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Burundi government, WB representatives meet to evaluate portfolio of the financial institution

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Bujumbura, Burundi, October 4 (Infosplusgabon) - Burundi’s government representatives and a team of the World Bank resident mission met here Friday to evaluate the portfolio of the bank in Burundi estimated at more than 710 million US dollars, sources from the two parties said.

 

 

 

Burundian Prime Minister Alain Guillaume Bunyoni, who opened the workshop, set the pace, taking up the challenges to propose solutions to improve the sustainable development of his country.

 

The WB resident representative, Mrs Kabongo, promised to make all arrangements to make this cooperation beneficial to the Burundian people.

 

“We’ll go beyond by mobilizing other Burundi’s partners,” she said.

 

In September, the World Bank issued an alarming report on Burundi’s economic situation, particularly the drop in foreign aid that caused difficulties in its budgets and balance of trade.

 

To compensate for this loss, the Burundian government strongly mobilized home resources but this was not enough to meet the increasing social demand driven by a high population growth.

 

The WB revealed a slight increase in economic growth, which rose from 1.6 per cent in 2018 to 1.8 per cent in 2019.

 

On the other hand, the country recorded a deflation due to the drop in foodstuff prices in 2018 (-2.8 %) which continued in 2019 to be set at 0.8 per cent while inflation had reached 16 per cent in 2017.

 

This fragile recovery of the Burundian economy was again noted, but the revenue per inhabitant remained weak, estimated at about 260 US dollars for 2019.

 

The World Bank again worries over the economic situation of Burundi which however has to face the consequences of the coronavirus (COVID-19) pandemic.

 

The consequences were the closure of the international Bujumbura airport, the massive screening, the formation of the treating staff and the establishment of follow up centers for people who tested positive.

 

From the point of view of the World Bank, the COVID-19 crisis will also have consequences on the Burundian economy, facing a double effect of supply and demand.

 

All productive sectors, including agriculture, strategic provider of the Burundian economy, will record contraction.

 

FIN/ INFOSPLUSGABON/PLM/GABON2020

 

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