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This 2012 Article IV Consultation highlights that despite a difficult economic and social context, Burundi has made steady, though uneven, progress in implementing its Extended Credit Facility (ECF)-supported economic reforms. Real GDP growth is estimated to have increased to 4.2 percent in 2011. The medium-term macroeconomic outlook is challenging. Risks emanate from a delicate social situation given persistent shocks and the high cost of living. Executive Directors have emphasized the importance of pursuing public financial management reforms to foster greater transparency and accountability, and to strengthen institutional capacity.The financial market development plan was finalized in March 2012 and submitted for review by the Council of Ministers. ... manual and a draft circular on risk-based supervision will be prepared with Central AFRITAC technical assistance. ... technical assistance and the commercial banks will migrate to the IFRS (International Financial Reporting Standards) by end-2013. ... 13. In the coffee sector, the government successfully resumed its washing stations privatization program, with 28anbsp;...

Author: International Monetary Fund
Publisher:International Monetary Fund - 2012-08-06

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