IMF Predicts 4.3% Growth In Burundi’s Economy

The International Monetary Fund (IMF) predicts a 4.3% boost in Burundi's economy this year, up from 2.7% in 2023.

In their statement on Monday, the IMF explained that this growth is expected due to strong farming, productive investments, and ongoing reforms. They also noted that fuel shortages held back economic activity last year.

Burundi, population of 12 million, relies heavily on income from farming, especially tea, and coffee. In 2022, the Russian-Ukrainian conflict impacted Burundi, causing inflation and spiking food and fuel prices. 

By the end of 2023, Burundi's foreign exchange reserves were $96.4 million, covering only 0.8 months of imports.

The economy faced a foreign currency shortage after a 2015 political crisis when donors suspended aid. But now The European Union resumed financial support, and the United States committed to aid.  

The IMF mentioned that relief came from remittances and gold exports.

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