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Burkina Faso: 2007 Article IV Consultation, First Review Under the Poverty Reduction and Growth Facility, Request for Access Augmentation, Requests for Waivers for Nonobservance of Performance Criteria, and Request for Modification of Performance Criteria: Informational Annex

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International Monetary Fund
Published Date:
May 2008
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Appendix I. Burkina Faso: Relations with the Fund

(As of October 31, 2007)

I. Membership Status: Joined: May 2, 1963; accepted Article VIII in June 1996

II. General Resources Account:

SDR MillionIn percent of quota
Quota60.20100.00
Fund holdings of currency52.8287.74
Reserve position in Fund7.3912.27
Holdings Exchange Rate

III. SDR Department:

SDR MillionIn percent of allocation
Net cumulative allocation9.41100.00
Holdings0.090.94

IV. Outstanding Purchases and Loans:

SDR MillionIn percent of quota
Poverty Reduction and Growth Facility (PRGF) arrangements23.7239.40

V. Latest Financial Arrangements:

TypeApproval

Date
Expiration

Date
Amount Approved

(SDR Million)
Amount Drawn

(SDR Million)
PRGFApr. 23, 2007Apr. 22, 20106.020.50
PRGFJun. 11, 2003Sept. 30, 200630.1030.10
PRGFSept. 10, 1999Dec. 09, 200239.1239.12

VI. Projected Payments to Fund (SDR million; based on existing use of resources and present holdings of SDRs):

Forthcoming
20072008200920102011
Principal0.692.41
Charges/interest0.150.480.480.480.47
Total0.150.480.481.172.88

VII. Implementation of HIPC Initiative:

Original

Framework
Enhanced

Framework
Total
I. Commitment of HIPC assistance
Decision point dateSept. 1997Jul. 2000
Assistance committed by all creditors (US$ Million)18229.00324.15
Of which: IMF assistance (US$ million)21.7035.88
(SDR equivalent in millions)16.3027.67
Completion point dateJul. 2000Apr. 2002
II. Disbursement of IMF assistance (SDR Million)
Assistance disbursed to the member16.3027.6743.97
Interim assistance4.154.15
Completion point balance16.3023.5239.82
Additional disbursement of interest income192.012.01
Total disbursements16.3029.6845.98

VIII. Implementation of MDRI Assistance:

I. Total Debt Relief (SDR Million)2062.12
Of which: MDRI57.06
Of which: HIPC5.06
II. Debt Relief by Facility (SDR Million)
Eligible Debt
Delivery dateGRAPRGFTotal
January 2006N/A62.1262.12

IX. Safeguards Assessments:

The Central Bank of West African States (BCEAO) is a common central bank of the countries of the West African Economic and Monetary Union that includes Burkina Faso. The most recent safeguards assessment of the BCEAO was completed on November 4, 2005. The assessment indicated progress has been made in strengthening the bank’s safeguards framework since the 2002 assessment and identified some areas where further steps would help solidify it.

The BCEAO now publishes a full set of audited financial statements and improvements have been made to move financial reporting closer to International Financial Reporting Standards (IFRS). Furthermore, an internal audit charter has been put in place, mechanisms for improving risk management have been established and follow-up on internal and external audit recommendations has been strengthened.

The monitoring results of the first half of 2007 indicate certain vulnerabilities remain in internal control systems and legal structure, while there has been some progress in improving the external audit process (through adopting a multi year audit program), establishing an audit committee, expanding disclosures in the notes to financial statements on financial positions with the Fund by countries, and further strengthening of the effectiveness of the internal audit function.

X. Exchange Rate Arrangement:

Burkina Faso is a member of the West African Economic and MonetaryUnion (WAEMU) and has no separate legal tender. The union’s common currency, the CFA franc, is pegged to the euro at a rate of CFAF 655.957 = EUR 1, consistent with the official conversions rate of the French franc to the Euro and the previous fixed rate of the CFA franc to the French franc of CFAF 100= F 1. On April 28, 2006, the rate of the CFA franc in terms of SDR was CFAF 769.68 = SDR 1.0. Effective January 1, 2007, the exchange arrangement of the WAEMU countries has been reclassified to the category of conventional pegged arrangement from the category of exchange arrangement with no separate legal tender. The new classification is based on the behavior of the common currency, whereas the previous classification was based on the lack of a separate legal tender. The new classification thus only reflects a definitional change, and is not based on a judgment that there has been a substantive change in the exchange regime or other policies of the currency union or its member. The exchange system is free of restrictions on the making of payments and transfers on current international transactions.

XI. Article IV Consultations:

The periodicity of Burkina Faso’s Article IV consultation is set in accordance with the July 15, 2002 Executive Board Decision on consultation cycles. Discussions on the 2005 Article IV consultation and fourth review under the Poverty Reduction and Growth Facility (PRGF) were held during the period May 24—June 9, 2005 in Ouagadougou. The staff report (IMF Country report No. 05/354, September 30, 2005) and the Selected Issues and Statistical Annex (IMF Country Report No. 05/358, September 30, 2005) were considered by the Executive Board on September 7, 2005.

XII. ROSC/AAP:

An FAD mission visited Ouagadougou during May 7–18, 2001 to assist the authorities undertake a draft fiscal module of a Report on the Observance of Standards and Codes (ROSC). The final report, which was issued in July 2002, found that Burkina Faso was making good progress in a number of areas to increase the transparency and accountability of government. Additional efforts are needed to bring a number of improvements to the point of implementation, particularly with regard to expenditure tracking at the local level and external audit functions. Initial discussions indicated that the authorities broadly concurred with the mission assessment. On July 31, 2002, the authorities formally adopted an action plan based on the recommendations of the final ROSC.

An STA mission during May 8–21, 2003 assisted the authorities in preparing a data ROSC. The report was published in March 2004. The mission found that most of the methodologies used in the compilation of macroeconomic statistics are in broad conformity with internationally accepted guidelines. However, most datasets are affected by limited or impaired source data arising from irregularity in the conduct of surveys (national accounts), use of outdated weights (CPI), or low response rate to surveys (balance of payments). For CPI and government finance statistics, data dissemination meets the SDDS requirement, but for other macroeconomic datasets, timeliness falls short of GDDS recommendations. The authorities broadly concurred with the main findings of the mission as well as the recommendations made to address them.

The team, jointly with World Bank staff, also discussed a HIPC Initiative Assessment and Action Plan (AAP) with the authorities. The aim was to assess the capacity of the public expenditure management system to track poverty-reducing public expenditures under the HIPC Initiative and the need for technical assistance to enhance that capacity. The mission secured the officials’ approval of the jointly prepared preliminary assessment; identified the main needs for technical assistance on upgrading the capacity to track such expenditures; and drew up a draft outline action plan. This plan identifies the main needs for further technical assistance to improve tracking of poverty-reducing expenditures. The AAP has been endorsed by the authorities.

III. Technical Assistance:

Significant technical assistance has been provided since 1989, more recently especially in the fiscal area:

DepartmentType of AssistanceTime of DeliveryPurpose
AFRITACTax AdvisorFebruary 7–11, 2005Review the progress made on: (1) the setup of the Large Taxpayer Unit and the Medium Taxpayers Office; (2) the steps to strengthen the fiscal control; and (3) the corporate registry reform.
AFRITACCustoms AdvisorFebruary 14–18, 2005Provide assistance to control transit merchandises in the country and travelers at Ouagadougou airport.
AFRITACCustoms, shortterm ExpertFebruary 14–23, 2005Implement customs valuation code and establish a database for indicative import prices.
AFRITACMicrofinance AdvisorMarch 21–25, 2005Assess the TA need of the Cellule responsible of the supervision of microfinance institutions and prepare a capacity-building program.
AFRITACShort-term ExpertApril 18–29, 2005Training of auditors of the Tax administration.
AFRITACPEM AdvisorJune 27, July 1, 2005Review of the public finance directives of WAEMU.
AFRITACSTA Advisor and Short-term ExpertJune 27–July 5, 2005Assist in setting up database for the TOFE (first or two scheduled missions) and expand further the scope of the TOFE (last of three scheduled missions).
AFRITACCustoms Advisor visitsJuly 10–16, 2005Advise on customs enforcement and assessment of further TA needs.
AFRITACTax AdvisorAugust 8–12, 2005(1) Review the status of implementation of the 2003 FAD mission’s recommendations; (2) update the tax directorate’s action plan; and (3) asses the DGI TA’s needs.
AFRITACSTA Short-term ExpertAugust 22–26, 2005Assist with putting in place the database of public finances.
AFRITACCustoms AdvisorAugust 28–September 1, 2005Advise on customs enforcement and assessment of further TA needs.
AFRITACSTA Short-term ExpertAugust 29–September 2, 2005Assist and set up database for the TOFE (last of the two scheduled missions).
AFRITACMicrofinance AdvisorSeptember 19–23, 2005Strengthen operational systems for the surveillance of microfinance institutions.
AFRITACSTA Short-term ExpertSeptember 19–23, 2005Assist and setting up database for the TOFE (additional mission).
AFRITACPEM AdvisorOctober 10–14, 2005Review the status of implementation the January 2004 mission recommendations and assess the technical assistance needs.
AFRITACMicrofinance Advisor and Short-term ExpertNovember 21–December 16, 2005Coach in microfinance inspections.
AFRITACSTA AdvisorDecember 6–15, 2005Review the WAEMU directives on budgetary nomenclature.
AFRITACCustoms AdvisorJanuary 23–25, 2006Strengthen the dialogue between the customs administration and the private sector (regional workshop).
AFRITACSTA AdvisorMarch 11–25, 2006Review the directive on the TOFE.
AFRITACPEM AdvisorMarch 13–17, 2006Review the directive on the TOFE.
AFRITACTax administration; Short term ExpertMarch 14–28, 2006Assist in strengthening (1) operations of the LTU; and (2) tax auditing.
AFRITACCustoms AdvisorMarch 14–28, 2006Assist in defining an action plan to improve revenue mobilization.
FADRevenue administration missionMarch 14–28, 2006Advise on tax and customs administration reform strategy (including improvement of the large tax payer unit, and strengthening of the tax and customs organization and operations).
AFRITACCustom AdvisorApril 4–14, 2006Strengthen the control of goods valuation.
AFRITACTax administration; Short term ExpertApril 17–28, 2006Strengthen the management of the most important taxpayers.
AFRITACTax AdvisorJuly 24–28, 2006Follow up the implementation of the recommendations by the FAD mission in March 2006.
AFRITACMicrofinance AdvisorJuly 31–August 4, 2006Identify the follow-up indicators from a distance.
AFRITACReal statistic sector AdvisorSeptember 11–20, 2006Take stock of the implementation of the recommendations by the ROSC mission in March 2004.
AFRITACMicrofinance, Short term ExpertSeptember 28– October 20, 2006Accompany the agents of the Cell S-IFD
AFRITACPublic expenditure AdvisorsOctober 2–12, 2006Review and follow up the implementation of the priority action plan in the PF strengthening strategy.
AFRITACMicrofinance; Short term ExpertOctober 2–20, 2006Develop agent’s abilities in inspection and accompany them in the field.
AFRITACCustoms administration, Short-term ExpertNovember 20– December 1, 2006Assess the implementation of preview recommendations relating to the control of goods valuation in the customs.
AFRITACTax AdvisorNovember 20– December 1, 2006Strengthen capacities of the tax administration to fight tax evasion.
AFRITACMacroeconomic statistics AdvisorMarch 5–9, 2007Training in Government Statistics Manual 2001
AFRITACDebt AdvisorMarch 5–16, 2007Study the situation of the administrative management of the internal and external debts.
AFRITACCustoms AdvisorMarch 12–23, 2007Follow up the implementation of the recommendations by the FAD mission in March 2006, and assess the implementation of the goods valuation control in the customs.
AFRITACMacroeconomic statistics AdvisorMarch 19–23, 2007Training in Government finance statistics framework.
AFRITACTax AdvisorMarch 26–30, 2007Assist in the implementation of the tax administration strengthening and modernization measures.
MCMBank supervisionJuly 23–27, 2007Technical assistance needs assessment and evaluation on bank supervision
FADRevenue administration missionAdvise on tax and customs administration reform strategy (including improvement of the large tax payer unit, and strengthening of the tax and customs organization and operations).
FAD/ AFRITACPublic financial managementAssist in the implementation of the authorities’ reform agenda in public financial management.

XIV. Resident Representative:

Mr. Mario Zejan took up the post of Resident Representative in March 2004.

Appendix II. Burkina Faso: IMF-World Bank Relations

(As of December 10, 2007)

A. Partnership in Burkina Faso’s development strategy

Government’s development strategy. The government of Burkina Faso outlined its development strategy in a revised PRSP (PRSP-2) adopted by the Council of Ministers on October 27, 2004, along with a Priority Action Program (PAP). The PAP translates strategic objectives into sequenced actions and strengthens results-based monitoring of the PRSP. The revised PRSP and accompanying PAP were presented to World Bank and IMF Boards on May 3, 2005. PRSP-2 reaffirms the four interrelated pillars as identified in the first PRSP, namely: (i) accelerating broad-based growth; (ii) promoting access to social services; (iii) increasing employment and income-generating activities for the poor; and (iv) promoting good governance.

Partnership with the Fund. The IMF and World Bank staffs maintain a collaborative relationship in supporting the government’s macroeconomic and structural reforms, in line with the guidelines for enhanced Bank-Fund collaboration. This includes regular participation of Bank staff in the meetings with the government on the Fund’s program review missions, IMF staff participation in Bank development policy missions, and Bank internal review meetings. The IMF takes the lead in macroeconomic stabilization and the World Bank in economic growth and poverty reduction, with close collaboration on overlapping issues. The Fund’s dialogue and conditionality are consistent with the structural programs agreed with the Bank, and the Bank’s dialogue and conditionality have maintained consistency with the macroeconomic framework endorsed by the Fund.

B. World Bank Group Strategy

29. On June 28, 2005 the Bank’s Board discussed the World Bank Group’s country assistance strategy (CAS FY2006–09). This CAS supports the pillars of PRSP-2 with analytic work, technical advice, on-going operations and new financing. It is built around a results framework that explicitly defines the assumed causal links between IDA-supported activities, direct outcomes of these activities and the country’s higher-level development outcomes. On July5, 2007 the Bank’s Board discussed the CAS Progress Report which emphasized that the CAS remains highly relevant for Burkina Faso and is being effectively implemented to deliver results in the following key strategic areas:

  • Accelerated and shared growth. IDA will support enhanced regional integration, expanded and diversified export earnings, cotton sector reform, an improved investment climate, decentralized urban development to promote urban-rural linkages, and economic infrastructure needed to reduce factor costs and stimulate private sector investment and growth.
  • Improved access to basic social services. IDA will continue to support access to education and improved quality of teaching, expanded coverage of basic health care and HIV/AIDS prevention and treatment and increased access to clean water and sanitation, particularly in urban areas.
  • Increased employment and income opportunities for the poor. A two-pronged approach will focus, first, on the labor market and employment strategy for urban workers. Second, IDA will support efforts to reduce risk, increase revenues, upgrade economic and market infrastructure and enhance women’s opportunities in rural areas, along with promoting community-based land and natural resource management for sustainable development.
  • Better governance with greater decentralization. Governance affects the achievement of development outcomes across all strategic pillars and sectors. Efforts to enhance governance and accountability will be integral to all IDA-supported activities. Particular emphasis will be placed on supporting a more efficient judiciary, promoting public resource management and increased decentralization and strengthening local government’s capacity and participation in public policy decisions.

30. The current Bank Portfolio comprises 14 IDA and 2 GEF commitments of US$ 579.7 million, of which US$ 418 million are undisbursed. IDA’s detailed portfolio in Burkina Faso is as follows:

Burkina Faso: Financial Relations with the World Bank(As of November 21, 2007; in millions of U.S. dollars)
IDA Lending OperationsApproval DateIDA/GEF Commitments in US$ MillionUndisbursed Amount of Active Projects
Energy Access Project07/26/200738.839.2
Decentralized Urban Capacity Building05/29/200710.010.4
Community Based Rural Development03/27/200774.075.6
Agriculture Diversification & Market Development06/20/200666.068.3
Post Primary Education06/20/200622.917.2
Health Sector Sup. & AIDS04/27/200647.746.9
Admin Capacity Building03/22/20057.05.1
Power Sector Development11/30/200463.645.9
GEF Sahel Lowland Ecosys Mgmt06/22/20044.52.3
STATCAP03/25/200410.04.1
Transp Sector04/08/200392.165.8
Compet & Enterprise Development03/04/200330.724.7
Development Learning Center07/29/20022.30.1
GEF Nat Res Mgmt Partnership05/21/20027.50.0
Basic Education Sector01/22/200232.68.3
Ouaga Water Supply03/20/200170.04.1
Total579.7418.0
Source: World Bank.
Source: World Bank.

31. The Bank’s proposed remaining lending program for the FY06–09 period21 will consist of: one programmatic development lending operation per fiscal year; and investment operations potentially in the water and education sectors subject to discussions with the Government and IDA availability. In addition, Burkina will participate in regional projects to improve infrastructure networks and increase agricultural productivity22.

C. IMF-World Bank collaboration

32. Areas in which the Fund leads. The Fund takes the lead in the policy dialogue on macroeconomic policies and monitors macroeconomic performance through quantitative performance criteria. In addition, it has established structural performance criteria in the areas of tax policy, financial transparency and good governance, and trade policy.

33. Areas in which the Bank leads. The Bank takes the lead in economic growth and poverty reduction The Bank is supporting the implementation of the PRSP in the areas of cotton sector reform, public finance management, good governance, decentralization, energy sector and economic diversification and competitiveness through a series of poverty reduction support credits (PRSC), complemented with a portfolio of specific projects addressing issues related to HIV/AIDS, education, infrastructure investments in transport, water and sanitation, urban and rural development, private sector development, and statistical capacity building.

34. Areas of shared responsibility. The staffs of the Bank and Fund consult with each other on a regular basis on all aspects of the policy dialog in order to ensure a well coordinated approach. Bank and Fund staffs are expected to attend Board discussions in the other institution, and will normally be called to the table to present their views on areas of the reform program where their institution is in the lead. Bank and Fund staffs collaborate as needed on a variety of topics in ways that are consistent with their areas of emphasis. These include but are not limited to the following: debt sustainability assessments; level and composition of public expenditures; public financial management; anti-corruption efforts; and HIPC resource use.

Prepared by World Bank staff. Questions may be referred to Mr. Gilles Alfandari (Sr. Economist, phone: 202-458-9498).

Appendix III. Burkina Faso: Statistical Issues

Overall, data provision is adequate for surveillance purposes, but serious shortcomings hamper economic and program monitoring. The country has participated in the General Data Dissemination System (GDDS) since December 2001 and its metadata are posted on the Dissemination Standards Bulletin Board (DSBB). However, the metadata have not been updated since 2001. Following the conversion of the National Institute of Statistics and Demography (INSD) into an autonomous agency, its human and material resources were significantly increased in 2002.

The country has received technical assistance (TA) under the government finance statistics (GFS) component of the regional GDDS project (funded by Japan) for member countries of the West African Economic and Monetary Union (WAEMU).23 A data ROSC mission visited Burkina Faso in May 2003 and the report was published in March 2004. The May 2006 and September 2006 STA missions helped the authorities update the statistical plans for improvement and recommended increasing resources to support statistical reforms, especially to the INSD, for additional staff and survey work. This was seen as a prerequisite to enhanced overall effectiveness of technical assistance.

Real sector

Serious problems have been identified in both national accounts and price statistics. The INSD compiles the national accounts following the harmonized WAEMU guidelines, which are in line with the 1993 SNA. Annual data are available on GDP estimates by economic activity (19 industries) and by expenditure categories at current and constant (1985) prices, as well as by institutional sector accounts. Also, a general table of transactions and an overall balance of goods and services are available.

The quality of the national accounts estimates is affected by the scarcity of suitable data sources and by deficiencies in statistical practices. In particular, the informal sector is not properly captured, with estimates derived from limited informal sector surveys conducted in 1989 and 1996. Although included in the directory of industrial and commercial enterprises, most medium and small enterprises belonging to the “modern sector” fall short of submitting accounting statements or tax declarations. Other deficiencies revealed from GDDS metadata are the residual estimation of private household consumption in the absence of an adequate framework to validate data (i.e., supply-use tables), and the use of an outdated base year (1985) for constant price estimates. The country has completed, with TA from the Fund and other donors, the current price accounts for 2000 and revised the 1999 data. A work program aiming at improving the quality of the national accounts and producing estimates for missing years has been set up with AFRITAC West assistance. To this end, the INSD will receive further TA from the AFRISTAT and INSEE-France.

The consumer price index compiled by the INSD follows the methodology of the harmonized index adopted by the WAEMU member countries. The index only covers expenditures by households living in the capital. Further restrictions are the exclusion of non-African households, various types of purchased goods and services, as well as services of owner-occupied dwellings. The weight for the item “food, beverages, and tobacco” (33.9 percent of the total) is very low in comparison with neighboring countries. A possible explanation is that the survey from which the weights are taken did not cover a full year. There are plans—subject to the availability of funding—to update the weights. Currently, the base year is 1996. When a product is unavailable, its price is presumed to remain unchanged for a period of up to three months, which is in conformity with the WAEMU methodology. However, best practice would impute a price change for these items on the basis of the prices recorded for closely related products. The software package used for calculating the consumer price index needs to be improved. There do not seem to be other major problems concerning the index, whose periodicity and timeliness meet SDDS requirements. The index is published by the INSD and is also available on the Central Bank of West African States (BCEAO) and AFRISTAT websites.

The authorities do not compile a producer price index or wholesale price index. According to plans for improvement posted on the DSBB, the development of these indices is not envisaged, even for the medium term.

Government finance

Annual data are published in the International Financial Statistics (IFS) through 2005. No detailed monthly or quarterly data have been reported to STA for publication. The 2006 Government Finance Statistics Yearbook includes data for 2004 and 2005 that were for the first time reported in the format of the Government Finance Statistics Manual 2001 (GFSM 2001). The data cover budgetary operations only, but include a breakdown by function for 2004. In general, GFS compilation is constrained by a lack of coordination among fiscal agencies. The ROSC identified as areas for improvement the production of functional and ministerial breakdown of expenditure, extending the coverage of the TOFE to the general government, and basing compilation on the Treasury ledger. The above-mentioned areas benefited from the June-July 2007 FAD/AFRITAC West public finance management mission. It provided a medium-term strategy to improve budget management, furthered the progress on prior STA recommendations, and strongly encouraged the authorities to adopt functional classification of expenditure and other methods consistent with GFSM 2001.

Monetary and financial statistics

Preliminary monetary data are prepared by the national agency of the BCEAO and released officially with a lag of two to three months. Most of the problems in the monetary statistics are not specific to Burkina Faso, but affect all member countries of the WAEMU. For example, the BCEAO has encountered difficulties in estimating currency in circulation in each WAEMU member country due to large backlogs of unsorted banknotes held by the central bank in its various national agencies. Another problem has been the slower-than-expected implementation of the new accounting system by banks since its introduction on January 1, 1996. These delays contribute substantially to the lag in reporting monetary statistics.

The problems underlying delays in reporting of monetary statistics have not been resolved, despite technical assistance and additional measures to accelerate the bank note sorting operations to estimate currency in circulation in the WAEMU countries. In August 2005, the BCEAO informed STA of a change in the method to estimate currency in circulation in the WAEMU countries. The new method, based on updated sorting coefficients (“coefficients de tri”), has been applied backwards to time series from December 2003 and aims at improving the accuracy and timeliness of monetary statistics in the WAEMU countries. The African Department and STA await more information from the authorities to review the new methodology. Meanwhile, however, key monetary aggregates such as broad money, net foreign assets and other monetary indicators have undergone substantial revisions.

Following a technical assistance mission to the BCEAO headquarters in 2001, the authorities agreed on an action plan for the implementation of the Monetary and Financial Statistics Manual (MFSM) and on the introduction of an area-wide page for the WAEMU in the IFS; the latter was achieved in January 2003.

In August 2006, as part of the authorities’ efforts to implement the MFSM’s methodology, the BCEAO reported to STA monetary data for June 2006 for all member countries using Standardized Report Forms (1SR-central bank, 2SR-other depository corporations, and 5SR-monetary aggregates). These data were reviewed in STA and feedback was provided to the authorities. A response from the authorities is pending.

Balance of payments

The BCEAO national agency disseminates balance of payments statistics with a seven-month lag, in partial compliance with the recommendations of the GDDS, and annual international investment position data with an eighteen-month lag. Regarding trade data, the customs computer system (SYDONIA) was upgraded in 1999, and its implementation in the main border customs offices is complete; this allowed for better monitoring of import data and should improve the coverage of informal trade. Further improvement of services and transfers (especially workers’ remittances) coverage is clearly linked to the future intensification of the contacts with reporting bodies. The 2003 data ROSC mission found that the response rate for the survey among industrial and commercial enterprises was only 40 percent. To address this, the mission recommended that more attention and resources be devoted to improve data collection. Updates for the IFS and the BOPSY since 2001 are pending.

In the financial account, the foreign assets of the private nonbank sector are well covered through the use of data from the Bank for International Settlements. The organization of annual surveys for the reporting of foreign direct investment transactions is still at a preliminary stage. The BCEAO authorities have indicated that they are looking forward to integrating two additional sources aimed at improving the quality of the balance of payments reports: the regional stock exchange transactions, and the firms’ balance sheet database (centrale des bilans). They have also indicated that quarterly data derived from banking settlement reports will soon be used to assess the existing information. The balance of payments compilers receive payments statements every ten days; however, the information is not used in the compilation of the annual balance of payments statements, but rather to support data quality controls and to provide early information to the BCEAO authorities. The computer debt-management system software, SYGADE, developed by the United Nations Conference on Trade and Development, was introduced in 1999 and is fully operational. Information on debt disbursement has also been fully integrated with the expenditure-monitoring system.

Burkina Faso: Table of Common Indicators Required for SurveillanceAs of December 4, 2007
Date of latest observationDate receivedFrequency of data6Frequency of reporting6Frequency of publication 6Memo Items:
Data Quality – Methodological soundness7Data Quality Accuracy and reliability8
Exchange RatesCurrentCurrentDDD
International Reserve Assets and Reserve Liabilities of the Monetary Authorities110/200711/2007
Reserve/Base Money09/200711/2007MMMLO, LO, LNO, OLO, O, O, O, O
Broad Money09/200711/2007MMM
Central Bank Balance Sheet09/200711/2007MMM
Consolidated Balance Sheet of the Banking System09/200711/2007MMM
Interest Rates207/200708/2007MMM
Consumer Price Index08/200711/2007MMMO, LNO, O, OLNO, O, O, O, NA
Revenue, Expenditure, Balance and Composition of Financing3 -General Government406/200709/2007IIIO, LO, O, OO, LO, O, O, LNO
Revenue, Expenditure, Balance and Composition of Financing3-Central Government06/200709/2007MMM
Stocks of Central Government and Central Government-Guaranteed Debt509/200609/2007AAA
External Current Account Balance200505/2007AAAO, O, O, OLO, O, LO, O, O
Exports and Imports of Goods and Services200505/2007AAA
GDP/GNP200607/2007AAALO, LNO, LNO, LOLNO, LNO, LO, LO, LNO
Gross External Debt12/200609/2007AAA

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA). Reflects the assessment provided in the data ROSC published in March 2004 and based on the findings of the mission that took place in May 2003 for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not available (NA).

Same as footnote 7, except referring to international standards concerning (respectively) source data, statistical techniques, assessment and validation of source data, assessment and validation of intermediate data and statistical outputs, and revision studies.

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA). Reflects the assessment provided in the data ROSC published in March 2004 and based on the findings of the mission that took place in May 2003 for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not available (NA).

Same as footnote 7, except referring to international standards concerning (respectively) source data, statistical techniques, assessment and validation of source data, assessment and validation of intermediate data and statistical outputs, and revision studies.

18

Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence, these two amounts cannot be added.

19

Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point, but not disbursed during the interim period.

20

The Multilateral Debt Relief Initiative (MDRI) provides 100 percent debt relief to eligible member countries that are qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.

21

FY09 IDA allocation will depend on IDA 15 negotiations currently underway.

22

A regional aviation project, a regional transit facilitation project, a West Africa power pool project and a West African agricultural productivity program.

23

Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

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