso's population currently lives in poverty while the UN refugee agency states that two million people have been displaced, with no end to the jihadist violence in sight. Additionally, the violence has led to the death of over 16,000 people.
"Growing insecurity and conflict means vulnerability is increasing in the region, and it is getting harder to help communities in isolated areas," said UNICEF Regional Director for West and Central Africa, Marie-Pierre Poirier.
(With inputs from agencies)
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