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Burkina Faso- HIPC Approval Document Completion Point under the Enhanced Framework


In April 2002, Burkina Faso reached its completion point and the Boards of the IMF and World Bank approved US$169 million worth of debt relief in end 1999 NPV terms under the enhanced HIPC Framework. This document invites the Boards to note the justifications for Burkina Faso qualification for HIPC assistance, and approve the proposed plan to finance the balance of the Bank Group’s share of Burkina Faso costs. This comes in addition to US$ 229 million in 1999 NPV terms the country received when it reached its completion point under the original HIPC framework in July 2000. Furthermore an additional US$129 million in end-2001 NPV terms of debt relief has been approved for Burkina Faso to mitigate the adverse effect on its debt ratios resulting from exogenous shocks to its exports. Section 2 of this document summarises details of Burkina Faso status of policy and reforms implementation during the interim period, while the total debt relief is disaggregated in Section 3 to illustrate the breakdown of HIPC costs to all creditors at the decision and completion points and justification for any change in total debt relief approved at the decision point. Section 4 shows the HIPC debt relief assistance delivered during the interim period. The Bank Group’s operations are reviewed in Section 5, with particular emphasis on activities related to the progress made in the implementation of the Poverty Reduction Strategy Papers (PRSPs). Section 6 presents details of the proposed delivery modality. The proposed financing plan is presented in Section 7. Recommendations for the Boards’ consideration are contained in Section 8.

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