Burkina Faso wins IMF approval for $302 mln, four-year loan

The International Monetary Fund said its Executive Board approved a four-year, $302 million loan program for Burkina Faso, granting the West African country an immediate, $31.8 million disbursement.

The IMF said the Extended Credit Facility program is aimed at giving Burkina Faso fiscal space for priority spending while bolstering the country's fiscal discipline and strengthening its resilience to shocks, including COVID-19, drought, conflict and food insecurity.

These have conspired to disrupt economic activity, widen social imbalances and create protracted balance-of-payments problems, the Fund added.