Burkina Faso : : Staff Report for the 2014 Article IV Consultation, First Review Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Waiver and Modification of Performance Criteria

• Record Nr.: UNINA9910791297903321
• Pubbl/distr/stampa: Washington, D.C. : , : International Monetary Fund, , 2014
• ISBN: 1-4983-5482-3; 1-4983-6143-9; 1-4843-5555-5
• Descrizione fisica: 1 online resource (104 p.)
• Collana: IMF Staff Country Reports
• Disciplina: 330.9662505
• Soggetti: International economic relations; Banks and Banking; Exports and Imports; Macroeconomics; Public Finance; Natural Resources; Budgeting; International Lending and Debt Problems; National Government Expenditures and Related Policies: General; Debt; Debt Management; Sovereign Debt; Taxation, Subsidies, and Revenue: General; Agricultural and Natural Resource Economics; Environmental and Ecological Economics: General; Public finance & taxation; International economics; Environmental management; Public ownership; nationalization; Expenditure; Debt sustainability analysis; Revenue administration; Natural resources; External debt; Environment; Public enterprises; Economic sectors; Debts, External; Expenditures, Public; Debts, Public; Revenue; Burkina Faso Economic conditions; Burkina Faso Economic policy; Burkina Faso
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di contenuto: ""Cover""; ""CONTENTS""; ""LIST OF ACRONYMS""; ""RECENT DEVELOPMENTS AND PROGRAM PERFORMANCE""; ""A. Recent Developments""; ""B. Program Performance""; ""BACKGROUND FOR ARTICLE IV DISCUSSIONS""; ""POLICY DISCUSSIONS""; ""A. Near Term Fiscal Policy""; ""B. Containing Fiscal Liabilities from Public Enterprises""; ""C. Harnessing Natural Resource Revenues to Finance Development""; ""D. Supporting Inclusive Growth""; ""OUTLOOK AND PROGRAM RISKS""; ""A. Medium-Term Projections and Fiscal Policy""; ""B. An Alternative Low Growth Scenario""; ""C. Program Risks""; ""PROGRAM MODALITIES""; ""STAFF APPRAISAL""""BOXES""; ""1. Status of Policy Recommendations from the 2011 Article IV Consultation""; ""2. Strategy for Accelerated Growth and Durable Development""; ""3. Implicit Subsidies to the Energy Sector, A Stock Taking of Actual Costs in 2013""; ""4. Electricity Supply: a Long Way to Close the Gap""; ""FIGURES""; ""1. Recent Economic Developments""; ""2. Real and External Developments, 2006â€?013""; ""3. Fiscal Developments, 2008â€?13""; ""TABLES""; ""1. Selected Economic and Financial Indicators, 2012â€?16""; ""2a. Consolidated Operations of the Central Government, 2012â€?16 (CFAF Billions)""""2b. Consolidated Operations of the Central Government, 2012â€?16 (Percent of GDP)""; ""3. Monetary Survey, 2012â€?16""; ""4. Balance of Payments, 2012â€?16""; ""5. Quantitative Performance Criteria and Indicative Targets December 2013â€?March 2015""; ""6. Structural Benchmarks for the 1[sup(st)] ECF Review""; ""7. Schedule of Disbursements Under Current ECF Arrangements 2014â€?16""; ""8. Risk Assessment Matrix""; ""9. Indicators of Capacity to Repay the Fund, 2013â€?25""; ""APPENDIX""; ""I. Letter of Intent""""Attachment I. Memorandum of Economic and Financial Policies 2014â€?16""; ""Attachment II. Technical Memorandum of Understanding""; ""ANNEX""; ""I. External Stability Assessment""; ""CONTENTS""; ""RELATIONS WITH THE FUND""; ""JOINT MANAGEMENT ACTION PLAN IMPLEMENTATION""; ""STATISTICAL ISSUES""
• Sommario/riassunto: EXECUTIVE SUMMARY Growth remains robust, despite slight downward revisions. Growth estimates for 2013 and projections for 2014 were revised to 6.6 and 6.8 percent, respectively, reflecting weather and weaker terms of trade. Inflation is around zero, partly due to subsidized food prices. The revised 2013 current account deficit rose to 7 percent of GDP, with a drawdown of imputed reserves. The 2013 fiscal deficit increased to 3.5 percent of GDP, reflecting weaker ; revenues and spending for subsidies, partly offset by higher grants. In line with 2011 Article IV recommendations, the authorities maintained a prudent fiscal stance, despite numerous shocks, and implemented structural reforms that have improved the resilience of agriculture, especially cotton. Social transfers have been bolstered to ensure the benefits of growth are better distributed. An updated external stability analysis shows that the exchange rate is broadly in line with fundamentals, and an updated joint debt sustainability analysis maintains a “moderate” risk of debt distress. Program performance has been satisfactory. The authorities are requesting a waiver for a non-observance in the performance criterion for net domestic financing at end-December 2013, with most other quantitative targets met and all structural benchmarks for end-January and end-March met. Program targets differ mainly due to higher budget support projections. The 3 percent fiscal deficit target for the medium term macroeconomic framework remains unchanged, although with a higher share of current spending. Policy discussions focused on composition and quality of spending, transfers to public enterprises, and natural resource revenues. The authorities recently submitted a supplemental budget that increases the share of current spending for a higher wage bill and more social and public enterprise transfers, but remains within program targets as a result of spending offsets and higher budget support. The authorities are proposing an audit of large public enterprises to estimate needs for the medium term, and inform reforms to reduce transfer needs. The National Assembly did not approve a new mining taxation code by end-2013 as expected, rather, the draft code was sent back to the authorities for further consideration of investors’ concerns.