Posted by: mulrickillion | December 14, 2011

Press Release: IMF Concludes Staff Visit to Burundi

Press Release No. 11/429
November 22, 2011

A mission from the International Monetary Fund (IMF), led by Mr. Oral Williams, visited Bujumbura from November 8–21, 2011 to conduct the seventh review of the government’s economic and financial program supported by the IMF under the Extended Credit Facility (ECF). The mission also reviewed the authorities’ fiscal plans for 2012 and discussed the key elements of a successor ECF arrangement.1

The mission met with the Second Vice-President, Gervais Rufyikiri, the Minister of Finance, Clotilde Nizigama, the President of the Senate, Gabriel Ntisezerana, the Minister in Charge of Good Governance and Privatization, Jean Baptiste Gahimbare, the Governor of the Central Bank, Gaspard Sindayigaya, and other senior government officials. The mission had constructive discussions with members of the donor community, private sector, and civil society.

At the end of the mission, Mr. Williams issued the following statement:

“The economy is expected to grow by about 4.2 percent in 2011, lower than earlier projected, owing to a weakening in aggregate demand related to the food and fuel price shock. Although headline inflation rose sharply to 11.7 percent in September, core inflation remained in single digits. A rebound in coffee production and construction activity should contribute to a moderate pick-up in growth to 4.8 percent in 2012. The uncertainty in the external environment owing to weaker growth in trading partners, lower aid flows, and high oil prices remain key downside risks to the macroeconomic outlook. . . .

Press Release: IMF Concludes Staff Visit to Burundi

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