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Bujumbura Gets Some Needed IMF Relief

For the first time in eight years, Burundi has received $261 million from the International Monetary Fund (IMF), which will help with its economic recovery. The economy of Burundi has seen a number of shocks that have slowed its recovery from the Covid-19 outbreak and exacerbated its macroeconomic imbalances. Agriculture production was hindered by delayed rainfall in the last quarter of 2022 and limited fertiliser supply due to higher prices in the context of limited foreign exchange (FX) availability for imports, supply disruptions related to the conflict in Ukraine, and insufficient domestic production to meet local farmers’ demand. Additionally. higher import prices triggered by the war in Ukraine have pushed up inflation, widened the fiscal deficit, and heightened current account pressures.