The International Monetary Fund (IMF) and Burkina Faso have reached a staff-level agreement on economic and financial policies under the fourth review of the Extended Credit Facility (ECF) and a proposed Resilience and Sustainability Facility (RSF).

The mission, led by Jaroslaw Wieczorek, visited Ouagadougou from October 29 to November 12 to review progress under the ECF, approved in September 2023 for SDR 228.76mn ($302mn), and to discuss the design of an 18-month climate-focused RSF arrangement worth SDR 90.3mn ($122.7mn).

Board approval of the review—expected in February 2026—would enable the next SDR 24.1mn ($32.7mn) disbursement, bringing total IMF support under the programme to SDR 96.3mn ($130.8mn). Dollar conversions are based on the IMF’s November 2025 SDR rate of about $1.32.

“The Burkinabè authorities and the IMF staff have reached a staff-level agreement on the economic and financial policies to support the completion of the fourth review of the programme under the ECF arrangement,” Wieczorek said. “Approval by the IMF Executive Board would enable the disbursement of about $32.7mn, bringing total IMF financial support to about $130.8mn.”

The IMF projects real GDP growth of 5% in 2025, buoyed by strong gold production, and continued robust performance in 2026 despite security challenges in parts of the country. Inflation is forecast to average –0.5% in 2025 before turning positive but remaining below the 2% BCEAO target midpoint in 2026. Gold output—which accounts for roughly 16% of GDP and 80% of exports—is expected to sustain a small current-account surplus.

Fiscal results remained strong, with all but one quantitative target met by mid-2025. The fiscal-deficit target of 4% of GDP for 2025 is within reach, and the draft 2026 budget sets a deficit of 2.8%, consistent with the authorities’ goal of returning to the WAEMU 3% rule by 2027. For programme purposes, the IMF agreed that the deficit could temporarily widen to 3.5% to accommodate additional concessional financing for donor-funded projects.

The ECF, a concessional facility for low-income countries under the IMF’s Poverty Reduction and Growth Trust (PRGT), has supported Burkina Faso’s efforts to clear arrears, strengthen education and health spending, and expand social-protection programmes.

Wieczorek also highlighted progress on governance reforms, noting that Burkina Faso has exited the FATF grey list and implemented five of eleven IMF Governance Diagnostic Assessment (GDA) recommendations. Remaining measures focus on revenue-administration integrity, mining-permit transparency, and public-procurement oversight.

The proposed RSF will help address climate-related vulnerabilities through four pillars: “strengthening fiscal resilience and transparency by institutionalising disaster-risk finance; anchoring climate resilience in public-infrastructure investment; advancing sustainable clean-energy and water provision; and attracting climate finance by improving disclosure of climate investments,” the IMF said. These priorities align with Burkina Faso’s Nationally Determined Contributions (NDCs) under the Paris Agreement.

The IMF delegation met Prime Minister Jean-Emmanuel Ouédraogo, Finance Minister Aboubakar Nacanabo, Environment Minister Roger Baro, and Energy Minister Yacouba Zabré Gouba, alongside BCEAO officials and development partners.