The European Union is increasing its support for Burkina Faso’s transitional government today with the signing of a €120 million budget support agreement covering a period of 18 months, financed under the 11th European Development Fund. This budget support has been quickly put in place to consolidate the country’s democratic gains following the popular uprising at the end of October 2014. Its aim is to promote much-needed political, economic and social stability.
The support will guarantee additional funding for the state budget, which is in deficit in 2015 and has been severely affected by a significant drop in revenues. This funding will be especially useful for maintaining basic public services for the country’s population and for organising the elections.
The support will be disbursed in two stages: an initial amount of €70 million in July and a second amount of €50 million at the beginning of 2016.
The two disbursements will be contingent upon fulfilment of the general conditions regarding the continued implementation of the national poverty reduction policy and good public fund management. In addition, special conditions will ensure an emphasis on the independence of the judiciary, transparency and the fight against corruption. The aim is to hand over a healthier state to the next elected government.
EU Commissioner for International Cooperation and Development, Neven Mimica, stated: ‘The European Union is fully committed to working with the transitional authorities and President Kafando to help strengthen democracy and ensure stability and the necessary conditions for credible and inclusive elections.’
He added: ‘In a fragile context, but with the determination of Burkina Faso’s people, our cooperation will also ensure that the achievements of the national poverty reduction policy are maintained and that progress towards the Millennium Development Goals is continued.’
