IMF extends $7.6 mln credit to boost Burundi economy

BUJUMBURA (Reuters) - The International Monetary Fund (IMF) has released about $7.6 million to Burundi in the latest part of an ongoing credit facility to boost the country's flagging economy.

The IMF says real gross domestic product growth in the central African country that relies on coffee and tea for 85 percent of its exports is estimated to have decelerated to 4 percent in 2012.

"Lower liquidity within the banking system contributed to a slowdown in growth in credit to the private sector," the IMF said in a statement on Thursday.

The central African government predicts the economy will grow 6.6 percent this year, up from an estimated 4.7 percent in 2012. The IMF did not give its own estimate for 2012 growth.

The IMF was in the country for a review of Burundi's performance under the programme supported by the Extended Credit Facility (ECF). The new facility had brought aid under the arrangement to a total of about $15.3 million, the IMF said.

Burundi's franc fell 14.3 percent against the dollar in 2012, the central bank reported last week.

Inflation peaked at 25.3 percent in March 2012 before declining sharply to 7.6 percent in January, owing in part to tight monetary policy and the temporary removal of taxes on food products.

The IMF said it expected growth of economic activities to rebound and that inflation would continue to ease owing to lower international food and fuel prices.

Source: http://news.yahoo.com/imf-extends-7-6-mln-credit-boost-burundi-060102513--business.html

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