Like other countries across the globe, the COVID-19 pandemic disrupted the economic growth of Burundi and affected the balance of payment. In this exclusive interview with the African Leadership Magazine UK, the Minister of Finance, Domitien Ndihokubwayo, talks about the government’s efforts to rejuvenate the economy, post-pandemic. Excerpts.
Reports show that the Covid19 pandemic caused a sharp economic slowdown in Burundi. However, it is gathered that recently the Executive Board of the International Monetary Fund (IMF) approved a disbursement of SDR 53.9 million (35 percent of quota, about US$76.2 million) under the Rapid Credit Facility (RCF) in Burundi. What importance does this serve to the rejuvenation of the country’s economy and the empowerment of its citizens Post Covid?
Burundi’s economy has been negatively impacted by the global health crisis. The crisis has affected performance in almost all sectors, particularly economic activity and, therefore, economic growth, but also the budget, the financial sector and the balance of payments.
In order to significantly mitigate the socio-economic impacts of COVID-19, the Government had to divert resources to the COVID-19 response, including the Contingency Plan for about US$58 million.
The disbursement approved by the IMF for Burundi under the Rapid Credit Facility constitutes emergency financing and major financial assistance for the country’s economic recovery. These financial resources will support the Government’s efforts to implement economic reforms aimed at the structural transformation of the economy, reintegrate households into the labor market, strengthen food security, and support the private and financial sectors.
Click HERE TO ACCESS THE INTERVIEW HERE on pages 18 – 20 of the February 2022 edition of the African Leadership Magazine.