The General Directorate of Economy and Planning (DGEP) held on Monday, November 14th, 2022, in Ouagadougou, a workshop to evaluate and validate the development financing report of the Integrated Financing Framework. This document will enable the Ministry of Economy, Finance, and Forecasting to mobilize internal resources.
In addition to enabling the Ministry in charge of the economy to better evaluate and mobilize internal resources, this document, which has just been validated, will also promote good coordination of official development assistance in Burkina Faso.
The diagnostic report shows that since 2021, the financing of the national development policy has not taken into account certain fundamental needs in order to achieve the objectives. The security and health crisis that has shaken Burkina Faso in recent years has had an impact on the country’s economy.
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The Director General of Economy and Planning, Dr. Larba Issa Kobyagda, said that this document will give a boost to the country’s economy
This situation, according to the report, has plunged the economy of Burkina Faso into a permanent deficit. To find an answer to the situation, it is imperative to use the necessary resources to be able to finance the various projects capable of creating sustainable development, hence this document entitled: Integrated Financing Framework (IFF).
This document will allow for a proper assessment of needs, and more mobilization of internal resources and will ensure the best possible coordination of official development assistance funding. In addition, it should be noted that the strategy involves all actors involved in the growth of the national economy. “This integrated financing framework includes all three financing instruments, namely technical and financial partners, the mobilization of internal resources, and especially the private sector, which must play a leading role in financing development,” said the Director General of the Economy and Planning, Dr. Larba Issa Kobyagda.
The technical and financial partners have rightly welcomed this initiative
The implementation of the recommendations of the IFC, according to him, will give a boost to the country’s economy. That is why the technical and financial partners have welcomed the document. “It is a great initiative by the government to bring together all the actors, both public and private, both national and international, to diagnose the state of financing in Burkina Faso, by analyzing risks and constraints and to see what the state of financing in Burkina Faso is,” said economist Hervé Kouraogo.
The diagnostic report stresses that the State has made efforts to mobilize internal resources. However, it notes that this state of affairs remains insufficient and it is, therefore, necessary to fight against certain evils that handicap the national economy, such as corruption, tax evasion, and fraud, and work must be done so that the customs and tax administrations are able to mobilize resources for both the central state and local authorities.
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First published in lefaso.net, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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