- IMF staff and the Burkinabè authorities reached a staff-level agreement on economic and financial policies that could support completion of the sixth review under the Extended Credit Facility (ECF) arrangement and the second review under the Resilience and Sustainability Facility (RSF) arrangement.
- Higher global petroleum prices associated with the conflict in the Middle East exert inflationary pressures and drain public finances. El Niño conditions weigh on the food security outlook, underscoring the importance of protecting the most vulnerable.
- Strong gold mining activity and the expected rebound in agriculture are projected to lift economic growth from 4.4 percent in 2026 to 4.8 percent in 2027. Buoyant revenues from the mining sector create space for priority spending while facilitating convergence to the WAEMU fiscal deficit criterion of 3 percent of GDP over the medium term.
Washington, D.C., - November 4, 2026: An International Monetary Fund (IMF) team led by Jaroslaw Wieczorek, IMF Mission Chief for Burkina Faso, visited Ouagadougou during October 26-November 4, 2026, to hold discussions on the sixth review of the arrangement under the Extended Credit Facility (ECF). The arrangement was approved on September 21, 2023 , for an initial amount of SDR 228.76 million and was augmented by SDR 60.20 million by the IMF Executive Board on June 26, 2026 , bringing total access under the ECF arrangement to SDR 288.96 million, equivalent to 240 percent of quota. Discussions also covered the second review of the arrangement under the Resilience and Sustainability Facility (RSF), approved on February 18, 2026, for a total amount of SDR 90.3 million .
At the conclusion of the mission, Mr. Wieczorek issued the following statement:
"The Burkinabè authorities and IMF staff reached a staff-level agreement on economic and financial policies that could support completion of the sixth review under the ECF arrangement. Subject to approval by the IMF Executive Board, completion of the review would enable the disbursement of SDR 48.16 million, bringing total disbursements under the ECF arrangement to SDR 228.76 million. Discussions also covered reforms needed to complete the second review under the RSF arrangement. Executive Board approval of the review would enable the disbursement of SDR 16.42 million, bringing total disbursements under the RSF arrangement to SDR 32.84 million. Executive Board consideration is tentatively scheduled for mid-January 2027.
"High gold prices, robust gold output, and mining reforms-including formalization of artisanal mining-continue to support economic activity. Improved fertilizer access, expanded irrigation, dam rehabilitation, and increased borehole construction strengthened agricultural resilience, cushioning the impact of unfavorable rainfall this season compounded by El Niño. In this context, real GDP growth, projected at 4.4 percent in 2026, is expected to increase to 4.8 percent in 2027.
"Consumer price inflation is projected to reach the midpoint of the BCEAO's 1 to 3 percent target range in 2026, driven partly by higher global energy prices and an increase in food prices. It is projected to increase further in 2027 while remaining within this range.
"Surging gold exports moved the current account into a surplus of nearly 10 percent of GDP in 2025, which is expected to moderate to 6.8 percent of GDP in 2026.
"Program performance remains strong. Burkina Faso met all quantitative program objectives to complete the sixth ECF review and reported all required reform milestones for this review as met. The authorities continued broader reforms to strengthen public financial management and governance. Implementation of reform measures for the second RSF review is also progressing satisfactorily.
"The 2026 supplementary budget incorporates strong first-half revenues and a corresponding spending increase, particularly for public investment, while retaining the authorities' original fiscal deficit target of 2.7 percent of GDP. IMF staff assess that the deficit could exceed this target but project it to remain below the 4.0 percent of GDP agreed at the fifth ECF review in June 2026. Preliminary discussions on the 2027 budget confirmed understandings on a deficit of around 3.3 percent of GDP, in line with the fifth-review projection and medium-term convergence to the WAEMU fiscal deficit criterion of 3 percent of GDP.
"Persistent commodity price pressures linked to the Middle East conflict heighten risks for Burkina Faso. Against this backdrop, understandings were reached on a balanced policy package to entrench fiscal sustainability, strengthen governance and transparency, and protect the most vulnerable. Discussions focused on identifying appropriate budget provisions and ways to manage energy costs, strengthen social protection, and ensure food security. The mission also discussed the role of the newly established sovereign mining fund, its operating modalities, and governance arrangements.
"The IMF team met with Minister of Economy and Finance Aboubakar Nacanabo; Minister Delegate for the Budget Fatoumata Bako/Traoré ; BCEAO National Director Armand Badiel; other senior government officials; and representatives of the diplomatic community, development partners, and the private sector.
"The IMF team thanks the Burkinabè authorities for their close cooperation, the constructive and candid discussions, and their warm hospitality."
