The International Monetary Fund (IMF) announced in a statement released on Monday that an agreement has been reached with the Burundian government to put in place a 261-million-dollar aid program.
The agreement, which is subject to approval by the Fund’s Executive Board, aims to support economic recovery in the face of shocks.
The aid program will provide Burundi with a 40-month credit facility totaling US$ 200.2 million in special drawing rights.
According to the Head of Mission, Mame Astou Diouf, this is the first assistance program for the IMF (in Burundi) since 2015.
According to her, this aid program aims to restore debt sustainability to revive the economy after successive shocks.
Moreover, Burundi has applied to the IMF for aid to mitigate the consequences of its dwindling foreign exchange reserves.
To sanction the violence caused by a previous political crisis, the European Union suspended its aid to Burundi in 2016, in addition to direct aid to the population.