LEADER 08901oam 22013814 450 001 9910811435303321 005 20240405021929.0 010 $a1-4983-5482-3 010 $a1-4983-6143-9 010 $a1-4843-5555-5 035 $a(CKB)2550000001345652 035 $a(EBL)1770292 035 $a(OCoLC)888748772 035 $a(SSID)ssj0001398968 035 $a(PQKBManifestationID)11776920 035 $a(PQKBTitleCode)TC0001398968 035 $a(PQKBWorkID)11446807 035 $a(PQKB)10312091 035 $a(MiAaPQ)EBC1770292 035 $a(Au-PeEL)EBL1770292 035 $a(CaPaEBR)ebr10913247 035 $a(CaONFJC)MIL638358 035 $a(IMF)1BFAEE2014002 035 $a(IMF)1BFAEA2014002 035 $a(EXLCZ)992550000001345652 100 $a20020129d2014 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aBurkina Faso : $eStaff 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 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2014. 215 $a1 online resource (104 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 $a1-4983-2936-5 311 $a1-322-07107-1 327 $a""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"" 327 $a""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, 2006a???013""; ""3. Fiscal Developments, 2008a???13""; ""TABLES""; ""1. Selected Economic and Financial Indicators, 2012a???16"" 327 $a""2a. Consolidated Operations of the Central Government, 2012a???16 (CFAF Billions)""""2b. Consolidated Operations of the Central Government, 2012a???16 (Percent of GDP)""; ""3. Monetary Survey, 2012a???16""; ""4. Balance of Payments, 2012a???16""; ""5. Quantitative Performance Criteria and Indicative Targets December 2013a???March 2015""; ""6. Structural Benchmarks for the 1[sup(st)] ECF Review""; ""7. Schedule of Disbursements Under Current ECF Arrangements 2014a???16""; ""8. Risk Assessment Matrix""; ""9. Indicators of Capacity to Repay the Fund, 2013a???25""; ""APPENDIX"" 327 $a""I. Letter of Intent""""Attachment I. Memorandum of Economic and Financial Policies 2014a???16""; ""Attachment II. Technical Memorandum of Understanding""; ""ANNEX""; ""I. External Stability Assessment""; ""CONTENTS""; ""RELATIONS WITH THE FUND""; ""JOINT MANAGEMENT ACTION PLAN IMPLEMENTATION""; ""STATISTICAL ISSUES"" 330 3 $aEXECUTIVE 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. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2014/215 606 $aInternational economic relations 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aNatural Resources$2imf 606 $aBudgeting$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aAgricultural and Natural Resource Economics$2imf 606 $aEnvironmental and Ecological Economics: General$2imf 606 $aPublic finance & taxation$2imf 606 $aInternational economics$2imf 606 $aEnvironmental management$2imf 606 $aPublic ownership$2imf 606 $anationalization$2imf 606 $aExpenditure$2imf 606 $aDebt sustainability analysis$2imf 606 $aRevenue administration$2imf 606 $aNatural resources$2imf 606 $aExternal debt$2imf 606 $aEnvironment$2imf 606 $aPublic enterprises$2imf 606 $aEconomic sectors$2imf 606 $aDebts, External$2imf 606 $aExpenditures, Public$2imf 606 $aDebts, Public$2imf 606 $aRevenue$2imf 607 $aBurkina Faso$xEconomic conditions 607 $aBurkina Faso$xEconomic policy 607 $aBurkina Faso$2imf 615 0$aInternational economic relations. 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aNatural Resources 615 7$aBudgeting 615 7$aInternational Lending and Debt Problems 615 7$aNational Government Expenditures and Related Policies: General 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aAgricultural and Natural Resource Economics 615 7$aEnvironmental and Ecological Economics: General 615 7$aPublic finance & taxation 615 7$aInternational economics 615 7$aEnvironmental management 615 7$aPublic ownership 615 7$anationalization 615 7$aExpenditure 615 7$aDebt sustainability analysis 615 7$aRevenue administration 615 7$aNatural resources 615 7$aExternal debt 615 7$aEnvironment 615 7$aPublic enterprises 615 7$aEconomic sectors 615 7$aDebts, External 615 7$aExpenditures, Public 615 7$aDebts, Public 615 7$aRevenue 676 $a330.9662505 801 0$bDcWaIMF 906 $aBOOK 912 $a9910811435303321 996 $aBurkina-Faso$9467224 997 $aUNINA