IMF board approves $271m loan for Burundi

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The International Monetary Fund’s executive board on Tuesday, approved a 271 million dollars extended credit facility for Burundi, with an immediate disbursement of over 62 million dollars.

The IMF in a statement said the East African country’s economy was just starting to recover from years of conflict and political upheaval under former leader Pierre Nkurunziza that left key sectors blighted.

IMF said the loan facility would help address Burundi’s protracted balance of payments needs, rebuild external buffers and support the government’s reform agenda.

It said this was Burundi’s first Upper Credit Tranche-quality arrangement with the IMF since 2015 and that it was expected to “catalyse donor funding, which is essential to cater to Burundi’s large financing needs and support its exit from fragility”.