2013年-IMF国际货币组织全球_Burkina_Faso_Ex_Post_Assessment_of_Longer_42页_1mb

Summary of the Ex Post Assessment of Longer-Term Program Engagement in Burkina Faso

Core Content

This document provides an ex post assessment of Burkina Faso's performance under Fund-supported programs since 2007, as well as an update on the implementation of the 2006 Ex Post Assessment (EPA) recommendations. It highlights the country's progress in poverty reduction and growth, despite multiple adverse shocks, and outlines key economic and structural reforms. The assessment also identifies future priorities for the Fund's engagement and the need for continued reform efforts to ensure sustainable development.

Main Points

• Economic Growth: Burkina Faso experienced growth above regional standards, averaging 5.3% between 2007 and 2012. This growth was supported by strong agricultural reforms and a surge in gold production, which became the dominant export, accounting for 71% of total exports in 2012.

• Inflation: Inflation remained low, averaging around 3% during 2007–2012, in line with WAEMU convergence criteria. It peaked at 10.7% in 2008 due to global price shocks and natural disasters.

• Current Account Deficit: The current account deficit narrowed significantly, from 11.5% of GDP in 2008 to 1.1% in 2011, largely due to increased gold production and prices.

• Fiscal Deficit: The overall fiscal deficit, including grants, improved from 5.7% to 3.2% of GDP, aligning Burkina Faso with WAEMU and Sub-Saharan African standards.

• Tax Revenue: Tax revenue increased from 12.5% to 15% of GDP, supported by reforms in tax policy and administration, including the introduction of a corporate income tax and increased gold royalties.

• Social Expenditure: Social spending rose to 7.5% of GDP in 2012, with education and health being the largest components. Despite progress, several MDGs remain unmet, particularly in areas like infant and maternal mortality.

• Private Sector Growth: The private sector grew faster than the public sector, driven by reforms in the business environment and the expansion of the mining industry, which is largely private-operated.

• Public Investment Management: The Public Investment Management Index (PIMI) scored 2.09 out of 4, indicating that while public investment has increased, the capacity for effective project selection and execution remains a challenge.

• Debt Sustainability: The Debt Sustainability Analysis (DSA) highlighted the need for structural fiscal reforms and better management of resource revenues. Debt distress risk decreased from high to moderate due to improved institutional capacity and gold production.

• Future Engagement: The Fund's continued involvement is crucial to support reform efforts, particularly in managing gold revenues, improving public investment execution, and enhancing the business environment.

Key Recommendations and Reforms

• Domestic Revenue Effort: Increase domestic revenue collection through tax reforms and improved tax administration.

• Public Financial Management (PFM): Strengthen PFM systems to ensure efficient use of aid and poverty-reducing spending.

• Private Sector Participation: Remove structural bottlenecks to promote private sector growth and export diversification.

• Debt Management: Maintain fiscal discipline and improve debt management capacity to ensure long-term fiscal sustainability.

• Institutional Capacity: Enhance administrative capacity and governance to support effective implementation of reforms.

• Resource Management: Ensure that gold revenues are used to build a diversified portfolio of physical, human, and financial assets to support sustainable development.

• Structural Reforms: Continue structural reforms to diversify the economy, improve competitiveness, and enhance the quality of public spending.

Future Fund Involvement

• Program Modalities: The Fund's future engagement should focus on anchoring reform efforts, particularly in leveraging gold production for development.

• Tax Regime: Strengthen the tax regime to ensure it is both effective and attractive to foreign investors and local service companies.

• Public Investment: Improve the selection and execution capacity of public investment to accelerate poverty reduction and sustainable growth.

• Business Environment: Continue improving the business environment through regulatory reforms and cost reductions, especially in areas like starting a business, dealing with construction, and registering property.

Conclusion

Burkina Faso has made significant progress in poverty reduction and growth since 2007, supported by Fund programs and the expansion of the gold mining sector. However, challenges remain in terms of structural reforms, institutional capacity, and debt sustainability. Continued Fund engagement is essential to support the country in achieving its long-term development goals and ensuring that the benefits of gold production are used effectively for sustainable growth.