Burkina Faso - Enhanced Heavily Indebted Poor Countries (HIPC) Debt Initiative

CONFIDENTIAL 40339 THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION BIJRKINA FASO Completion Point Document for the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative Prepared by the Staffs of the International Monetary Fund and the IDA' March 28, 2002 Contents Page Executive Summary ....................................................... 3 I. Introduction ............................................ ...... 5.............. 5 II. Assessment of Requirements for Reaching Completion Point . . 6 A. Implementation of the Poverty Reduction Strategy .7 B. Macroeconomic Stability ...................................................... 11 -C. Key Policy Measures and Reforms ....................................................... 12 III. Delivery of Debt Relief and Longer-Term Debt Sustainability . 14 .................................... A. Status of Creditor Participation and Projected Profile of Delivery .......................... 14 B. Data Reconciliation and Assistance ..................... ................................. 18 C. Updated Debt Sustainability Analysis ...................................................... 19 D. Additional Assistance ...................................................... 22 E. Sensitivity Analysis and Long-Term Debt Sustainability ................................... .... 24 IV. Conclusions ...................................................... 26 V. Issues for Discussion ...................................................... 27 Boxes 1. Matrix of Policy Reforms for the Floating Completion Point .8 2. Progress in Implementation of the Poverty Reduction Strategy since October 2001 10 3. Sectoral Allocation of Expenditure Financed by HIPC Initiative Resources, 2001-02 . 1 4. Comparison between Forecasts of Principal Exports at Decision Point and Outturn at Completion Point .21 'Approved by Amor Tahari and Martin Fetherston (IMF) and Callisto Madavo and Gobind Nankani (IDA).  -2- Figures 1. Structure of Enhanced HIPC Assistance, End-1999 NPV Terms (As of Decision Point and After Data Revision) .......................................................... 28 2. External Debt and Debt Service Indicators for Medium- and Long-Term Public Sector Debt, 2001-21 ........................................................... 29 3. Sensitivity Analysis, 2002-21 .......................................................... 30 Tables 1. Assistance under the HIPC Initiative as Initially Approved at the Second Decision Point (June - July 2000) .......................................................... 16 2. Selected Economic and Financial Indicators, 1999-2005 ............................................. 31 3. Fiscal Impact of the HIPC Initiative, 2000-05 .......................................................... 32 4. Main Assumptions of the Macroeconomic Framework, 2001-21 ................................. 33 5. Balance of Payments, 1999-2021 .......................................................... 34 6. Comparison of Discount Rate and Exchange Rate Assumptions, at End-1999 and End-2001 ........................................ 35 7. External Public and Publicly-Guaranteed Debt, at End-December 1999 (revised) ....... 36 8. External Public and Publicly-Guaranteed Debt, at End-December 2001 ...................... 37 9. Net Present Value of External Debt, 2001-21 ......................................................... 38 10. External Debt Service After Full Implementation of Debt-Relief Mechanisms, 2002-22 ......................................................... 39 11. External Debt Indicators, 2001-21 .40 12. Estimated Assistance at Enhanced Decision Point (amended) . ............. 41 ....................... 13. Alternative Assistance Levels Under a Proportional Burden-Sharing Approach . 42 14. Status of Commitment and Delivery of Original HIPC Assistance, as of End-February 2002 .43 15. Status of Commitment and Delivery of Enhanced HIPC Assistance, as of End-February 2002 ................................................................. 44 16. Enhanced HIPC Initiative Assistance Levels and Topping-Up at Completion Point .45 17. Delivery of IDA Assistance Under the HIPC Initiative, 1999-2029 .46 18. Delivery of IMF Assistance Under the HIPC Initiative, 2000-08 .47 19. Paris Club Creditors' Delivery of Debt Relief Under Bilateral Initiatives Beyond the HIPC Initiative .48 20. Sensitivity Analysis, 2001-21 .49 21. Vulnerability Analysis and Flows of Official External Resources, 1990-2020 .50 22. HIPC Initiative: Status of Country Cases Considered Under the Initiative, March 20, 2002 .51 Annexes 1. Simulating HIPC Assistance .52 2. Divergences in Exports of Goods and Services Between the Assumptions Used at the Decision Point and Outturn at Completion Point .53 3. Debt Management Assessment .................... 56  -3- EXECUTIVE SUMMARY * Based on a good track record of sound macroeconomic policies and significant structural reforms, the Executive Boards of IDA and IMF agreed in June/July 2000 that Burkina Faso had met the conditions for the decision point under the enhanced HIPC framework and defined a set of conditions for reaching the completion point under this framework. The debt sustainability analysis, which was based on end- 1999 data, estimated the total debt relief under the HIPC Initiative (both original and enhanced) necessary to reduce the NPV of debt to export ratio to 150 percent at decision point at US$398 million in NPV terms. Burkina Faso: Summary Table, 1999-2001 (In millions of U.S. dollars; unless otherwise indicated) Decision Completion Point Point June/July March 2002 2000 Base year of calculation End-1999 End-2001 1999 2001 1999 2001 2001 without with topping-up topping-up Stock of NPV of debt (before HIPC) 860 944 882 9471/ 947X} Three-year export average 308 305 305 262 262 NPV of debt-to-exports (in percent) 279 310 289 361 361 HIPC assistance 398 378 424' 404 404 Stock of NPV of debt (after HIPC) 462 566 458 543 543 Additional bilateral assistance 3 ... ... ... 22 22 Topping-up assistance ... ... ... ... 129 Stock of NPV of debt (beyond HIPC and topping-up) 462 566 458 521 393 NPV of debt-to-exports (in percent) 150 186 150 199 150 Sources: EBS/00/13 and IDA/R2000-119, Tables 15 and 16 (decision point); and, Tables 9 and 16 of this report and World Bank and IMF staffs estimates (completion point). 1/ World Bank and IMF staffs estimates. 2/ Based on end-1999 revised data. 3/ Assistance beyond Enhanced-HIPC granted by some Paris Club creditors. * Already at the time of the decision point, the staffs projected a hump in the NPV debt-to-export profile above the sustainability threshold of 150 percent in the immediate years following the decision point. The NPV of debt-to-export was projected to reach 186 percent by end-2001, 36 percentage points higher than the sustainability threshold, and remain above 150 percent until 2006. * By March 2001, Burkina Faso had satisfied all the policy reforms for the floating completion point triggers under the enhanced HIPC Initiative in the areas of education, health and governance, and had maintained a stable macroeconomic position, supported by the PRGF program. The First Annual Progress Report on implementation of the PRSP was finalized in September 2001 and was endorsed by the Boards of the Fund and Bank in November and December 2001 respectively. At that time, it was agreed that the consideration of the second completion point would be deferred until Spring 2002 in order to take account of the recent developments in the country's external position and to update the debt sustainability analysis.  -4- In February/March 2002, the staffs of the IMF and IDA together with the authorities prepared a new debt sustainability analysis (DSA) based on end-2001 data. They also revised the end-1999 data to reflect new information. On the basis of this, the staffs recommend that enhanced HIPC assistance at the decision point be revised upwards by about US$26 million in NPV terms, bringing combined original and enhanced HIPC assistance from US$ 398 million to US$ 424 million. * The debt relief currently committed under the HIPC framework leaves Burkina Faso with a debt hump for a prolonged time period. The full delivery of HIPC assistance and additional bilateral relief results in an NPV debt-to-export ratio at end-2001 of 199 percent (49 percentage points above the sustainability threshold). This ratio takes into account the higher enhanced HIPC Initiative assistance reflecting the upward revision of debt data and additional bilateral relief provided by creditors. The NPV debt-to-export ratio for 2001 would have been even higher if creditors had not provided additional bilateral relief (208 percent). This deterioration in the 2001 NPV debt-to-export ratio is mainly the result of a lower export performance, which, everything else constant, contributes to a 30 percentage point increase in the debt ratio. The NPV debt-to- export ratio will reach a peak of 237 percent in 2003 and remain well above the 150 percent threshold until 2017. * The Boards of the World Bank and IMF decided in September 2001 that in exceptional cases HIPC assistance could be topped up at the completion point. Topping up would require that exogenous factors caused fundamental changes in a country's economic circumstances adversely affecting its debt sustainability and that the NPV of debt-to-export remained significantly and persistently above the threshold value of 150 percent despite adequate policy response from the authorities. • The staffs have examined Burkina Faso's export perfornance and outlook and believe that exogenous factors have constrained the county's capacity to repay its extemal debt, despite sound macroeconomic and structural policies. Most significantly, Burkina Faso has suffered from both a volume (impact of the white fly pest) and a price shock on its cotton and gold exports, while other categories of exports have been adversely affected by tensions in Cote d'Ivoire and difficulties with the country's main air freight supplier. * In these circumstances, the staffs believe that an exceptional topping up is warranted and recommend to commit exceptionally a topping-up of US$129 million of HIPC assistance at the completion point so as to bring the NPV of debt-to-export to the equivalent of 150 percent of exports at end-2001. This amount is in addition to US$22 million of additional debt relief provided by some Paris Club creditors. The additional assistance would considerably flatten the debt hump and lead to a more contained peak in the NPV debt-to-export ratio of 195 percent in 2005 and return gradually to the level of 150 percent by 2016. * The remaining hump above 150 percent for a number of years beyond the completion point is primarily due to new borrowing which is essential for Burkina Faso in order to achieve sustainable growth and the other critical goals set out in the PRSP. However, debt sustainability is not endangered due to the highly concessional nature of this new debt and debt service ratios remain at low levels.  -5 - I. INTRODUCTION 1. This paper discusses Burkina Faso's progress under the Heavily Indebted Poor Countries (HIPC) Initiative, and proposes Board approval of the completion point under the enhanced framework. In June-July 2000, the Executive Boards of the International Development Association (IDA) and the Fund agreed that Burkina Faso had met the conditions for a decision point under the enhanced HIPC framework based on its good track record of sound macroeconomic policies and significant structural reforms, the completion of the first review under the arrangement supported by the Poverty Reduction and Growth Facility (PRGF), 1 and the authorities' Poverty Reduction Strategy Paper (PRSP) 2 (IDAIR2000-119 and EBS/00/1 13). At that time, the Boards defined a set of conditions for Burkina Faso to reach the completion point under the enhanced framework. 2. Debt relief under the enhanced HIPC framework estimated in June/July 2000 amounted to US$169 million in end-1999 net present value terms (NPV), calculated to bring the NPV of debt to the equivalent of 150 percent of exports at end- 1999. This agreed relief came in addition to the US$229 million NPV relief provided at the completion point under the original HIPC Initiative (to reach the target of NPV of debt-to-exports ratio of 205 percent), so that total relief under the original and enhanced Initiative would reach US$398 million in NPV terms. This total relief represented a reduction of 46.3 percent of the debt in NPV terms--at end-1999. Based on the proportional burden sharing of NPV of debt outstanding at end-1999, the total multilateral contribution would amount to US$342 million, and that of bilateral creditors to US$56 million. The Boards also agreed that interim period debt relief would be provided to Burkina Faso by IDA and the IMF equivalent to 50 percent and 52 percent, respectively, of the debt service due over the following year. Paris Club creditors took similar action and provided 70 percent flow relief until December 2001. 3. By March 2001, Burkina Faso had satisfied all the policy reforms for the completion point triggers under the enhanced HIPC initiative in the areas of education, health and governance. In November/December 2001, the Executive Boards of the Fund and IDA reviewed in broadly favorable terms the first PRSP Progress Report, Joint Staff Assessment 3 and the implementation of the second-year of the PRGF program. By then, Burkina Faso had satisfied all the floating completion point triggers under the enhanced HIPC Initiative, as I See EBD/00/48 (6/12/00); the current three-year PRGF arrangement was approved on September 10, 1999. 2EBD/00/48 (6/12/00) and the joint World Bank-IMF Staff Assessment of the PRSP (IDA/SecM2000-313 (6/13/00) and EBD/00/47 (6/12/00)). 3 EBD/01/102 (11/13/01) and IDA/R2001-0670 (11/14/01). established in the decision point document. However, it was decided 4 to defer the consideration of the enhanced HIPC completion point until the first half of 2002, in order to update the debt sustainability analysis, and take into account recent developments in the country's external position. In particular, this postponement allowed the staffs to confirm whether the country's US$ value of exports and capacity to service its external debt had been affected by a fundamental change in its economic circumstances clearly due to exogenous shocks beyond its control, in which case the amount of HIPC assistance could be reassessed by the Boards. 5 4. The paper is organized as follows. Section II assesses Burkina Faso's performance in meeting the requirements for reaching the completion point under the enhanced Initiative, as set out in the decision point document, and reviews the implementation of the poverty reduction strategy. Section III reviews the status of creditor participation, the delivery of debt relief to Burkina Faso under the HIPC Initiative, and bilateral assistance beyond the HIPC Initiative. The section then updates the results of the debt sustainability analysis, based on the reconciled stock of debt at end-2001. It examines the sensitivity of debt indicators relative to changes in macroeconomic variables and assesses Burkina Faso's debt sustainability in the long term, relative to the country's past performance, the overall economic environment, and the main risks embodied by the macroeconomic outlook. It then considers the possibility of a topping-up of enhanced HIPC assistance at the completion point. Section IV concludes and section V presents the issues for discussion. II. ASSESSMENT OF REQUIREMENTS FOR REACHING COMPLETION POINT 5. In accordance with the decisions of the Boards of IDA and the Fund, the requirements for Burkina Faso's reaching a completion point under the enhanced HIPC framework were based on (i) satisfactory assessment by the Fund and Bank staffs of the authorities' first annual progress report on implementation of the PRSP; (ii) the maintenance of a stable macroeconomic position as evidenced by continued strong performance under a program supported by an arrangement under the PRGF; and (iii) successful implementation of the social and governance reforms monitored under the Initiative and outlined at the decision point.6 This section discusses Burkina Faso's progress toward meeting these three conditions, including the impact of debt relief on expenditures during the interim period, and the tracking of the use of resources freed up by HIPC debt relief. 4See Burkina Faso: Enhanced HIPC Initiative-Information Note on Status of the Completion Point Document (IDA/SecM2001-0696, 11/30/01, and EBS/01/201, 11/29/01). 5Enhanced HIPC Initiative-Completion Point Considerations (IDA/SecM2001-0539/1, 08/21/01, and EBS/01/141, 08/20/01). 6 Box 10 of EBSl00/1 13 (6/19/00) and IDAIR2000-119 (6/20/00).  -7 - 6. By end-March 2001, all of the policy reform conditions for the floating completion point under the enhanced HIPC Initiative pertaining to the areas of health, education, and governance had been fully met, with targets exceeded in certain areas, as summarized in Box 1. A. Implementation of the Poverty Reduction Strategy 7. Burkina Faso is one of the poorest countries in the world and is characterized by pervasive poverty, notably in rural areas, and low levels of human development. After the completion of the PRSP in the spring of 2000, the government started implementing its poverty reduction program. Despite unforeseen constraints (notably exogenous shocks and lower than expected delivery of funds under the HIPC Initiative because of delays in finalizing agreements and non-participation by certain creditors), the government has continued to promote an enabling environment to foster growth and implement priority actions, as outlined in the PRSP. 8. The government presented its first Annual Progress Report on the implementation of the PRSP (PRSP-PR) in September 2001. The Report highlighted progress made and difficulties encountered in implementing the poverty reduction strategy and identified priority areas for future action. The PRSP-PR and Joint Staff Assessment (JSA) were endorsed by the Boards of the IMF and the World Bank on November 30, and December 6, 2001, respectively. 7 Overall, the first year of the implementation of the PRSP was considered satisfactory. 9. Concerning basic education, most targets listed in the PRSP for the year 2000 were met or exceeded (e.g., gross enrollment rates for girls and primary school registration in rural areas). The budget allocation for basic education (excluding external resources and joint inter-ministerial expenditure) as a percentage of the total budget increased from 15.3 percent in 1999 to 18.3 percent in 2000. School infrastructure building efforts continued, with the construction of 159 schools, 342 latrines and 206 housing units. In March 2001, the govemment adopted the Education Policy Letter, which presented the plan to hire additional teachers in conformity with the 1998 civil service reform law, and abolished the practice of automatically hiring graduates of the Primary Teachers Training College (Ecole Nationale des Enseignants du Primaire-ENEP)in the civil service. The Letter also established new categories of teachers to be hired at the local level, expanded community school programs and set out measures to raise efficiency in primary schools by consolidating graduation and limiting grade repetition. 7 In the JSA, the staffs of the World Bank and IMF stated that the country's efforts to implement the strategy provide sufficient evidence of its continuing commitment to poverty reduction and, therefore, that the strategy continues to provide a credible poverty reduction framework and a sound basis for IDA and Fund concessional assistance.  - 8- Box 1. Burkina Faso: Matrix of Policy Reforms for the Floating Completion Point Brief Description Outcome A. Education Adopt an action plan to recruit additional teachers The objectives were met: the Letter of Education policy with the in conformity with the 1998 civil service reform government's objectives for this sector was approved by the (Law on the Reform of the State): cabinet on March 28, 2001. It lays out the plan to hire additional * Ensure adoption and endorsement by the teachers in conformity with the 1998 civil service reform law. The cabinet of action plan on budgetary and practice of automatic admission of graduates of the ENEP organizational implications of the 1998 law in (Teachers' Training College) into the civil service was abolished as the education sector. of that date. The Letter also establishes new categories of teachers * Issue policy statement to (i) abolish link to be hired at a decentralized level, expands community school between graduation from Teachers' Training programs, and sets out measures to raise efficiency in primary College and civil service employment; (ii) schools by consolidating promotions, limiting grade repetition, etc. establish new category of teachers to be hired at a decentralized level; and (iii) expand community school program. * Increase efficiency of primary schools by developing and introducing a plan to consolidate promotions, limit grade repetition, and undertake related pedagogical measures. B. Health Implement vaccination program to increase DPT3 Target exceeded, reaching 57 percent in 2000 and 64 percent vaccination rate from 42 percent of children in in 2001. A consolidated report on vaccination rates achieved during December 1999 to 50 percent by December 2000. CY2000, audited and validated by the Institut Nationalde la Statistique et de la Demographie (INSD), was submitted to the World Bank. Increase the number of health centers meeting the Target exceeded, reaching 70 percent in 2000 and 75 percent in staffing norms from 60 percent in 1999 to 2001, as Ministry of Health has continued to implement its plan to 65 percent by end-2000; staff the Centerde Sante et PromotionSociale (CSPS) in accordance with established norms. The Ministry of Health submitted to the Bank a report, audited by the statistical institute, on progress in satisfying these staffing norms during CY 2000. Decrease incidence of insufficient stock of Target exceeded: at end-2000, CAMEG was able to maintain the essential generic drugs in the Centrale d'Achat de out-of-stock rate below 2 percent. This achievement was verified Midicaments G&n6riques (CAMEG) to less than through an independent audit of CAMEG records on drug stocks 8 percent for year 2000. completed in February 2001. Adopt an action plan to define use of public resources, including those from development The objective was met (with a one-month delay): the Council of partners, to be channeled directly to the health Ministers adopted the plan of action that was scheduled for districts: December 2000 in January 2001; the implementation of the plan * ensure adoption by the Council of started in February 2001. Ministers; and * begin implementation. C. Governance Complete and disseminate the year-end budget The objective was met: the audited budget execution acts (Lois de execution report for 1998 budget to the Supreme R&glement) for 1995-98 were adopted by the Council of Ministers Audit Chamber (Chambre des Comptes). in March 2001 and transmitted to the Supreme Audit Chamber. Disseminate the recently adopted National Plan for The objective was met: the National Plan of Good Governance is Good Governance to all district authorities, and being disseminated by a national coordination committee headed organize workshops with local authorities and civil by the Prime Minister, an executive secretariat for good society. governance, and several sectoral committees headed by general secretaries of key line ministries and representatives from NGOs.  -9 - 10. In the area of health, progress towards meeting the PRSP objectives was generally satisfactory. Notable progress was achieved in raising immunization coverage rates, ensuring a good supply of essential drugs, and improving staffing of primary health facilities. In these areas, all the corresponding targets presented in the PRSP for 2000 were met or exceeded. Overall health appropriations for 2000 increased by 11.3 percent from 1999. In response to the HIV/AIDS pandemic, an agreement was reached in May 2001 with three large pharmaceutical companies that resulted in a substantial drop in the price of certain anti- retroviral drugs. An IDA- supported HIV/AIDS Disaster Response project was approved by the Board in July 2001 and has recently become effective. 11. Regarding rural development, improvements were noted in the area of water and soil conservation, with the opening up in 2000 of some 1,034 new water supply points, as compared with a target of 600. Steps were also taken during 2000 and 2001 to introduce elements of a demand-driven and pluralistic agricultural extension service and to increase the capacity of professional organizations to articulate and respond to the needs of their members. The JSA, however, pointed to the need to elaborate a broader strategy for rural growth and poverty reduction with measurable indicators and targets. In the context of providing support to productive sectors, correctly emphasized in the PRSP as necessary for growth, the PRSP-PR provided little indication of developments concerning access to agricultural inputs (notably in the cotton sector), or measures to diversify rural incomes and increase the competitiveness of agricultural exports (such as access to market information, financial services, and appropriate technologies). 12. Notwithstanding a slow start in the spending of HIPC Initiative resources essentially because of the need to establish proper disbursement procedures at the decentralized level and adequate tracking mechanisms, the authorities have continued to press ahead with the implementation of the PRSP in the last quarter of 2001 and attempted to address some of the weaknesses highlighted by the JSA. Box 2 provides an update on the progress achieved since the elaboration of the PRSP-PR in the areas of education, health and rural development. Also, the authorities are firmly committed to catch up in 2002 on the delay in committing HIPC Initiative resources. Box 3 presents the sectoral allocation of expenditures financed by HIPC-related resources for the period 2001-02.  - 10- Box 2. Progress in Implementation of the Poverty Reduction Strategy Since October 2001 In education, efforts have been concentrated on the implementation of the first phase of the Ten-year Plan of Basic Education (Plan Decennal de Developpment de L'Educationde Base), which was launched at the beginning of academnic year 2001/2002. In line with the priorities highlighted in the PRSP, the authorities have continued to stimulate access to basic education by intervening on both the supply and demand side. On the supply side, policies and programs were geared at: (i) increasing the number of primary schools, (ii) expanding the capacity of schools through multi-grade and double-shift teaching, (iii) lowering repetition rates, (iv) recruiting and training more teachers, and (v) developing new approaches for literacy and basic education for women and out-of school children. Efforts have been concentrated especially on the 20 provinces characterized by lower coverage. In these areas, some CFA8 billion of HIPC funds have been allocated to build and furnish 140 schools equipped with canteens, 420 housing units, 100 literacy centers and 140 latrines. On the demand side, policies and programs are being expanded to: (i) provide books and supplies free to all children (thereby lowering costs to families), (ii) provide nutrition and school lunch programs, (iii) involve parents in decision- making and management of the school, and (iv) scale up efforts and incentives to attract more girls to school. Some CFAF 450 million in HIPC resources have been committed to supplying 230,000 poor pupils with basic didactic material in the 20 provinces with lower coverage. Also, to make up for the delays in the uses of HIPC funds, the authorities will commit all remaining 2000 and 2001 HIPC funds before end-April 2002. In health, the government has kept up the momentum in the vaccination program, surpassing all the PRSP vaccination rate targets (see data below). This implementation record demonstrates that solid progress can be attained in a critical area which will facilitate progress towards attaining the millennium mortality goals. Recognizing the need to better staff health facilities in remote areas, the Ministry of Health has been gradually improving the staffing levels. The proportion of CSPS that have been staffed according to ministry norms has increased from 70 percent in 2000 to 75 percent in 2001, again surpassing PRSP targets for 2001. Efforts have continued to maintain a good supply of essential drugs, which is critical to quality care. The national drug procurement and distribution agency (CAMEG) drug stock out rate has been maintained below 2 percent during the past two years, against a PRSP target of 8 percent. 2000 2000 2001 2001 Target Actual Target Actual Vaccination coverage ratio (in percent) BCG 70 80 80 84 DTCP1 65 84 70 86 DTCP3 50 57 60 64 Measles 55 59 60 65 Yellow fever 55 56 60 65 Number of CSPSs meeting the personnel 60 70 65 75 standards Rate of MEG supply interruptions (in percent) at CAMEG for the basket of 45 priority products) <8 <2 <8 <2 The government has also taken an important decision to reduce the cost of essential drugs. As a first step, the board of CAMEG decided in December 2001 to reduce its profit margin on essential drugs by 32 percent. In order to address liquidity concerns, the Ministry of Economy and Finance has agreed to establish caisses de regies d'avance at the district level. This measure represents a major step in assuring timely access to financial resources to health districts that are the backbone of the primary health care system serving Burkina's disadvantaged population. Also, the National Council for the fight against HIV/AIDS and sexually transmitted diseases started its activities in November 2001 with the participation of NGOs and donors, and 16 sectoral commnittees have been set up in various ministries to promote HIV/AIDS programs. In rural development, an overarching and consistent framework of action is gradually emerging. The authorities have presented an appropriate medium-term plan to open up the cotton sector to private operators. This entails the end of the SOFITEX monopoly on cotton marketing, the expansion of the role of producer's associations and the increased involvement of private operators. Guaranteeing the financial sustainability of the sector, the timely availability of agricultural inputs and the maintenance of fair producer prices are of paramount importance for growth and poverty reduction in Burkina Faso. Progress is also being made in elaborating the strategic vision in other important sub-sectors, such as fruits and vegetables, cowpeas, and oilseeds. In December 2001, the Ministry of Agriculture presented the initial terms of reference of an institutional audit for the reorganization of the Ministry, with a view to benefiting as much as possible rural communities and producers. The centralized database to track social spending and outcomes has made significant progress in monitoring social spending. There are still deficiencies in following-up on the progress in social outcomes, which the authorities are remedying through improving the linkages between the technical departments involved.  - II - Box 3. Burkina Faso: Sectoral Allocation of Expenditure Financed by MPC Initiative Resources, 200142 2001 2002 Actual Projected (Inbillions of CFA francs, unless otherwise indicated) CFAF Share GDP CFAF Share GDP (inbillion) (inpercent) (inpercent) (inbillion) (inpercent) (inpercent) Total 8.1 100.0 0.5 47.6 100.0 2.6 Current outlays 2.0 24.7 0.1 19.9 41.8 1.1 Health 1.5 18.9 0.1 10.9 22.8 0.6 Salaries 0.7 8.1 0.0 1.8 3.7 0.1 Goods and services 0.9 10.8 0.1 9.1 19.1 0.5 Education 0.4 5.1 0.2 2.4 4.9 0.1 Salaries 0.1 1.7 0.0 0.2 0.5 0.0 Goods and services 0.3 3.5 0.0 2.1 4.5 0.1 Other poverty reduction 0.1 0.8 0.0 6.7 14.0 0.4 Programs Investment expenditure 6.1 75.3 0.4 27.8 58.3 1.5 Health 1.2 14.3 0.1 5.0 10.4 0.3 Education 2.3 33.8 0.2 13.9 29.1 0.8 Rural roads 2.2 27.1 0.1 2.7 5.6 0.1 Other poverty reduction 0.0 0.0 0.0 6.3 13.2 0.3 Programs Sectoral share of total Health 2.7 33.2 0.2 15.8 33.2 0.9 Education 3.1 38.9 0.2 16.2 34.0 0.9 Rural roads 2.2 27.1 0.1 2.7 5.6 0.1 Other poverty reduction Programs 0.1 0.8 0.0 13.0 27.2 0.7 Source: Burkinabe authorities. B. Macroeconomic Stability 13. Performance under the PRGF-supported financial program has remained generally satisfactory since the enhanced HIPC decision point. After averaging 5.7 percent between 1996 and 2000, real GDP growth decelerated to 2.2 percent in 2000, because of a severe drought, which resulted in a smaller cotton crop and a significant cereal deficit, and other adverse exogenous shocks. In 2001 real GDP growth rebounded to 5.7 percent, due to the good performance of the primary sector in general and the cotton subsector in particular (Table 2). The 12-month inflation rate in 2001 reached 4.9 percent, due to an upward pressure on food prices resulting from the previous year's deficit in cereal production. The external current account deficit, excluding current grants, narrowed to 15.9 percent of GDP from 17.6 percent in the previous year. For 2002, the real GDP growth rate is expected to  - 12 - reach 5.7 percent, assuming some further increase in the cotton crop and a normal cereal crop year. The external current account deficit (excluding official transfers) is projected to decline further to 14.1 percent of GDP in 2002 (Table 5). 14. All quantitative performance criteria, benchmarks, and indicators under the PRGF-supported-program for end-December 2001 were met, except for the indicator on fiscal revenue. In 2001, fiscal revenue was 12.5 percent of GDP, some 1.5 percent of GDP below the expected target. This shortfall was offset by a containment in current and investment expenditure (Table 3). At end-December 2001, the overall deficit (commitment basis, including grants) reached 4.8 percent of GDP, 0.3 percent of GDP below the programmed target. The overriding fiscal objective for 2002 and the medium term is to consolidate Burkina Faso's budgetary position, which entails significant efforts to increase revenues, to improve budgetary management, and to introduce greater efficiency in public spending to support the government's poverty reduction program. For 2002, fiscal revenue is projected to rebound to 13.8 percent of GDP, expenditure will be contained, and the overall deficit (commitment basis, including grants, but excluding the use of HIPC resources) is targeted at 3.3 percent of GDP. The disbursement of HIPC resources will be accelerated to make up for the slow start in 2000/01. C. Key Policy Measures and Reforms 15. Significant progress has been achieved since the mid 1990s in the area of structural reforms, including: * Reform of the cotton sector. The gradual liberalization of the cotton sector has continued. The State has become a minority shareholder of SOFITEX (36 percent of capital) and has already indicated its intention to reduce further its share in favor of producer's associations (currently with 30 percent of capital). On December 27, 2001, two decrees approved by Parliament ended the monopoly of SOFITEX on cotton marketing and opened up two new cotton planting zones where the private sector is free to invest in ginning and transportation activities, as well as to supply inputs, starting from the 2002-03 campaign onward. * Privatization agenda. By end-June 2001, under Phases I and II of the privatization process, 41 state enterprises were liquidated or sold. In June 2001 Burkina Faso initiated Phase III of the privatization program, aiming at privatizing or liquidating 21 additional public enterprises, including major public utilities. The privatization of the telecommunication company, ONATEL is scheduled for early 2003. In the energy and petroleum sectors, preparations are being made for opening up the capital of the sFor more details, see the Fund staff report for the fifth review under the current PRGF, which the Fund Board will discuss together with Burkina Faso's completion point under the enhanced HIPC framework.  - 13 - electricity company SONABEL and the petroleum products company SONABHY to private operators. Upon completion of these operations, about 80 percent of the government's initial portfolio will have been liquidated or sold. Reform of the energy and telecommunications sectors. With the aim of reducing the input costs to industry, the interconnection of the city of Bobo-Dioulasso with the electrical power grid of Cote d'Ivoire became operational in April 2001. Further interconnections with countries in the sub-region are being examined. Regarding telecommunications, the government has developed a sectoral strategy, adopted a new regulatory framework with the creation of the regulatory authority ARTEL, and has opened the sector to competition by issuing two cellular licenses. As a result, telecommunications costs have decreased substantially in recent months. Civil service reform. A number of important measures have been implemented in this area, including the adoption of a more decompressed salary grid applicable to all civil servants, the interconnection of the payroll and civil service databases, and a new system of merit-based promotion. Further reforms include the recruitment of civil servants as contractual employees with long-term contracts, except for those holding key positions. Public expenditure management. The Burkinabe authorities have improved their budgeting and expenditure management practices over recent years and established a multi-year program to enhance staff capabilities on public financial management matters. In 2000-01, five Public Expenditure Review studies were carried out (Basic Education, Health, Rural Development, Public Investment Program, Budgetary Deconcentration). In addition, the country benefited from the completion of several important studies. In November 2000, a Country Procurement Assessment Review (CPAR) was finalized in collaboration with the World Bank. A number of recommendations of this report on the procurement system are being implemented and a new Procurement Code was approved on February 6, 2002. In September 2001, the authorities adopted the Public Expenditure Management Improvement Plan (PRGB-Plan de Renforcement des Depenses Budgetaires), which aims to address deficiencies in budget formulation, execution, monitoring, control and auditing. Several of the plan's recommendations are already being implemented. A Country Financial Accountability Assessment (CFAA), involving all major donors, was completed in December 2001. Finally, a Report on the Observance of Standards and Codes/HIPC Assessment and Action Plan (ROSC/AAP), looking inter alia at the country's capacity to track poverty-reducing expenditure, has been recently finalized. The authorities are currently working on the harmonization of the key recommendations of these studies into an integrated framework for immediate implementation. These recommendations will also guide the formulation of the 2003-05 Medium-Term Expenditure Framework, which is a key instrument for the implementation and monitoring of the PRSP.  -14- Private sector development. The government carried out a major overhaul of its business laws by enacting new legislation in line with the OHADA Treaty. Also, the number of administrative procedures for investments and the setting up of enterprises has already been reduced from 15 to eight, and the target of four formalities will be reached by end-2002. Future priority actions include improving the legal and regulatory framework, the setting up of business development services to foster entrepreneurship, and the provision of financial services to small and medium enterprises. * Regional integration. Burkina Faso is amongst the most compliant in the integration efforts of the eight member states of the West African Economic and Monetary Union (WAEMU), including by being the only member country that has adopted all the provisions of WAEMU' s common external tariff. Progress is being made to observe the WAEMU convergence criteria, overhaul domestic legislation to comply with the five WAEMU directives on fiscal policy, 9 and abide with WAEMU's trade liberalization efforts, notably by eliminating by end-June 2002 all the remaining administratively set customs valuations. * Governance and judicial reform. In December 2001, the authorities created the High Authority for the Coordination of the Fight against Corruption. This unit will have the power to select the cases it wishes to investigate and to transfer them to the competent judicial authorities. In the aftermath of September 11, important steps have also been taken to prevent money laundering and combat the financing of terrorism. The newly-created Supreme Audit Court (Cour des Comptes), with senior jurisdiction over the control of public finances, will be fully operational by end-December 2002. In the meantime, the budget execution reporting laws (Lois de reglement) 1999 and 2000 have been adopted by the Council of Ministers in February 2002 and passed on to the existing audit institution (Chambre de Comptes) for review. Ill. DELiVERY OF DEBT RELIEF AND LONGER-TERM DEBT SUSTAINABILITY A. Status of Creditor Participation and Projected Profile of Delivery 16. Until late summer 2001, the delivery of both HIPC assistance under the original framework and interim assistance under the enhanced framework were lagging significantly behind the initial commitments made to Burkina Faso by its creditors. In the case of some institutions, the delayed delivery of HIPC assistance resulted from a new requirement, which made certain legal procedures a prerequisite to their participation in the HIPC Initiative. In addition, the decision to top-up the original HIPC assistance at the first completion point in July 2000 came after several of Burkina Faso' s creditors had already consulted their 9 Organic budget law, public accounting regulations, government chart of accounts, budget classification, and summary table of fiscal operations (TOFE).  - 15 - executive Boards. In a few instances, Burkina Faso was notified that both the assistance under the enhanced framework and the topping-up of the original relief would be combined and delivered at the time of the second completion point. Since August 2001, several key agreements have been finalized, most importantly with the AfDB, including a refund of 80 percent of the debt service paid on AfDB and AfDF loans since July 2000, but also with the EU, IFAD and the OPEC Fund. As the Executive Board of the OPEC Fund had already ratified the modalities for delivery of original HIPC assistance to Burkina Faso, it committed to pay an additional one percent of assistance at the completion point. As of end- December 2001, about 88 percent of total assistance under the original HIPC framework had been committed and almost 50 percent had been delivered (Table 1). 17. Two multilateral creditors, however, have not committed their full participation under the original framework; this creates a gap corresponding to 5 percent of the total multilateral debt relief originally committed. In April 2001, the Islamic Development Bank (IsDB) informed Bank and Fund management that, in the absence of external financing resources made available, it had only agreed to contribute an NPV amount of US$5.8 million, which would represent less than 50 percent of its share under the original framework. The ECOWAS Fund, referring to threats to its financial integrity, has decided not to participate in the HIPC Initiative. Nevertheless, in 2001, it continued to disburse funds to Burkina Faso, including a new loan. The staffs will continue to assist the Burkinabe authorities to seek satisfactory assurances from the Islamic Development Bank and the ECOWAS Fund for their full participation to the HIPC Initiative. 18. With the recent implementation of several debt relief agreements, HIPC relief to Burkina Faso has significantly increased over the last few months, providing adequate funding to poverty alleviation programs. While Burkina Faso received US$11.4 million in debt service relief in 2000 (including US$4 million in interim assistance under the enhanced framework), HIPC proceeds reached US$35.4 million in 2001 (including US$13 million in interim assistance) (Table 3). Of these proceeds for 2000-01, IDA accounts for US$18.6 million, or 40 percent, the AfDB for US$10.7 million, or 23 percent, and the IMF for US$9.6 million, or 21 percent. Tables 14 and 15 detail the effective commitment and delivery mechanism of multilateral creditors under each framework of the HIPC Initiative. With interim assistance being provided by several creditors'o under the enhanced HIPC framework, debt relief to Burkina Faso already is significantly front-loaded. Only a moderate increase in the cash flow of assistance could be expected after reaching the completion point. 10 including IDA, AfDB/AfDF, IMF, EIB, BOAD and Paris Club creditors.  -16- Table 1. Burkina Faso: Assistance Under the HIPC Initiative as Initially Approved at the Second Decision Point" 1 (June-July 2000) (In millions of U.S. dollars unless otherwise indicated; end-1999 NPV term 213 ") Creditor Original IIPC Framework Enhanced Total of which, of which, HIPC already already Framework committed4 delivered4 ' (in percent) (in percent) Initial Topping-up Target 5 ' IDA 44 47 71 162 100 62 IMF 10 11 20 42 100 47 AfDB/AfDF 20 21 27 68 100 63 BADEA 4 5 6 14 62 62 BOAD 2 3 3 8 81 81 ECOWAS Fund 2 2 1 5 0 0 EU 4 4 7 15 100 55 IFAD 2 2 3 7 100 12 IsDB 5 5 5 15 40 12 OPEC Fund 2 2 4 8 25 18 Pais Club 5 7 9 22 100 10 OtherBilateral 6 16 4 15 34 31 0 Total 115 113 169 398 88 48 'IIDA/R2000-l19 (06/20/2000), and EBS/00/113 (06/19/00), Tables 12 and 13. 2 "Debt relief of US$398 million in end-1999 NPV terms would lower the end-1999 NPV of debt to exports ratio to 150 percent based on calculations at the Second Decision Point, which implied that creditors would offer relief equivalent to 46.3 percent of their claims on Burkina Faso in end-1999 NPV terms. The NPV figures of debt relief assistance would be effective as of July 2000, the time of the Second Decision Point. 3 'Numbers may not add-up due to rounding. 4/ As of end-December 2001. 5/These numbers, expressed in end- 1999 NPV terms, differ from those of the first Decision Point Document (IDA/R97-99 and EBS/97/155) that were calculated in end-1996 NPV terms. 6/ The Kuwait Fund is the only non-Paris Club bilateral creditor that has committed to deliver HIPC assistance to Burkina Faso. 19. In some instances,' 1 the specific technical modalities for delivery of HIPC assistance can fall short of the creditor's initial commitment, mainly because of inadequate cash-flow discounting of the debt service relief envisaged. In the case of Burkina Faso, the present value of debt relief should be calculated by discounting the assistance (e.g., the nominal decrease in debt service payment due) back to end-July 2000, which is the date of both the first completion point (the reference for the original relief) and the second decision point (the reference for assistance under the enhanced framework). Discounting should be done based I Such is the case with the OPEC Fund and the EU.  - 17 - on the number of months elapsed since that date, using the end-1999 currency-specific CIRRs for a given stream of payment. I'he staffs would expect that the moderate shortfall that has been observed in the NPV of original assistance effectively delivered as indicated in Table 14 be fully compensated at the second completion point, as part of the total irrevocable assistance that will be provided under the enhanced framework. 20. The Paris Club has agreed in October 2000 to provide the effective topping up of the 1996 Naples stock operation to Cologne terms, reducing debt service payments due to France, Italy and Spain by 70 percent, with the Netherlands agreeing to provide a 100 percent flow relief until the second completion point, at which date, a substantive stock of debt reduction will be granted. Commitment on the participation of non-Paris Club bilateral creditors has been more limited. So far, the Kuwait Fund, which has provided a stock of debt reduction on Naples terms, has agreed to reduce Burkina Faso' s public debt on terms comparable with the Paris Club at the completion point. Seven non-Paris Club bilateral creditors12 have yet to commit to delivering traditional debt relief mechanisms as well as debt relief under the HIPC Initiative for Burkina Faso: altogether, they represent 6 percent of the total assistance that was calculated as of end-1999. Still, two of these creditors' 3 to whom Burkina Faso services its debt on schedule are currently disbursing new loans. Burkina Faso is in arrears with the remaining 5 official creditors. 21. Beyond original and enhanced FIIPC assistance, whose amounts were fixed at the decision point, some Paris Club creditors have indicated that they would provide additional debt relief on a discretionary basis. Although modalities will vary across creditors (Table 19), the relief could result in a cancellation of around US$22 million in NPV terms additional to HIPC, equivalent to 8.4 percent of exports of goods and services. 14 22. In the debt sustainability analysis that is presented below, the staffs have simulated the future delivery of HIPC assistance, according to creditor-specific modalities, following debt relief agreements that had already been endorsed or drafted as of end-February 2002. Agreed modalities are detailed in Table 14 (original HIPC assistance) and in Table 15 (enhanced HIPC assistance). In the instances where specific modalities were not yet defined, general modalities for the delivery of additional HIPC assistance were simulated as described in Annex I. 12Algeria, China, CMte d'lvoire, Libya, North Korea, Saudi Arabia, and Taiwan Province of China. 13 Saudi Arabia and Taiwan Province of China. 14 Under the assumption that only France, Italy, the Netherlands, and the UK participate in this effort.  - 18 - B. Data Reconciliation and Assistance 23. The debt sustainability analysis presented in the second decision point document was based on the stock of debt disbursed and outstanding as of end-1999. The debt data, however, had been reconciled with all creditors for the stock of debt as of end- 1998. In addition, creditor data was used for end-1999 IDA and IMF loans. For other creditors, the end-1999 stock had been estimated based on a reconciled end-1998 stock and on flow data (i.e., disbursements and repayments) for 1999. In Burkina Faso, disbursement data is handled by the Directorate General for International Cooperation (DG Coop), which remains independent from the Treasury, whereas the Treasury is responsible for external debt management and external debt statistics. Data collection and recording at DG Coop remains of poor quality and the transfer of information to the Directorate for Public Debt (DDP) is often inadequate and late. As a result, Bank and Fund staffs returned to Burkina Faso in February 2001 to compare the stock of debt estimated at end-1999 (published in the second decision point document) with end-1999 creditors statements. Table 7 details the discrepancies observed. 24. Overall, the end-1999 stock of public and publicly guaranteed external debt was underestimated by US$22 million in the decision point document, i.e., 2.7 percent of the total stock at the decision point. While the difference can be significant when looking at the creditor split, the upward revision is due mainly to newly reported loans from Taiwan Province of China, which were not registered until recently in the central public debt 15 database' 25. The end-1999 data revision results from the ongoing strengthening of external debt management practices in Burkina Faso. Administrative capacities have been significantly reinforced at the Directorate for Public Debt (DDP) between the decision point and the completion point (see Annex 3 on Debt Management), resulting in the consolidation of the national external debt database to include several loans that were traditionally handled directly by the Presidency without adequate supervision from the Treasury. Recent improvements also allow a better tracking of loans directly contracted by public enterprises, which constitute a contingent liability for Burkina Faso, and are therefore included in the determination of the stock of debt that qualifies for relief under the HIPC Initiative.16 15 All references in this paper to Taiwan Province of China follow the terminology used by the IMF, which accords with the practice of the UN. 16Public enterprises that had outstanding loans as of end-2001 contracted abroad are: ONATEL, ONEA, SONABEL and SOPAFER-B. Loans contracted by SOFITEX, the cotton company which has been privatized since 1998, would not any longer be considered as contingent liabilities for the Burkinabe authorities.  - 19- 26. As a result, the NPV of debt after full delivery of original HIPC assistance has been revised from US$631 million to US$654 million (Table 7). Also, average exports of goods and services for the period 1997-99 have been revised downward slightly (see Table Annex II). This change is mainly explained by the traditionally late return date of the statistical survey from the BCEAO used to estimate service credits-the 1999 survey was not yet available at the time that staffs were working on the decision point document. On the basis of this, the staffs recommend that total enhanced HIPC assistance at the decision point be revised upwards by about US$26 million in NPV terms to US$195 million (Table 12). 27. The updated common reduction factor at the decision point after original HIPC assistance reaches 29.9 percent (Table 13). It indicates the percentage reduction required by each creditor in the NPV of end-1999 debt, after full application of traditional debt relief mechanisms and full delivery of original HIPC assistance; thus, it cannot be compared with the previously published common reduction factor of 19.7 percent, which was based on the NPV of debt before any HIPC relief. The split among creditors and creditor groups is detailed in Table 7. As indicated, multilateral creditors should provide 82 percent of total enhanced HIPC assistance, of which IDA 40 percent, the AfDB/AfDF 14 percent, and the IMF 11 percent. Paris Club creditors account for 5 percent altogether - about the same as Taiwan Province of China. C. Updated Debt Sustainability Analysis 28. The debt sustainability analysis update was prepared jointly by the Fund and IDA staffs and the Burkinabe authorities on the basis of loan-by-loan data provided by the authorities and creditors for debt outstanding at end-2001. The nominal debt data were reconciled with creditor statements in February 2002, and the exchange rate and interest rates used for the calculation of the debt data are presented in Table 6. 29. The macroeconomic framework, developed for the first annual progress report of the PRSP by the Burkinabe authorities in consultation with Bank and Fund staffs, envisages sound macroeconomic policies and stable economic growth over the long term. Annual real GDP growth is projected to remain around 5.5 percent starting in 2003 (Table 4). This is somewhat lower than the annual real GDP growth of about 6 percent throughout the projection period assumed at the time of the decision point as the low growth achieved in 2000 due to inclement weather and exogenous shocks led the government to adopt a more prudent outlook. Nevertheless, this growth performance remains ambitious given Burkina Faso's poor resource endowment. It will require continuing fiscal consolidation, sustaining the expansion of the cotton crop, further diversifying the economy, lowering energy costs (in particular electricity tariffs), developing transportation and road networks, improving the legal and judicial environment to attract private investment, accelerating the fight against corruption, and developing human capital through adequate social policies. Inflation is expected to remain subdued. The framework projects steady gains in gross national savings from 14.2 percent in 2001 to about 20 percent of GDP in 2005 and beyond, which will help raising the level of investment even in the face of declining external savings. The overall fiscal deficit (measured on a commitment basis and including grants) would decline  - 20 - gradually from about 6 percent of GDP in 2002 to less than one percent of GDP from 2016 onward based on continued efforts to increase the performance of tax revenue and to contain current outlays. Public sector savings are projected to rise substantially over the period, mainly through higher tax revenues. As the fiscal deficit declines, and in line with the PRSP, public sector investment-essentially for social sectors-is expected to remain above 11 percent of GDP throughout the period, with increases in domestically financed investments making up for the relative decline in foreign investment. 30. The external current account deficit is projected to decline gradually to sustainable levels, while official reserves remain comfortable (Table 4). Annual export volume growth of around 6 percent is driven by cotton exports growing by a little above 4 percent per year, live animals by about 5 percent, and other products at a gradually faster rates as a result of the ongoing diversification policies. Import volume growth is projected to be roughly in line with GDP growth. Starting in 2003, the flow of workers' remittances is expected to rise gradually from its historically low level in 2002. Project assistance and program loans are projected to remain stable in nominal terms and are more than offset by a gradually rising cost of amortization of foreign loans. Private capital inflows are expected to rise gradually from their low level in 2001-03. 31. Even with the proposed upward revision of debt relief, the committed HIPC assistance leaves Burkina Faso with a debt hump for a prolonged time period. The full delivery of HIPC assistance and an additional US$22 million bilateral relief provided by some Paris Club creditors, results in an NPV debt-to-export ratio at end-2001 of 199 percent (49 percentage points above the sustainability threshold), reaching a peak of 237 percent in 2003 and remaining well above the 150 percent threshold until 2017 (Table 11). The NPV debt-to-export ratio for 2001 would have been even higher if creditors had not provided additional bilateral relief (208 percent). 32. Projections at the decision point had already anticipated a hump in the NPV debt-to- export profile above the sustainability threshold of 150 percent in the immediate years following the decision point. But the actual NPV debt-to-export ratio turned out to be higher in 2001 than projected at the time of the decision point and remain above the sustainability threshold value eleven years longer than projected (until 2017 compared to 2006). The deterioration of the NPV debt-to-export ratio between the decision point projections and the actual outcome in end-2001 is largely the result of a lower export performance. 33. The country's export performance deteriorated significantly between the projections made at the decision point and the outturn at completion point. In 2001, the three-year average exports amounted to US$261.8 million, US$43 million (or 14 percent) lower than the level projected at the decision point. Everything else constant, this export deterioration contributes to a 30 percentage point increase in the debt ratio. A detailed comparison of the outturn at completion point and the assumptions used at the decision point concerning export performance is presented in Annex II and summarized in Box 4. The main contributing factors were the various price shocks that affected Burkina Faso's exports of primary commodities. Cotton prices in 2000 ended up about 11 percent lower than projected at the  -21 - time of the decision point, and the decision point projections for 2001-05 cotton prices were about 9V percent higher than the latest WEO projections for the same period. Box 4. Burkina Faso: Comparison Between Forecasts of Principal Exports At Decision Point and Outturn at Completion Point Decision Point Completion Point Explanation (Average 1999-2001) (In millions of U.S. dollars) Total exports of goods 304.6 261.8 and services Cotton 133.4 122.9 Impact of lower international prices and white fly pest Gold 18.5 9.5 Negative price shock and delays in mechanization of artisanal production Livestock products 51.3 45.7 Political events in C6te d'Ivoire Other agricultural and 61.7 52.0 Political events in C6te d'Ivoire, and manufactured goods collapse of Air Afrique Services exports 39.7 31.6 Impact of exchange rate, and collapse of Air Afrigue on transport 34. Furthermore, the actual end-2001 stock of NPV debt after enhanced HIPC and additional bilateral assistance is lower than projected at the decision point (US$521 million compared to US$566 million). This reduction is due to the combination of lower disbursements of new debt than originally planned over the 2000-01 period, higher discount rates, and the appreciation of the U.S. dollar. Everything else equal, the lower stock of NPV debt at end-2001 (after enhanced HIPC and additional bilateral assistance) should have lowered the NPV debt-to-export ratio. Thus, despite a lower end-2001 stock of NPV debt after enhanced HIPC and additional bilateral assistance, the net deterioration of the NPV debt-to-export ratio in 2001 is driven by the country's lower than projected export performance. 35. The country's policy response to the export deterioration has been adequate. In the cotton sector, the white fly pest that affected exports in 2000 and 2001 has been eradicated and appropriate incentives and dialogue with the producers has resulted in a record crop in late 2001, to be exported in 2002. Policies are being pursued to streamline the artisanal production of gold, while continuing the search of a foreign partner to reopen the Poura mine. Specific efforts are being pursued to increase the production and export of livestock, including by promoting the export of meat through the rehabilitation of slaughterhouses and the availability of refrigerated trucks. The promotion of other agricultural crops is being pursued through the government's diversification policies. In particular, the transportation bottlenecks that plagued this sector as a result of Air Afrique's financial collapse have been remedied by several private air freight companies (both domestic and foreign) now serving the country. The competitiveness of the manufacturing sector will benefit from the planned  - 22 - decline in the cost of electricity. All this will also benefit service earnings, together with an ambitious policy to promote tourism. However, Burkina Faso remains extremely vulnerable to adverse terms of trade shocks resulting from agricultural policies in industrialized countries. In particular, the significant amount of subsidization of cotton production in industrial countries, notably in the United States of America and in the European Union, structurally depresses international cotton prices and slows down the development of this crop in Burkina Faso, which enjoys a natural comparative advantage and is among the most competitive cotton producers in the world. Overall, the impact of the diversification policies that are being actively pursued is expected to be limited because of the very low base and remaining bottlenecks, so that the expansion of surface areas dedicated to alternating cotton and grain crops remains the main factor contributing to export growth and poverty reduction in the short to medium term. 36. Despite sound macroeconomic and structural policies, exogenous factors adversely affected the country's capacity to repay its external debt. On this basis the staffs believe that Burkina Faso represents a clear case for topping-up of assistance at the completion point and recommends that Executive Directors endorse the proposal to reduce Burkina Faso's NPV of debt-to-export to 150 percent as of end-2001. D. Additional Assistance 37. In exceptional cases where exogenous factors are judged to have caused fundamental changes in a country's economic circumstances adversely affecting its debt sustainability and where the NPV of debt-to-export ratio remains significantly and durably above the threshold value (150 percent) despite adequate policy responses from the country authorities, the enhanced HIPC framework provides for the consideration of additional debt relief at the completion point based on an updated debt sustainability analysis and a comprehensive reassessment of the country's situation 17. This judgment has to be made on a case-by-case basis, in light of available actual data on debt stocks, exports and other economic variables, based on the beneficiary country's own merits, and should not preempt any future decision for another country regarding the possibility of a topping-up of assistance at the completion point. 38. The updated debt sustainability analysis indicates that a topping-up of US$129 million of HIPC assistance at the completion point would be needed so as to bring the NPV of debt-to-export ratio to the equivalent of 150 percent of exports at end-2001 (Table 16). This amount is in addition to US$22 million of debt relief provided by some Paris Club creditors outside the framework of the HIPC Initiative. 17Enhanced HIPC Initiative-Completion Point Considerations (IDA/SecM2001-0539/1, 08/21/01, and EBS/01/141, 08/20/01).  - 23 - 39. The additional topping-up of HIPC assistance would considerably flatten the debt hump and lead to a more contained peak in the NPV debt-to-export ratio of 195 percent in 2005 and return gradually to the level of 150 percent by 2016. 40. The remaining hump above 150 percent for a number of years beyond the completion point is primarily due to new borrowing over 2002-04 to finance important public infrastructure and poverty alleviation measures, which are essential to Burkina Faso for achieving sustainable growth and the other critical goals set out in the PRSP. The staffs believe that the use of this financing is justified given the impact of the proposed spending on growth, export promotion, greater competitiveness and poverty reduction. 41. The observed hump in the NPV of debt-to-export ratio, the key indicator of debt sustainability under the HIPC Initiative, is a concern. However, the very high overall concessionality level of new borrowing contracted since end-2001 and projected for the coming few years allows debt service indicators to remain within a comfortable range throughout the decade, falling to about 8 percent of exports at the time of completion point, and declining to about 6½/2 percent at the end of the projection period (Table 11). Other stock indicators also reveal the manageable nature of loans expected to be contracted over the medium term. The NPV of debt-to-GDP ratio, after topping-up of assistance, remains in a 16-21 percent range from 2002 onward and the NPV of debt-to-revenue ratio is contained at or below 132 percent. Also, because of the declining NPV of debt-to-exports ratio on the old debt, there is no hump in the debt service profiles (as a share of revenue and exports) further out on the time horizon after the long grace periods have elapsed. 42. The burden-sharing as of end-2001, after full account of enhanced HIPC assistance and additional bilateral relief, is only moderately different than the one found as of end-1999 (see, respectively Tables 8 and 7). Multilateral creditors account for 87 percent of the NPV of debt; IDA, the AfDB and the IMF accounting for 47 percent, 13 percent and 11 percent of the total respectively. Table 15 summarizes the additional HIPC assistance due by each creditor, in end-2001 NPV terms, based on the amounts already delivered and committed to date and with the objective of bringing back the NPV debt-to-export ratio to 150 percent at the completion point. 43. While the topping-up of assistance at the completion point, due to its exceptional nature, will be committed on an individual basis by each of Burkina Faso's creditors, it is expected that a significant majority of them, including the most important ones, would jointly agree to help Burkina Faso reach a sustainable external debt position. Several creditors have already been consulted informally regarding the possible need for topping up of HIPC assistance at the completion point. Several multilateral institutions have indicated that they intend to deliver the extra relief that will be required to ensure long-term sustainability of Burkina Faso's external debt, if it is endorsed by Bank and Fund Boards.  -24 - E. Sensitivity Analysis and Long-Term Debt Sustainability 44. The robustness of the debt sustainability results has been tested through two alternative scenarios: 18 one based on the "historicaltrend" in macroeconomic developments, which assumes that GDP, exports and imports, and fiscal revenue will rise over the projection period at the average rate observed during 1995-2001, i.e., since the devaluation of the CFA franc and the stabilization of the macroeconomic policy in the country; and another scenario aiming at fulfilling the "millennium development goals" by 2015. 45. The historical trend scenario replicates the developments during 1995-2001, which saw exports rising on average by 6.3 percent annually, and imports at a very fast rate of 8.7 percent on average per year. The latter was essentially due to a rapid growth in foreign financed imports of investment goods linked with the renewal of donor financing after the devaluation of the CFA franc. Compared with the base case, exports in this scenario are growing at a slower rate, and imports rise at a significantly faster rate from 2003 onward. Exceedingly large financing gaps ensue, starting at 1.2 percent of GDP in 2003 and increasing progressively to nearly 15 percent of GDP in 2021. If the ensuing financing gaps were covered by additional external borrowing on highly concessional terms, without further adjustment measures, it would result by the end of the projection period in an increase of the NPV debt-to-export ratio and debt service-to-export ratio of about 770 percent and 27 percent, respectively (Table 20). 46. Burkina Faso is working towards achieving the millennium development goal of halving by 2015 the proportion of people whose income is less than one dollar a day. With the population growing at 2.8 percent a year and assuming an elasticity of poverty with respect to mean income of 1.5, the poverty incidence measured by the head count index is expected to have dropped from 45.3 in 1998 (date of the last household survey) to 39.5 by end-2002. 19 The real annual GDP growth rate of 5.5 percent expected from 2003 onwards implies an increase in GDP per capita of 2.7 percent, translating (with an unchanged elasticity of 1.5) into a reduction of about 4 percent per year of the headcount index, that is 1.7 points from the 39.5 percent expected at end-2002. Projecting this calculation forward, halving of the headcount index to around 19 percent would be achieved by 2018. To achieve 18 The purpose of these two hypothetical scenarios is to provide a benchmark on which the plausibility of the underlying baseline scenario can be assessed. On that basis, the staffs believe that the baseline scenario provides a realistic picture of the Burkinabe economy assuming continued efforts to preserve macroeconomic stability and carry out structural reforms. 19The assumption of the elasticity of poverty with respect to mean income should be treated with caution. In the light of deceleration of growth in 2000 and lower than expected growth projection in the medium term, this scenario may be overly optimistic. A new household survey, estimating the incidence of poverty in Burkina, is planned for 2003.  - 25 - the same goal by 2015, the reduction in the headcount index would have to be about 5.6 percent per year, equivalent to an annual 3.7 percent GDP per capita growth, translating into an overall real GDP growth of 6.5 percent, 1 percent per year higher than in the base scenario. This faster growth translates into a marginally higher level of imports of goods and services than in the base scenario, resulting in small financing gaps, that can, however, easily be financed by a somewhat lower path of accumulation of gross foreign reserves over the projection period. The NPV debt and debt service to export ratios would then remain unchanged from the base case scenario. 47. Burkina Faso's poor resource base and dependency on weather conditions make achievement of sustained growth very fragile. Also, political crises in neighboring countries (particularly Cote d'Ivoire on which workers remittances depend for a significant part) and possible political disturbances at home could cause a setback in growth and export performance. Average growth over the past six years reached about 5 percent per year. An increase to about 5.5 percent per year over the medium- and long-term appears attainable under the current macroeconomic outlook (Table 21). This seems a moderate increase considering that the HIPC Initiative is generating additional resources over time equivalent to about 1.5 percent of 2001 GDP and that growth enhancing policies are being implemented under the PRSP. A setback in growth performance cannot be excluded however, resulting in a deterioration of the NPV debt to export ratio. 48. Burkina Faso's narrow export base (close to 60 percent of exports are accounted for by cotton) makes it extremely vulnerable to changes in international commodity prices, in particular the export price of cotton and import prices of petroleum. A decline in international cotton prices by 20 percent, combined with a 20 percent increase in petroleum products prices, would result in a deterioration in the current account deficit close to 3 percent of GDP. 49. To mitigate the large potential risks on Burkina Faso's long-term debt sustainability, policies will need to contribute to developing the country's repayment capacity. This entails progress with the planned ambitious expansion of the cotton crop and diversification of the economy (including fruits and vegetables, horticulture, animal husbandry, downstream activities in the cotton sector, and services). Policies to lower energy costs (in particular electricity tariffs), improvements in transportation, elimination of bottlenecks to private investment and private sector activities, and availability of credit, in particular through micro finance, would be preconditions to achieve this. Further declines in the cost of telecommunications, infrastructural improvements, and a well targeted tourism promotion policy will facilitate an expansion in the service sector. Also, a more even distribution of the benefits of growth, implementation of ambitious policies to improve human resources, reduction of corruption and inefficiencies in the public sector, and an impartial and efficient judiciary system, will make the country more resilient to shocks. 50. Continued fiscal consolidation, prudent debt management policies, as well as prolonged access to highly concessional resources and official grants during the medium term, will establish a robust basis in Burkina Faso for a sustainable debt  - 26 - position. Continued strengthening of the domestic revenue base following the decline in external tariffs in the context of WAEMU's common external tariff, in particular through a reduction in the large volume of exemptions, and prudent expenditure management, will contribute to fiscal sustainability. Recourse essentially to grant or highly concessional financing, and only a modest use of borrowings on the regional financial market should help. IV. CONCLUSIONS 51. The staffs of the Fund and IDA are of the view that Burkina Faso's performance with respect to the conditions for reaching a completion point under the enhanced HIPC Initiative has been satisfactory. The PRGF-supported program has been implemented as planned. Performance under the IDA lending program has been satisfactory as well. Moreover, indicators suggest that there has been progress in the social indicators in the past year, notwithstanding the adverse macroeconomic environment. The joint staff assessment of the first annual progress report of the PRSP concluded that the country's efforts to implement the strategy provided sufficient evidence of its continuing commitment to poverty reduction. An extension of the macroeconomic framework through 2021 provides appropriate assurances that the objective of fiscal sustainability and external viability are maintained over the long term. Burkina was already found to have an adequate tracking system of poverty-reducing public spending, and endeavors to further improve its expenditure management. 52. Satisfactory assurances regarding enhanced HIPC assistance have been provided by Burkina Faso's other creditors to warrant the irrevocability of HIPC assistance at the completion point. As of end-February 2002, financial assurances obtained by creditors would represent about 88 percent of total original and enhanced HIPC assistance approved in June/July 2000. The staffs are working with the Burkinabe authorities to facilitate endorsement of the enhanced HIPC framework by the remaining creditors and will be seeking assurances from creditors as to their "topping up" relief under the enhanced Initiative provided the option is envisaged by Bank and Fund Boards. 53. The staffs consider that without a topping-up of assistance at the completion point, and despite the assistance already provided under the original and enhanced frameworks (even considering additional voluntary bilateral debt relief beyond I-UPC), Burkina Faso would not be able to exit the external debt rescheduling mechanisms once and for all, a key objective of the HIPC Initiative. After full delivery of enhanced HIPC assistance, the NPV of debt is likely to rise significantly above 150 percent of exports for the next 15 years. Additional relief from several Paris Club members would not provide enough scope to absorb potentially unfavorable macroeconomic outcomes. 54. The staff of the Fund and IDA have assessed the contrasted export performance and outlook for Burkina Faso and are of the view that exogenous factors (world prices, outside political events and parasites) have constrained even further the country's capacity to repay its external debt, despite sound macroeconomic and structural policies.  - 27 - 55. In light of the above, the staffs of the IMF and IDA recommend that the Executive Directors determine that the conditions for reaching the completion point under the enhanced HIPC framework have been met and agree to commit exceptionally a topping-up of HIPC assistance at the Completion Point. V. ISSUES FOR DISCUSSION 56. Executive Directors may wish to focus on the following issues and questions: 57. Completion point: Do Directors agree that Burkina Faso has met the conditions for reaching the completion point under the enhanced HIPC framework, as established at the time of the decision point? 58. Creditor participation: Do Directors agree that sufficient assurances of other creditors' participation have been given by Burkina Faso's creditors to commit HIPC assistance to Burkina Faso, as approved at the decision point, on an irrevocable basis? 59. Data correction: Do Directors agree with the proposed revision to the enhanced HIPC Initiative debt relief agreed to at the decision point, as a result of revised end-1999 external debt and exports data? If so, do Directors agree to provide this revised assistance on an irrevocable basis, provided sufficient assurances of other creditors to revise the enhanced assistance are received? 60. Debt sustainability: Do Directors agree that HIPC assistance to Burkina Faso as calculated at the decision point would not be sufficient to ensure a solid basis for debt sustainability over the medium term, and that Burkina Faso has experienced a fundamental change in economic circumstances due to exogenous factors, which would fulfill the criteria for granting an exceptional topping-up of assistance at the Completion Point, based on end- 2001 data, as discussed in Section III? If so, do Directors agree to grant this exceptional topping up to Burkina Faso, provided sufficient assurances of other creditors' participation to an exceptional topping up are received?  - 28 - Figure 1. Burkina Faso: Structure of Enhanced HIPC Assistance, End-1999 NPV Terms (In millions of U.S. dollars) As of Decision Point Other multilateral creditors Bilaterals and commercials US$28 rln US$24 mln NF / A~~~ADI E ~~~~~~AMB/F US$20 min TUS$27 mln IDA US$71 mln After Data Revision Other multilateral creditors Bilaterals and comnmercials US$31 mlin US$35 mn I6iEF USS22 mLr. AfDB/F US$28 mln IDA US$79 mlni SouTce: Bank/Fund staff estirmates.  - 29 - Figure 2. Burkina Faso: External Debt and Debt Service Indicators for Medium- and Long-Term Public Sector Debt, 2001-21 400 400 External Stock of Debt in NPV Terms/ Exports (in percent) - After traditional relief, before HIPC relief l/ 350 -i--- After traditional and original HIPC relief, before 350 enhanced HIPC relief a - After traditional and HIPC relief 300 -Beyond enhanced HIPC relief 300 - - - - After topping-up of assistance at completion point 250 250 200 200 150 ~~~~~~~~~~~~~~ 2001 2002 2003 2004 2005 2006 2007 2008 2009 2t)10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 25 25 External Debt Service/ Exports (in percent) 20 _ .. ,............................ '5 15 10 10 5 - After traditional relief, before HIPC relief 1/ +~----- After traditional and original HIPC relief, before enhanced HIPC relief - +---- After traditional and HIPC relief - Beyond enhanced HIPC relief - - - After topping-up of assistance at completion point 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Sources: Burkinabe authorities; and Bank/Fund staff estimates and projections. 1/ Already includes about US$101 mn in NPV terms of original HIPC relief provided by end-2001  - 30- Figure 3.Burkina Faso: Sensitivity Analysis, 2002-21 800 800 NPV of Debt to Exports (in percent) 700 700 - Baseline 600 *- Histotical scenario I 600 - Millenrnum scenario II 500 500 400 400 300 300 200 200 100 100 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Year External Debt Service / Exports (in percent) 25 _ 25 20 . . ^ ~~Historical scenar io ..... .................. .... I 2 Millennium scenario II 51 1 10 10 5 5 0 D 2002 2004 2C06 2008 2010 2012 2014 2016 2018 2020 Year Sources: Burkinabe authorities and Bank/Fund staff estimates and projections.  -31 - Table 2. Burkina Faso: Selected Economic and Financial Indicators, 1999-2005 1999 2000 2001 2002 2003 2004 2005 Est. Rev. prog Rev. proj. Proj. Proj. Proj. (Annual percentage changes, unless otherwise specified) GDP and prices GDP at constant prices 6.3 2.2 5.7 5.8 5.7 5.4 5.4 5,3 GDP deflator -2.6 0.6 3.5 2.0 1.7 2.3 2.2 2.3 Consumer prices index (annual average) -1.1 0.3 4.9 2.0 2.0 2.0 2.0 2.0 Consumer prices (end of period) 0.7 2.4 1.0 2.0 2.0 2.0 2.0 2.0 Money and credit Net domestic assets (banking system) 1/ 5.6 15.4 3.7 4.0 1.4 -0.9 2.5 1.5 Credit to the govemment 1/ 3.4 7.8 -5.1 -0.7 -1.4 -3.8 -2.7 -3.1 Credit to the private sector 1/ 1.9 8.2 7.4 4.7 2.8 3.0 5.2 4.5 Broad money (M2) 3.1 57 4.9 8.0 10.6 10.6 7.7 9.2 Velocity (GDPtM2) 3.9 38 4.0 4.0 3.8 3.8 3.8 3.7 External sector Exports (f.o.b.: valued in CPA francs) -18.0 -6.4 15.5 14.5 8.1 14.0 9.8 9.1 Imports (f.o.b.; valued in CPA francs) -4.5 3.1 1.3 -1.2 1.7 6.2 4.8 5.2 Volume of exports -12.4 -11.4 11.8 23.1 17.7 7.8 6.2 5.8 Volume of imports -7.7 -13.6 1.6 3.0 2.7 4.9 3.6 3.8 Terms of trade -9.5 -11.5 3.6 -3.0 -7.2 4.5 2.2 1.8 Real effective exchange rate (depreciation -) -2.0 -5.1 ... ... ... (In percent of GDP, unless otherwise specified) Gross investment 27.1 26.9 26.7 27.3 28.1 27.2 26.7 26.8 Government 17.0 14.3 13.7 15.1 15.2 14.0 13.1 12.5 Nongovemment sector 10.2 12.6 13.0 12.2 12.9 13.3 -13.6 14.2 Gross domestic savings 9.2 7.7 10.2 12.7 13.4 13.4 13.7 14.6 Government savings 8.5 6.6 5.8 7.5 7.0 7.7 8.7 9.1 Nongovemmentsavings 0.7 1.1 4.4 5.1 6.4 5.8 5.1 5.4 Gross national savings 14.3 12.6 14.2 16.8 17.8 18.2 18.8 19.6 Central govemment finances Tax revenue 14.5 12.8 12.5 14.5 13.8 14.1 14.7 15.0 Domestic current expenditure 11.9 12.2 12.8 12.6 13.4 13.1 12.5 12.6 Overall fiscal balance, excluding grants -13.3 -12.7 -13.0 -12.1 -13.5 -11.6 -9.5 -8.8 Overall fiscal balance, including grants -4.0 -4.2 -4.8 -3.9 -5.9 -4.4 -2.7 -2.7 Basic balance 2/ -0.7 -1.6 -3.2 -2.3 -4.3 -3.2 -2.0 -2.2 Excluding use of HIPC resources -0.7 (1.0 -2.9 -1.0 -1.7 -1.9 -0.7 -1.0 External sector Exports of goods and nonfactor services 11.6 10.8 11.2 11.9 11.2 11.8 12.0 12.1 Imports of goods and nonfactor services 29.6 30.0 27.6 26.5 26.10 25.6 24.9 24.3 Current account balance (excluding current official transfers -16.0 -17.6 -15.9 -14.6 -14.1 -13.0 -12.1 -11.2 Current account balance (including current official transfers -12.8 -14.6 -12.4 -10.4 -10.3 -9.0 -7.9 -7.2 Extemal Debt Indicators (before HIPC Initiative) Debt-service ratio 3/51 23.0 30.2 30.2 25.0 25.8 24.0 23.0 20.8 Debt-service ratio 4/5/ 10.5 13.9 15.6 15.6 19.4 18.4 17.2 15.3 Gross official reserves (in months of imports of GNFS) 5.1 4.4 4,7 ... 5.5 6.5 6.8 7.4 NominalGDP(inbilhonsofCFAfrancs) 1,518 1,561 1,707 1,857 1,834 1,978 2,130 2,294 Sources: Burkinabe authorities; and staff estimates and projections. 1/ In percent of beginning-of-period broad money. 2/ Revenue excluding grants minus expenditures excluding foreign financed investment outlays. 3/ In percent of exports of goods and nonfactor services. 4/ Ratio of public extemal debt service to govemment revenue, excluding granis. 5/ Before debt relied under the original and enhanced Heavily Indebted Poor Countries Initiative (HIPC). Based on HIPC Initiative completion point and second decision point document. (EBS/00/1 13:6/19/01 and IDA/R200(-1 19; 6/20/00)  - 32 - Table 3. Burkina Faso: The Fiscal Impact of the HIPC Initiative, 2000-05 1' (In billions of CFA francs, unless otherwise specified) 2000 2001 2002 2003 2004 2005 Actual Prel. Proi. 1. HIPC Initiative assistance given A. Interest due before IMPC Initiative assistance 13.1 12.6 10.1 11.9 12.6 13.0 B. Interest paid before HIPC Initiative assistance 13.1 12.6 10.1 11.9 12.6 13.0 C. HIPC Initiative assistance on interest 0.0 0.0 0.0 0.0 0.0 0.0 (as a result of stock of debt operation only) D. InterestdueafterHIPClnitiativeassistance 13.1 12.6 10.1 11.9 12.6 13.0 E. Amortization due before HIPC Initiative assistance 27.8 27.1 27.0 28.4 29.6 28.6 F. Amortization paid before HIPC Initiative assistance 27.8 27.1 27.0 28.4 29.6 28.6 G. HIPC Initiative assistance on amortization 0.0 0.0 0.0 0.0 0.0 0.0 (as a result of stock of debt operation only) H. Amortization due after HIPC Initiative assistance 27.8 27.1 27.0 28.4 29.6 28.6 1. HIPC Initiative assistance provided as grants (to cover debt service due) 0.0 0.0 0.0 0.0 0.0 0.0 J. HIPC Initiative assistance as exceptional financing (to cover debt service due) 7.1 23.4 25.2 28.6 27.2 26.6 Total UIPC Initiative assistance provided (C+G+I+J) 2/ 7.1 23.4 25.2 28.6 27.2 26.6 Total HIPC Initiative assistance (in millions of U.S. dollars) 2/ 11.4 35.4 35.5 40.3 38.3 37.5 Net cash flow to the budget from HIPC Initiative assistance (B+F-(D+H-I-J)) 7.1 23.4 25.2 28.6 27.2 26.6 Memorandum items: Other donor flows 201.3 228.8 249.7 258.5 229.3 244.1 Total net external flows (net external financing less debt service due) 160.4 189.1 212.6 218.2 187.1 202.5 2. Functional and other poverty reduction government expenditures 2/ Baseline pre-HIPC Initiative assistance expenditure projections 85.9 97.4 97.1 102.9 109.1 115.6 Post HIPC Initiative use of assistance expenditure projections 85.9 105.4 144.8 131.3 138.7 144.2 Memorandum items: Tax revenue (in percent of GDP) 12.8 12.5 13.8 14.1 14.7 15.0 Overall fiscal balance before use of HIPC Initiative assistance (in percent of GDP) -4.2 -4.8 -5.9 -4.4 -2.7 -2.7 Overall fiscal balance after use of HIPC Initiative assistance (in percent of GDP) -4.2 -4.6 -3.3 -3.1 -1.3 -1.5 Sources: Burkinabe authorities; and staff estimates and projections. "Before the impact of a stock of debt operation, which may take place in May 2002 following the completion point under the enhanced HIPC Initiative. t Excludes foreign-financed investment.  Table 4. Burkina Faso: Main Assumptions of the Macrocconomic Franmework, 2001-21 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Avorrre9 P~~~~~~~~~~~~~el ~~~~~~~~~~~~~~~~~~Pojocted 2011-20121 2001-2010 Sconoooc G,o.h ch"g) R.1 GDp m.gcIc5w 5.7 5.7 5.4 5.4 5.3 5.8 5.6 5.5 5.5 5,51 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.7 5.7 5.5 56 ReldGICP laarcorih( Pncemge6 gc) 2.6 2.6 2.3 2.3 2.2 2.7 2.8 2.7 2.1 2.7 2.8 2.8 3.0 3.0 3.0 3.0 30 3.0 3.0 3.1 3.1 2.6 3.0 Bawm of Poymcnu E.pt4s f goodNW -ic It(i pnKo(aGfGOP1 11.7 12.2 12.2 12.3 12.2 12.3 12.3 12.4 12.5 12.7 12.9 13.1 13.3 13.6 13.9 14.3 14.7 15.1 15.6 16.1 16.7 12.3 14.5 I.poaoufIgd ad trice1l(in. pom ofGDP? 22.1 21.0 20.6 20.1 19.6 19.0 18.S 18.6 16.6 l8.4 18.3 18.2 18.2 18.1 18.0 18.0 f7.9 17.8 17.8 17.7 17.4 19.7 MO.0 C.-l ccOunt, l..lod?ig g.a ti.pn eiof GDP) -15.9 -14.1 -13.0 -12.1 -11.2 -10.2 -9.6 -912 -9.0 -8.7 -83 -8.0 -7.8 -7.5 -7.1 -6.7 -6.2 -5.7 -5.2 -4.6 -3.6 -11.3 -6.4 C. -IcconI iodin. pugs (in Poenl of GDP) -12A -10.3 -9.0 -7.9 -7.2 -6.6 -6.1 -5.8 -5.7 -5.5 -5.2 -5.0 -4.9 -4.6 -4.3 -3.9 -3.5 -3.1 -2.6 -2.0 -1.1 -7.6 .3.7 C.ossofficiaolsscres (inrnduofimpo.s)2/ 6.3 6.9 8.2 8,5 9.3 9.4 9.6 9.6 9.5 9.3 8.9 8.4 7.9 7.5 7.0 6.6 6.3 6.1 6.1 6.4 7.1 8.7 7.1 &P oK'al-c8ow0 1(pleY dgtr ) 11.4 17.7 7.5 62 8.6 66 66 6.2 6.3 7.r 8.0 7.7 7.9 *.1 I.' 8.7 .9 9.2 94 97 9.9 8.3 8.7 Impoyn .g,oo-,6(p-ncamolt. dA.) 1.6 2.7 49 3.6 3.8 3.8 5.6 5.2 5.9 5.3 5.4 5.6 6.3 5.7 57 5.7 5.9 5.9 5.9 6.0 4.2 4.2 5.7 Tmn fU.&(p"-wnage h.nsc 36 .72 45 2.2 I ?S !.a 5 o 0.5 os 05 ns 0 3 0. 7 9.7 0.7 0.5 0.5 05 0.9 0.5 Sources;: Burkinab aulhwilies; and Bank-Fund staffs cStialSS. I/ E.Poo (Inpu) of po-. clonr nod- ftabSO e o, doine- in IMF. 1sIsoo of p4700 MnuAI (5Oth doisoln 1993 2/ Inp o good .d oo- faecoo .v.icc  TableS. Barkin 1999-2021 Pooo Balnc of Payemnsen. 1999 2000 2001 2002 2D3 20D6 200 2006 20117 2000 2009 2010 2011 2012 2013 2014 2015 2016 2012 2010 2019 2020 2021 (I. silioe of U.S. d101.nl E.peO. fo.b. 254.0 199. 2203 250.5 207.3 316.9 347.1 370.8 413.5 440.2 406.0 532.7 590 5 649.4 7157 790.2 075.6 072.0 1001.4 1206.0 13479 1509.9 1095 4 Of sAid. 000 136.0 90.6 131.1 149.5 177.4 200.2 219.3 236.2 254.0 270.0 207.0 303.0 324.2 344.6 366.2 300.2 413.7 439.7 467.3 496.7 527.9 561.1 596.4 00A6 13.0 0.5 4.0 3.2 2]1 2.1 [.6 1.4 1.7 1.7 1.0 1.0 1.9 2.0 2.1 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.0 lpI.V ,f.6b. -501.2 -503.3 .509.7 -520.0 -55004 -005.2 -617.7 -646.0 -692A1 -739.6 -7931A .051.1 -911.7 .970.7 -1057.1 -1135.9 -12201 -1311-2 -1410.0 -0510.4-1634.5 -i760.9 -1064.0 O.6.oh *,p S0.Iod, -203.3 -167.7 -157.6 -1504 .159.0 -153.6 -140.1 -142.0 .147.1 .147.0 -132.7 .153.1 -153.7 .155.3 .162.8 -164A4 -166.0 .167.3 .169.3 -171.1 -172.3 -173.9 -142.2 T.& bolonc -327.2 -303.6 -27912 -270.1 -260.4 -209.4 -270.6 -7200.0 -270.6 .291.2 -5603 -315.4 -321.2 -329.2 -341.4 -345.4 -344.6 -339.2 -329.3 -312.4 -206.7 .251.0 -169.3 Snv- .0.o8ooge9-133.4 -125.0 -122.8 -117.1 -122.6 -127.1 -134.0 .14014 .148.7 -157.0 -172.6 -102.7 -193.5 -205.4 -219,2 -233.0 -247.6 263.4 .280.4 -290.8 -3103 .379.0 -3242 0oo~~~~~.ceo -~~~~~1 15.1 -10335 -103.0 -90.9 -103.0 -107.6 -114.1 -124.1 -12735 .135.3 -14425 -153.6 -163.4 -174.3 -107.0 -199.7 -213.2 -227.7 -243.5 -2603i -270.9 .298.8 .313.7 locoOso ~~~~~~~~~~~-1023 -19.5 -19.0 -1802 -10.0 -193 -19.9 -20.3 -2123 -2235 -20.2 -29.1 -30.1 -23.8 -31.1 -24.7 .32.2 -256 -33.3 .26.5 -34.5 -275 -35.7 .36.9 -30.2 -20.4 .29-3 -30.3 .39.6 -311 -41.1 -32.2 -40.0 -31.4 Ofe,k.- o0 Py.oool -10.0 -10.0 -17.9 .17.2 -17.9 .10.0 -19.3 .2010 -20.5 -21.3 -22.1 -22 9 of.46r6z bag.l -16.9 -87.9 -13.1 -85.0 -16.1 -17.7 -99.4 -19.1 -19.6 -20.7 -21.7 -22.6 -23.6 .24.5 -2535 -26A4 -27.4 -2803 -29.3 -30.2 -31.2 .32A1 .31A4 C~lOe09lOO0010() I44.2 1163 112.3 124.1 138.2 1313 155.0 154.0 160.4 102.2 197.6 204.0 210.9 210.5 226.8 233.0 245.6 226.2 267.8 2800. 29441 30091 3195 P01cUa 64.6 533A 31A 33.4 35.0 39.2 43.1 40.6 SI'S 67.7 78.4 00.0 02.3 0532 87.7 90.7 93.7 97.1 101.0 105.2 109.0 114.9 114.4 Of"k4eoo6oerW 01lo.0o 0a1 01.8 60.7 41.0 44.1 47.7 52.3 57.4 64.1 71.7 9002 09.7 09.7 09.7 09.7 69.7 09.7 09.7 09.7 09.7 0921 09.1 09.7 09g7 083o.l 79.6 65.1 00.9 90.7 102.4 11223 112.7 106.1 11035 114.4 11I0.6 123.2 120.1 133.4 139.1 145.2 151.9 139.1 166.8 173.2 184.3 194.0 204.6 Ofoe6lhlbodgOoy Wvwpofsooo 3805 31,3 37.1 46.0 30.2 67.9 60-2 61.5 61.7 61.7 61.7 61.7 61.7 61.7 61.7 61.7 61.7 61.7 61.7 61.7 61.7 61.7 61.7 C.-(looooe (6o9o6=-l -316.5 -310.1 .209.7 .263.1 -222.6 -243.9 -34918 -253.6 .250.9 -20690 -203.6 -294.1 -203.0 -316.1 -333.0 -342.6 -3,46.6 -346.4 -342.0 -330.9 -311.1 -281.9 -204.3 00 off64olOoolo. E.cId.de -. -39611 -35732 -370.6 -333.8 -333.2 -556.2 -2313 -359.7 -36935 -381.2 -402.2 -411.3 -431.9 .4495 .47.0 -407.0 -49035 -30335 -309.8 -506.1 -493.4 .476.0 -409.0 Copi.oI eolaoo 195.0 157.4 130.1 140.9 143.6 137.0 136.6 137.2 137.9 1392 130.6 138.9 139.3 139.6 140.0 14035 14.9 141.3 141.0 142.3 142.8 143.4 144.0 P10 000.00 191. 172.0 153.6 144.1 138.6 132.6 125.0 131.3 131.0 131.0 131.9 131.0 131.0 131.0 131.0 1310a 131.0 131.8 131.0 131.0 131.8 131.0 131.0 3 Od00CoploIooofo 4.0 4. 4.5 4.7 2.0 9.3 5.6 5.0 6.2 635 6.0 7.A 72 7.9 8.3 0.7 9.1 9.6 80.0 1035 11.1 11.6 12.2 FiooodW opo.aia 113.0 00.4 109.0 131.1 137.0 9435 023.4 94.0 100.1 105.4 114.7 116.7 119.1 110.0 117.8 119.2 119.5 120.9 121.7 123.1 126.7 129.0 62.0 OofidwIoop6Ia -1635 36.1 74.1 111.1 1174 73.7 102.1 72.2 02.9 02.7 91.7 9335 95.0 93.9 91.9 92.3 9125 91.0 01.6 91.0 44.2 95.9 20.6 Di*w -meol 26.1 02.9 121.6 131.7 1600 117.4 146.6 105.1 124.4 1236.9 I37.8 141.6 1453 149.6 153.0 150. 162.6 167.2 1720 176.9 191.9 165.A 122.6 Of.hkh:6 loeOe 0.0 90.0 7635 06.1. 9.7 069 02.9 09.6 70.1 79.9 90.1 93.3 9025 99.9 103.4 107.0 110.0 114.6 110.6 122.0 IVA. 13135 77.1 P.OiOOIIoa 0.0 9008 7635 00.0 09.7 069 05.9 69.6 78.1 79.9 90. 93.3 902 99.9 103.4 107.0 110.0 114.6 110.6 122.0 127.1 0133 77.1 P-00 00 1-40 26.1 0.0 45.2 64.9 70.2 2035 60.7 4235 46.3 43.0 47.7 40.3 49.0 49.7 5014 51.1 51.0 32.6 53.3 54.1 34.0 33 6 45.7 A.-6..t0io -42.6 -42.1 -47.7 -4035 -423 -43.0 -445 -429 -4L. -44.2 -46.0 -48.1 -50.6 .35.7 -61.9 63.0 -71.1 -75.4 .810.4 -03.1 -07.0 -91.3 -96.2 4> Of 'lOk- 1.0600 -42.6 -30.0 .37.0 -37.6 -39.7 .40.9 -41.0 .39.0 .3035 -41.1 -42.9 4522 -402 -53.9 .603 .6435 .697 .743 .7935 .042. 72 -83 90.0 -96.0 ffic0100-Pilo Il 12935 442 20.6 19.9 20.4 20 9 21.3 21.0 22.2 22.6 22.9 23.3 24.1 23.0 25.9 26.9 20.0 29.0 WI. 3123 32.6 34.0 3525 O- -d 006001j800 -1410 7.3 5.9 0.0 60 9 .0 0.0 0.0 0.9 0.0 0.0 0.0 0.0 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 01"cllbWano -21.7 .64.9 -24.9 16.9 20.6 -11.6 5.2 .22.4 -13.9 -23.1 -2023 -3035 -4235 -57.6 .75.9 -02.9 -06 2 -04.2 4.70 -6.4 -4135 .0.7 1.7 F ds010 21.7 64.9 24.9 -16.9 -20.6 10.6 -5.2 22.4 13.9 27.1 3023 3035 453 37.6 75.9 02.9 8602 64.2 703 65.4 4135 8.7 -1.7 Odf-4efeleo. 14.9 583 -7.0 .51.A -60.1 -26.1 .42.2 -15.6 -20.3 -12.3 -3.0 7.7 17.1 26.0 35.3 43.2 47.0 47.6 42.6 30.9 925 -21.4 -31.8 N. ofOalkoWco33.0 51.3 .28.4 .51.4 -68.1 -26.1 -42.2 -15.6 -20.3 .12.3 -3.0 7.7 17.A 26.0 3532 4332 47.0 47,6 42.6 30.9 9.5 .21.4 -31.8 fbooologlnocoo29.2 2035 -36.6 -51.9 -52.2 -91 .2725 -3.0 7.73 -2.6 3.4 11.0 19-2 26.0 35.3 43.2 47.0 47.6 42.6 30.9 9.5 .21.4 -31.A IMF'(oe) II.A -2.4 6.2 625 -85.0 -16.9 -14.7 .12.7 .13.0 -9.7 -6.4 4-42 -2.1 0.0 0.0 0.0 0.0 0.0 9.0 00 00 0.0 0.0 U200. f 10016J7 7.1 21.3 84.8 0.0 011 0.0 0.0 011 011 911 0.0 6.0 911 011 0.0 0.0 011 0.41 0.0 0.0 011 0.0 Rep.ybee ..A 9-93 -13.1 -83.6 -13.0 -16.9 -84.7 .12.7 .813 -9.7 -6.4 4.2 -2.1 0.80 0.0 0.0 0.0 0.0 0.0 0.0 00 00 0.0 N081000109 aooo - -Weoa book, -20.2 0.2 27.4 011 0.8 00 0.0 0.0 011 011 0.0 011 60 0.0 00 011 0.0 011 0.0 0.0 011 00 0.0 Of oAk-A PegOlOc 0.0 011 011 0.0 0.0 011 0.0 0.0 0.0 9.0 00 011 011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cho.oei. on-. 1~d.edco-1 0.0 0.0 0.0 0.0 011 0.0 011 0.0 0.0 0.0 0.0 0.0 011 0.0 011 0.0 0.0 011 011 011 0.0 0.0 0.0 H4IC1o.1dwN 0.0 9.0 31.9 34.6 39.5 37.7 37.8 30.1 36.1 35.4 3323 20.8 28.4 38.6 6016 39.7 30.4 36 6 35.9 3435 52.1 20.8 30.1 D3060060 di-caliOf 21 6.8 3.6 011 00 0.0 011 011 0.0 6.0 0.0 0.0 011 011 0.0 011 011 011 00 90 0.0 0.0 011 0. I'ino-cg pp 0.0 0.0 0.0 0.0 00 011 0.0 0.0 0.0 0.0 0.0 011 0.0 011 0.0 011 011 011 011 00 00 00 011 Akowc,od., kw:0 0080.ollroioo (I. p00.1.o CIDP, I eI-td) T.& baloncedorhI=. -8323 -14.2 .1210 .80.7 -9.0 -9.8 -83 -7.7 .7.4 -7.2 .711 .6.7 -6.3 6.60 4.31 -3.4 -511 -4.6 -4.1 .3.6 -3.8 2.23 -8.6 C060000po000l-010l1l0d00l000l0of i- los. 114.7 109.1 113.7 164.1 172.3 18003 194.6 092.3 200A1 2289. 217.6 226.7 236.2 2462 236.0 207.3 27035 299.2 302.4 3585. 320.3 342.1 35635 C-o,el.co.8(*Oio-0 -12.8i .14.6 -12A1 -10.2 .9 3 -0.3 -7.0 -7.3 .0.9 -6.6 -635 -6.2 -011 7. -. 5.7 -3.4 .3.1 -4.7 .4.3 -3.8 -3.4 -2.8 -8.9 EoeI.diog.~ eoolfri.)o eaoof -16.0 -17.6 -1531 .14.1 .13.0 -12.1 -11.3 -10.4 .9.0 -9.4 .0.2 .8.9 .635 .012 1110 -7.7 -72 -6.9 .6.4 -5.9 -5.3 4.0 .3.8 000.01601010910008.- -0.9 -3.0 -1.1 0.7 10 .0.4 0.2 -0.6 1014 -6.6 .0.7 -0.8 -0.9 .8.1 -1.3 -1.3 .1.3 -8.8 -8 0 1.0. .04 -0.1 0.0 DeO,loov.c3I 225 2.0 2.0 2.3 3.2 2.8 2.0 .8. 8.6 8.6 1.6 135 1.5 1.2 1.5 8.3 8.4 1.4 8.4 123 1.3 1.2 1.2 Io.Wdldm- o i. c.i.o 41 2311 20.2 30.2 2521 27.7 2235 2235 1802 1635 833 1410 12.8 11.9 11.4 11-2 80.0 80OA 9.9 9.4 09 0.2 7.6 7.0 D36.k cc.eo. Wo nwo00oeoS- -. , eoeo0 10.7 83.9 15.6 12.6 12.4 81.9 11.0 9.3 0.7 801 7.3 6.7 6.2 6.0 3.9 3.7 2.3 3.2 3.0 4.7 4.4 4.2 3.9 Gro,.1.0010 rsco 270.6 233.9 27035 303.9 373.7 401.6 44514 402.6 4843i 4968 490.8 492.1 473.0 440.9 413.7 37025 322.7 27511 272.4 2013 1920 283.4 245.8 In. -d. olimpolod S-&, oi.f. 4.6 5.5 6.3 6.6 7.7 7.0 0.3 0.0 7.9 735 7.0 6.3 3.0 7.1 44 3.6 3.0 2.3 1.8 8.5 823 1.4 Nosse..o1110c50265.9 171.0 871.0 172.6 173.6 174.4 175.8 875 7 876.4 176.4 876.4 876.4 176.4 176.4 876. 176.4 876.4 176A4 17614 876 4 876 176.4 208.1 a8 ooo p.10. GDP0 246.0. 2131.0 2330.6 219 793 92. 59.7 576 571.3 4062.3 4376.3 4785.2 30909 54753. 5901.9 6762.1 6039.0 7395.0 79753 _601.0 578.4 80609661000D.7 5000 0009O.ko WOO C.0.W Allioo SlW. (BCEAO); .0 0.ff toOeo. -J6 pojodol. I/8001o4d. pocoill -0.00080 mdofcig. 11cocie0001. 2/ Conloinooo . ih6100-11P1Cdab 0.o.Oo- -g.U1.003604 poo.f 3110P- .06ooookw eopo. ofgoa do -nicc. 4t1.01"6601i8,f . g00000 10010000100 db8  - 35 - Table 6. Burkina Faso: Comparison of Discount Rate and Exchange Rate Assumptions at End- 1999 and End-2001 Discount Rates 1/ 2/ Exchange Rates (In percent per annum) (Currency per U.S. dollar) At Completion At Decision At Completion At Decision Point Point Point Point Currency ATS-Austrian Shillings 5.67 5.47 15.61 13.70 CFA-CFA Franc 5.67 5.47 744.31 652.95 CNY-Chinese Yuan 5.16 5.59 8.28 8.28 EUR-Euro 5.67 5.47 1.13 1.00 FRF-French Franc 5.67 5.47 7.44 6.53 GBP-Great Britain Sterling 6.04 6.70 0.69 0.62 NLG-Netherland Guilders 5.67 5.47 2.50 2.19 KWD-Kuwaiti Dinar 5.16 5.59 0.31 0.30 DKK-Danish Kroner 5.68 5.32 8.41 7.40 LUF-Luxernbourg Franc 5.67 5.47 45.77 40.16 SAR-Saudi Arabian Rial 5.16 5.59 3.75 3.75 DEM-Deutsche Mark 5.67 5.47 2.22 1.95 BEC-Belgian Franc 5.67 5.47 45.77 40.16 ITL-Italian Lira 5.67 5.47 2197.06 1927.40 IEP-Irish Punt 5.67 5.47 0.89 0.78 CAD-Canadian Dollar 6.40 6.67 1.59 1.44 CHF-Swiss Franc 3.97 4.27 1.68 1.60 JPY-Japanese Yen 1.43 1.98 131.80 102.20Q ESP-Spanish Peseta 5.67 5.47 188.80 165.62 SEK-Swedish Kroner 5.76 5.80 10.67 8.53 NOK-Norwegian Kroner 7.86 6.64 9.01 8.04 FIM-Finnish Markaa 5.67 5.47 6.75 5.92 SDR-Special Drawing Rights 5.16 5.59 0.80 0.73 PTE-Portugese Peseta 5.67 5.47 227.48 199.56 USD-United States Dollar 5.85 7.04 1.00 1.00 Sources: OECD, and IMF, InternationalFinancialStatistics. Note: Cutoff date for Burkina is January 1, 1991. 1/The discount rates used are the average commercial interest reference rates (CIRRs) for the respective currencies over the six-month period ending in December 2001 for the completion point and in December 1999 for the decision point. 2/ For all currencies for which the CIRRs are not available, the SDR discount rate is used as a proxy.  Table 7. Burkina Faso: Extemal Public and Publicly-Guaranteed Debt. at End-December 1999 (revised) (In millions of U.S. dollars) NPV of debt NPV of debt NPV of Enhanced HIPC Assistance After traditional debt relief mechanisms I/ Contribution to After original HIPC After enchanced HIPC As in Decision Point Revised Change in end-1999 Total Revision (in Initiative 2/ Initiative 3/ Document NPV terms percent) As in Decision Point Revised at the completion point Document 859.8 882.1 100.0 653.8 458.3 169.3 195.4 26.0 Total debt 738.5 734.5 -17.9 538.2 377.3 145.4 160.8 15.4 Mulltlateral creditors 355.5 355.5 0.0 264.7 1S5.6 71.0 79.1 8.1 IDA 96.0 96.0 0.2 74.3 52.t 19.9 22.2 2.3 IMF 140.6 134.5 -27.2 93.9 65.9 26.8 28.1 1.3 AfDB/AfDF 29.3 28.6 -3.0 19.8 13.9 5.5 5.9 0.4 BADEA 14.3 19.6 23.8 14.5 10.2 2.5 4.3 1.9 BOAD 6.2 5.7 -2.3 1.5 1.0 0.6 0.4 -0.1 ECOWAS 35.3 29.2 -27.4 21.3 14.9 7.4 6.4 -1.0 EU 0.1 0.1 -0.2 0.1 0.1 0.0 0.0 0.0 FEGECE 14.0 13.7 -1.1 10.0 7.0 2.8 3.0 0.2 IFAD 29.0 33.S 21.8 24.5 17.2 5.3 7.3 2.1 IsD)B 18.2 17.7 -2.4 13.5 9.4 3.7 4.0 0.3 OPEC Fund 121.3 147.6 117.9 115.6 81.0 23.9 34.5 10.6 Bilateralcreditors 47.4 44.7 -12.1 35,0 24.6 9.3 10.5 1.2 Paris Club creditors 2.5 2.9 1.9 2.3 1.6 0.5 0.7 0.2 Austria 25.3 22.2 -13.8 17.4 12.2 5 5.2 0.2 France 5.7 5.8 0.6 4.6 3.2 1.1 1.4 0.3 Italy 5.2 5.2 0.1 4.1 2.9 1 1.2 0.2 Netherlands 0.8 1.1 1.4 0.9 0.6 0.2 0.3 0.1 Russia 6.1 6.0 -0.2 4.7 3.3 1.2 1.4 0.2 Spain 1.8 1.4 -2.0 1.1 0.7 0.3 0.3 0.0 United Kingdom Non-Paris Club creditors 73.9 102.9 130.0 80.6 56.5 14.6 24.1 9.5 1.5 1.1 -1.7 0.9 0.6 0.3 0.3 0.0 Algeria 4.0 3.5 -2.2 2.8 1.9 0.8 0.8 0.0 China 14.9 15.4 2.2 12.1 8.5 3.0 3.6 0.6 Coted'lvoire 23.1 22.9 -0.9 17.9 12.6 4.5 5.4 0.9 Kuwait 6.9 5.9 -4.5 4.6 3.2 1.4 1.4 0.0 Lybia 13.6 11.5 -9.2 9.0 6.3 2.7 2.7 0.0 Saudi Arabia Taiwan Province of Chinia 9.9 42.5 146.3 33.3 23.3 1.9 9.9 8.0 Sources: Burkinabc authorities; and Bank-Fund staffs estimates. by other official bilateral creditors. 1/ Refers to public and publicly guaranteed external debt only and assumes a stock-of-debt operation on Naples terms (67 percent NPV reduction) at the end of 1999. and at least comparable action 2/ Assuming full delivery of original HIPC assistance as of end-1999. 3/ Assuming full delivery of original and enhanced HIPC assistance as of end- 1999.  Table 8. Burkina Faso: External Public and Publicly-Guaranteed Debt, at End-December 2001 1/ (In millions of US. dollars) Legal Situation 2/ NPV of Debt NPV of Debt NPV of Debt Topping-Up Nominal Debt NPV of Debt After Original 1TPC After Enhanced After Additional Bilateral Relief at the Completion Point Relief 3/ FtIPC Relief In millions ofU S. dollars Millions oftUS. Millions of US. Millions ofU S. dollars Percent of Total Millions ofU S. dollars dollars dollars 1,431.3 906.4 730.3 543.2 521.2 100.0 t2S.6 Total 1.1744 685.5 608.8 4554 455.4 874 112.3 Multilateral creditors 636 9 322 8 322 8 246.4 246.4 47.3 60.8 IDA 1095 905 729 55.4 55.4 106 13.7 IMF 230.7 132.8 98.4 69.6 696 13.3 17.2 AfDB/AfDF 38.5 29.9 30.0 23 8 23.8 46 5.9 BADEA 10.2 10.0 10.0 74 74 14 18 BOAD 4.2 4.3 00 00 00 0.0 00 ECOWAS 26.2 198 18.0 12.0 12.0 23 3.0 EU 33.0 17.2 14.0 10.7 10.7 2.1 2.6 IFAD 56.0 336 26.4 18.4 18.4 3.5 45 IsDB 29.2 24.7 16.3 11.6 11.6 2.2 2.9 OPEC Fund 256.8 2209 121.5 87.8 65.8 126 162 Offidalbilateralcredltors 68 0 53.3 37.8 28 0 6.0 1.2 1.5 Paris Club 380 30.0 14.5 48 0.0 00 0.0 Pre-cutoffdatc 47 4.7 47 48 0.0 00 0.0 ODA 33.4 254 98 00 00 00 00 Non-ODA 29.9 23.3 23.3 23.3 6.0 1.2 1.5 Post-cutoffdate 28.5 21.8 21.8 21.8 6.0 1.2 1.5 ODA 1.4 1.5 1.5 1.5 0.0 0.0 0.0 Non-ODA 5.1 26 1.5 0.0 00 0.0 00 Austria 35.0 30.9 24.3 22.0 0.0 0.0 0.0 France 9.8 51 2.9 0.0 0.0 0.0 00 Italy 3.9 4.4 1.2 0.0 0.0 00 0.0 Netherlands 2.8 1.4 0.8 0.0 0.0 0°0 0.0 Russia 9.9 7.5 6.7 6.0 6.0 1.2 1.5 Spain 1.3 0.4 0.0 0.0 0.0 0.0 United Kingdom 1.4 188.8 167.6 83.7 59.8 59.8 11.5 14.7 Non-ParisClub 2.2 2.1 0.0 0-0 0.0 0.0 0.0 Algeria 20.8 19.9 4.4 3.2 3.2. 0.6 0.8 China 42.6 40.2 11.5 8.2 8.2 1.6 2.0 Crtecdlvoire 42.7 33.3 20.0 15.0 15.0 2.9 3.7 Kuwait 15.4 15.2 3.9 2.5 2.5 0.5 0.6 Libya 18.1 15.1 7.4 4.5 4.5 0.9 1.1 Saudi Arabia 47.2 41.8 36.6 26.3 26.3 5.1 6.5 Taiwan Province ofChina Sources: Burkinab6 authorities; and Bank Fund staffs estimates. 11Figures are based on data at end-2001. multilateral 2/ Reflects the extemal debt situation as ofend-2001. includes the 1996 Paris Club stock-of-debt operation on Naples terms, a Cologne flow rescheduling starting in July 2000 and ofiginal HIPC assistance from creditors effective as of end-2001. 3/ After full use of traditional debt mechanisms, and full delrvery of assistance under the original HIPC Initiative at end-2001.  Deb0 2000.21 Table 9. Bulduos Fmso:Net Present Value of Extlemnal (h. ,a00 sd,46oe airA6. 0Iom sfU.8, d000wm 2000 2002 2003 2004 2003 2006 2007 2000 2009 2010 2020 2021 2001.2011 2012-2021 Adusko hemi-i - I.N4PV.f&KW&(2*6)7/ 346.2 907.6 960.9 992.0 1,041.3 1.071.6 1.101.2 1.139.3 1,180.7 1,225.1 1,726.7 1.711.7 0067.8 1,547.1 2.NV0tfA66mo668d(3+4) 844.2 828. 806. 770.0 751.9 72512 696.5 6696 645.1 622.7 394.4 370.0 724.8 476.1 3. Cir.W bUoi md eosoue, 60.7 0157.7 0133.9 1410 040.8 135.0 127.9 120.5 012.8 100.5 49.9 46.0 132.9 66.9 PsioClab 50.7 20.6 50.3 48.7 46.7 44.3 40.1 38.9 33.0 32.3 12.8 02.0 43.0 20.1 Odofkiojabititud 110.0 107.1 103.6 04.4 02.0 90.7 86.3 81.6 76.9 72.0 37,1 34.0 90.0 46.8 4. hokO.0-0 682.3 610.4 652.2 620.9 610.3 590.2 526.6 249.1 33222 517.2 344.2 324.0 500.8 409.2 IDA 322.8 226.1 320.0 1310.3 330.0 330.9 33153 330.0 329.7 320.5 227.0 223.0 329.0 276.0 no,0 9025 0.0 08.0 23.2 43.0 32.2 20.1 01.9 6.0 2.0 0.0 0.0 37.4 0.0 Ah0ft. D,dW8083d B.& 0-132.6 031.0 129.1 127.7 027.4 026.9 120.3 1253. 124.2 022. 80.1 34.9 L16.7 002.6 Od- 8 1~~~~~ ~~~~~~39.2 132.2 323.2 0,622.9 006. 1,0.3j 007.8 0,770.6 99.0 1.820,6 00.3 1,889.9 00.0 1,494.5 72.4 2,007.8 64.3 2,490.3 08.4 2.880.5 06.0 2,960.2 087 1,813.8 20.6 2,530.6 5. N66DWdls8,okf0o0.ld6 1396.3 01206.7 I. Also .d*8A 111C *46.saaS 0.NfPVofOo08&k(2+6)3/ 727.6 8035. 870.6 918.8 077.6 1.019,7 1.064.2 1,107.9 1,027.3 1,206.2 1.720.3 1,760.3 1,000.1 1,342.4 od6(3.4) 2. NPVofdo8d-dim 727.6 724.0 702.8 702 7 600.2 672.3 625.3 628.2 621.8 003.0 388.0 359.6 667.0 470.4 3. OftisO.biI.0s0oo.sa ]IL06. 018.3 017,7 003.0 011.2 100.9 002.1 1000. 97.1 93.2 44.2 26.0 100.0 64.5 P'.d.CM6 36.8 36.6 36.2 54. 32.8 30.5 28.0 2.3. 23.0 20.0 7.9 6.6 29.2 02.6 OdwafMOel.bit6.l 8220 81.9 SIR4 80.4 79.4 78.3 77.2 73.6 74.0 72.3 36.3 20.6 77.5 20.9 4. WIHohLOg 606.8 605.5 5982 387.7 376.0 564.5 530 2 256. 224.8 300.6 343.8 323.5 260.0 406.9 lIDA 522.8 520.0 329.0 351.3 5331.9 330.9 330.3 330.0 329.7 328.3 237.0 2.53.0 320.0 276.0 De6 72.0 66.3 57.3 48.2 50.0 30.7 20.7 00.9 6.3 2.0 0.0 0,0 32.3 0.0 A*ia.DoVOI9 B"o6900 98.4 101.3 004.2 107,2 000.6 004.2 007.0 000.6 024.2 122 4 80.0 34.9 003.0 002.6 0 9 026. 004.5 000.0 007.4 000.0 94.2 07.7 9.0.2 12.5 64.9 50.6 01.7 12.7 03.8 28.3 11LAM-Mbs.cIIW sa8.a I.NF7Vofk580&8(I6)2/ 713.9 620.6 099.2 759.6 800.8 82.2 0316.7 990.9 1,052.4 0,001.0 072.0 0,782.2 890. 033t.2 AF9'qfa,680Ak 0WAdi Ab6.4.1 343.2 620.6 690.2 729.6 303.8 28822 936.7 990.9 10,02.4 0,008.0 1,729.0 1,782-2 874.7 1,531.2 2. NPV dd..i6s 4u6*80.04) 703.9 341.1 244.4 543,5 541.4 535.9 5200a 3501.2 516.9 215.7 396.7 3735. 547.4 400.2 3. 00Offi 666.ste W.odram,os1. 00. 62.0 81.9 006 70., 77.4 75.3 73.6 70.3 69.9 24.0 50.7 79.9 60.2 P.d. Ckab 26.2 25.9 25.0 24.0 22.f 20.0 17.6 02.2 02.8 00.0 3.6 3.3 20.0 5.7 CIOwsOlo.Wb,060s 82.0 56.0 36.3 3660 36.9 57.4 57.9 28.5 58.7 39.0 20.4 47.4 59.9 5-5. 4 6860180-5 597.7 459.0 462.2 462.9 462.3 430.2 422.4 447.0 645.2 445.0 342.7 322.8 467.3 390.0LI IDA 316.6 252.9 230.4 264.3 272.2 277.6 283.0 2017 204.1 300.6 237.0 22.3.0 20.3 270.4c 06 70.8 50.4 48.3 43.2 310 30.2 207 II09 6.0 2.0 0.0 0.0 294 0.0 Ahi-a Dodo99soO k Grow 97.2 72.0 75.1 78.1 80.3 34.7 88.2 90.9 92.4 98.0 80.0 04.9 07.5 90.9 05 1300w 0028 8225 79.7 73,2 70 7 02.6 60.2 55.2 50.0 42.0 06.6 12.0 67.1 23.7 IV. AII.bIaOWai0 660 .108h. IBMC.00..o5 1. NPV ft.W " 00(2+6) 21 702.6 66009 60801 741.3 003.3 866. 921.6 977.3 1,040.3 1,007.2 1,722.4 0,778.9 876.2 1.222.5 NW'VefIsOAOabqd,&,AdUhjW y 321.2 600.9 6800 740.3 800 3 006.0 901.8 977.3 0.0410,3 1.007.2. 72.4A 0,7l.9 828.9 0.52.3.5 2 2 NPV foooOi.It " 0(54) 75.56 221.4 322.3 5230I 525.9 519.6 213.0 507.6 504.7 504.3 393.0 370.2 5333. 454.3 3. Ofio i80h6wa0sd.o.dI 17.9 62.4 62.0 62.2 61.7 61.2 60.0 60.0 59.3 59.0 30.4 47.4 60.0 22.2 P'... COeb 35.8 6.3 6.5 5.7 4.7 3.8 2.7 0.7 0.6 0.0 0.0 0.0 6.2 0.0 6 Od o.O b.OOn Uit 02.0 36.0 56.3 36.6 56. 57.4 57.9 58.3 38.7 29.0 50A 47.4 50.9 55.5 4~ 680800608 597.7 459.0 462.2 462.9 662.3 438.3 452.4 447.6 445.5 445.8 242.7 322.8 467.5 390.0 V. Agw TqqhMg0U9 OOAsvbtae aL h CmkUa.tiPd.1mi L.N7V ft0e.W d(2.0.) 2/ 705.6 466.8 546.3 000.8 686. 738.3 782.0 846.7 009.1 073.8 1,709.9 1,769.0 757.7 1,430.8 )JPV6f alsow ~ o.o0o& .o,1/ l6W 392.6 705.6 466.8 587.3 546.5 390.7 6100. 394.7 686.0 396.7 738.3 501.9 792.8 384.0 846.7 377.0 909.1 373 6 975.3 373.4 1,709.9 377.6 1,769.0 360.3 720.3 404.7 1.450,8 379.8 2.3N0 sa6fl.sKA&dd6 8 (3+4) 3. 0ft iidb060lodsouamm,sl. 107.9 46.3 46.7 47.0 47.4 47.9 48.4 4.80 49.3 49.6 43.3 40.8 54.5 47.3 7808C8o6 35.8 4.7 4,7 4.7 4.7 4.7 4.7 46 4.6 4.6 2.6 2.0 7.5 3.5 OlhodOk .ahO8660 82.0 40.8 42.1 42.3 42.7 43.2 40.7 44.2 44 6 42.0 40.8 58 7 47.0 45.8 4.36s8008.085 297.7 240.9 354.0 347.7 349.3 3.44,1 335.7 328.2 324.3 323.B 334.3 309.5 360.2 332.5 IDA 316.6 008.8 193.2 197.3 201.0 204.6 208.2 211.9 203.3 209.2 233.5 209.8 216.2 231.0 no.1 70.8 36.0 1 6.4 36.9 36.8 30.3 20.7 00.9 6.0 2.0 0.0 0.0 26.2 0.0 Afti-Dw o Db60 3a*QoC." 97.5 522.8 33.1 37.4 30.0 62.3 64.9 67.6 70.0 71.7 S4A 64.9 66.6 79.6 O30Ioo 002.8 63.2 80.3 36.0 50.8 46.9 42.0 56.8 32.9 30.9 06.4 04.8 30.2 20.9 meo m--awas 6.767vdfa..b00o5i 00 79.5 154.8 206.0 209.4 346.4 400.7 469.7 553.5 60024 1,332.3 0,408.7 343.0 0.07100 Offio,Oboijso- 0.0 71 03.3 22.4 31.2 374 44.0 50.4 57.0 63.5 117.2 0200 56.3 90.0 3WU.6o00.o 0.0 72.4 059.3 092.7 238.2 309.0 364.7 419.3 478.4 558.9 1,205.0 1,237.7 306.7 070.0 s.000 Bu.661bo .0thio., sad .0f 66d0666 Bh,oF.*4%0 00 0 W 1/ Ref-t p.1i. .OW.1oey 66 go.6o6 60.0d,550 NW8880 Kaaekf.Mt 0981610 8000 1. MP0 008- (67 p- 96NFV -08-5i0) A dSo d85 sfIOO 1 1 WAe 1.06 -o.obi. fi- byWh. flki.0 boOstsi a4.dit bo.086.to010008808y9t0bk . 6. oso6i2 .- sq.o 6.6 -. 6oo sulgos HIC .6,66.o, d~ o..Ogn W -kddOhgo.A OHC -i6.- *... ddi-eno . of od.2001. 01 bsi f6h08~ V/D,-saso0 a d1,.68 0818008 W00 60846 os vaowef-d. Ospi0.U. --. Y.d-00d s 0. -.odI, s1s t dw 1.06 -oO, ,6fo.su,o 5.1. d6sa- -.viW0b0(D-.08'os 20000. . -wM-185080f -ft00y.q,drkINPV. i0.0 US. do11 006 f81.A 7- a606b80 ft.09215806, 31.2001) 8d89l6. 3/ Aosos a. Ly06st0.*f-&o66 w9961.0 ,oo2000. 0 0 4/NPV sf0008 460 8OWNRift 66860, 03i5HCEsWaLne Wo 0 is0a. dolyimod .s f 81002001. 5/A005 806 sidfbq.s.aH00PC s18rd by osos thO..1'"Clob 006..- 6/T.ppbW8W9de6oos4 dos ssOlb-po8mio 2002,i.2001 t-mt.-o oo07I980000p 47%V45..0 3 p901 fio.  ~~~aj ~~~~5- t ~9. ft. - & c42a-- -C oo f s eOw _soo;u HC~~~~~ a, o a C Cs S, s 0 ,,, 8,,<= O_ , ~~, 9' & A~~~~~ ~ ~~ 2i~ 2 4~~ c 9-. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ _ C- vW~ _tf _,1W<_yw _ 9fC '4>92 >ww££°~i fWe_t>C9W )h ow>wO ! _ - _ >9'> ' a: 1 ft S o ' =ww 9 owso s>bGOW saOh( W°°b= AOWSsO< o <S94o hWwbFos g,3 ti Z 'Z ~ ~ 1 14 6 _ 23-9 ow o< o_w_A- ~Y _wo_v-U$ _wS yeyw9oo S a~~~~~~~~~~~ Ra I~~~ Pa 9P C ~~~~~~~~~~A whhhw www= ocsww ooor =woO Gs-ww . ~ ~~~~~bob ' - °2> -I~ ob ° - C' CC <' COC a°° O °C- b .. - - <s 2Yh -- o o 29 < S S ywbU _ ob P o _ CCzb - o _ yw°bho o_ w ' o 4^e w o y wwObwg_ h w~~~~~~ .,C w b C > wCC_ o 4 - C C> y w g -C > o gg_wnss> ow; owoi oooywb°wwi J_va>h_o wFg°w g ^ 0>°C° oh '-C-"-h .Co 'gCoo vAAIJO C,C,O > 'yCwg °bCwC'CC w O'Of t'b,C CCh CC>C-h CO= Cf ft C C 2>~~~~~~~~~~ 'C a~~~~~~~ a ohi ,: °< bP  T.b20 I 1. B ki-1, 9..o E92o2s3. 0.62 Wficaro2, 2001-21 11 2D91 2002 2003 2O4 200 20 200 39 2006 O9 2010 2011 2022 2013 2014 2015 2016 2017 2018 2019 2020 2021 22222 0122 AA.6tNdkI-W 4.6 ,d .. d..I- 2/ NPVoddb GDPol.o 36.3 36.1 35.2 33.7 33.6 310 29,6 38.3 271 36.3 25.3 243 23.3 32.4 22. 206 19.7 III2 ISO 171 209 31.6 20.7 NPVogdl 9 99, o34t333 49 334. 333. 29. 279.2 204. 250.4 2389 327. 320.3 2014.3 I93g 182.9 170.9 160.0 141 180 189 129A 220.2 84 6. N4PV (4.6lo.4W .nlo249.3 242.1 230.5 32. M 300.3 189.3 279.3 170A 162. 15317 149.0 142.5 13612 2300 1233.9 11 A 112.1 106.3 101.2 96.1 91.2 1991 22388 23.36..n,ilop1 0161-1. kb,9n,.06o3 5 ~.. 23.3 261 221 16A 20.9 13.6 ~ 29 141 33 I2' 26 23 254 2.7 24.6 1. 234 6 12A .6 II A 9 22I . 0.t02 . 8.2 0.6 7.S 9.2 7. S 7.3 2.9 6.8 7.3 6.3 41 6.2 260 13.4 9.6 7.8 At H OA8002jIIO 618= 61 NPV d. GOPII'2 32.3 329 31.9 32.2 30A 29.5 283 233 - 206 233 24.9 30.2 33.2 2234 2123 306 19.7 280 Isla 23.2 263 393 20.6 NPV !41l.. pM- .3/4J X278 2093 3032 2899 2783 363.6 254.3 2433 3341 2341 223.7 202 7 1920 A3. 1709A Ill.. 14.. l381. 31 7 137 2190 2093 3680 160. NPVd411," . -01h203 243 32143 200.9 1963 15. 8.1 12 0.7 1599 53 2433 1413 33 239.6 223.7 Ills 112.1 200.4 101.0 95.0 9082.6 189.3 2283 D4*..P21n2 . 'I'D 84.9 20.2 24 7 l33 13.4 22.7 1229 26 1 8.9lo 20.3 200D 9.7 9.2 8.8 8.3 7.8 73 370 24.0 9.1 0.61. ,61.l.07...403/ ... 13 III~~~~~~~~~~~~~. 2.4 20.7 26.2 100 9.9 9.4 94 8.9 8.3 8.0 3.9 7.7 735 73 7.2 0.8 67 6.4 20A 7.4 NW444441.oOD i'..o07 3 4.7 23A 33.3 260 2335 230 249 20 23.9 233 2337 22.7 220 21.2 209 899 1846 18.0 1635 2539 20.3 80PVd~~~~.,oo 089Vd444 96.2. . (2.o41dk.ys 8 .lb...6o3/4/~~~~~27333 X2333 2389 2082 24334 289 239.4 1713 2336 154A2 3394 139A 2234 1220. 3217.7 11435 213.0 104A 39748 93.9 3204 87.9 193 80.4 0 207A4 729 17484 62.0 268.8 5794 138.7 30.2 24896 4396 238. 339 1 32.3 29.6 27A4 2209 23.2 2324 Isis1 2371 32.3 It j13I.q4r7.- *,.f.. d.22,1,y . 2=(0j/ 7 20735 238.9 243.3 239.4 230.5 2304 3234 227.7 2230 2074 20248 2939 2074 2704A 2664 258.7 240A 230.7 129.0 219.6 220.4 2254 237.8 .,=-631 ~~~~~~~~211.1 2653 LB 167.7 8.6 142.3 9.3 2394 9.3 2534 9.8 152.1 9.9 148.2 10.1 245.1 9.4 142.1 8.9 239. 8.3 2360 7. 2323 332 2273 9.0 2522.4 9.0 2270D 9.0 222.7 89 106.4 0.2 101.2 7. 96.2 7.2 91.3 0.7 162.0 9.3 116.5 8.2 MM .'i,.2o.3Pn0.. 12.6 -i -- o. . 3/ .. 0.2 3.4 3.8 3. 5. 8 . 5.92 .0 4.2 3.6 390 246 2.9 3.3 3.3 312 3.0 2.0 2.6 2.4 2.3 3.3 2.9 An. 860484* d. dh. 1 ..d H88'CkU- 8/ NPVddd16IOO. air 30.7 23S 249 33.2 2534 2530 2496 2412 23.9 2396 23.3 230 233 21.9 22.1 20.4 2996 2184 200 127 26A 331 2012 NPV44416I...pollboi34/ 273.4 2323 236.8 233 231.5 22596 2201 2244 210.3 20549 200.1 292.7 828. 177. 1600 123.1 148.1 833713 128.7 229.3 120.2 27.1 15.4 l.w812o.2.6 -P- 1..y2 273.4 203 12829 103 2491 13534 12229 213 1021 9348 801 79. 327.7 04.0 349 4935 43. 373 32.9 2732 229 153.731 l6 V 4120-. .*-, d.& .2( k 417 199. 23123 236.9 23339 2312.3 M 2330 201 2141 220.3 20342 200.1 193.7 1361 2774 160 133.1 240.2 130.3 121.7 2193 I1.20 2369 5. - - .. 2lo3 dd1l0,s 2110D 2403 1632 238.3 1635 25330 149.7 246.2 143.4 24017 2379 233.2 131.4 120.8 121.0 163 2213 200.2 10110 960 41.2 2383 1139 0.6l. 22.oo01..0.. .33 0.6 34 848 8.4 95 996 9,0 83 8.0 796 80 ". 8.9 8.9 33 i 796 7.1 0.7 8.9 8.0 D25.k 40182.l.n23 St 6.2 496 0.4 64 0.9 790 7.1 0.4 0.3 0.6 38 0. 0.9 7.2 7.2 7.0 6.9 0.7 04 626. Aft. T phff6g4pf A4.61... .1 8. C..p,1161 P.6 10 NPYVddd. lOW -.. 2 30.7 18. 300 30.7 2135 22.4 2121 21.0 20.9 204 236. 2035 20.3 200 29 9 291 287 81 277 2721 16.3 32.7 INS 239.7 192.3 195.3 1293 880. 280.2 14.0 182.4 277.7 273.2 41 629 2a 253.7 14841 241, 834,0 820.4 1183 20935 296. 2409 N4PV44d16. pa- 0,3/4/ NPV.4.61 o..p.1...ll.2.ol.lod.61o..Iyl 0 -4f,A.2di-y NP9'4k61...q..n,n.2 ..20824VW7 273 273.4 1300 249.2~ 179.7 ~ 290.3 230.4 9063 124.4 1923 :222. 19533 18.2 12823 924 189.4 824 284.1 339 1040 1694 282.4 63.7 177.7 3835 173.1 33A 86812 49.1 1636 443 155.7 01 8484 363 848.3 33.0 14.0 29.7 126.4 26.2 12283 23 10935 2122 104.1 429 1009 NPVdd.610..20...1.l2o3 21290 224.3 131.8 830.4 1320D 130.4 J28.7 120.A 8233 2240 12223 1239.7 118.7 11602 1129 100.7 100.3 M0.8 991 9512 9096 136.4 1089 80 60. 63 0.7 79 8.3 896 7.9 73 0.9 0. 63 6.7 71 0.7 0.3 03 0.2 6.2 0.3 7.4 060 DIw , i.. . pOl2l2 D16 i,..,.0,f / ... ... 0 49 4.7 449 S.9 6.2 03 3.8 j ~ 5. .2 3.2 3.1 312 5.7 335 5.4 3.4 3.3 335 34 53 3.4 4 . - 2. 0i.. of U.S.do8.n M -.... N4PV .td&.6 .6-d,oH48PC...... 783.9 62096 49912 75996 8304 08212 930.7 9909 2072.4 2.22:8 i 2.187,9 12.208 1.3304 1393.1 1,45232 1.50302 I30.7 1,61896 1,6733 1,7290 17*212 860.6 83000 2,4.k .2.2.d*4oI2 7839 342.1 344.A 34335 3414 53539 3280 3221 320.9 32. 171 320.0 327. 003. 4936 474.7 4304 439.4 41835 396. 3733 530.4 465.4 D00.=44..d.-o.o4I 9C..0a., - 24.9 23. 25 23 353 40.9 452 49.7 304 3520 031 55 644.2 771 823 934 99 89203 1220 8234 1209 3964 893 00DIR 2.33021 310.3 2.73035 2.9039 3.196.1 3,4$796 3.7399 4.03035 43443 4.6833 3.049.9 3,4434 34734 63309 0,8379 7.378.3 7,9639 8,396.3 9,32003 10021.0 204±24 3,39049 7,0003 8.poo .dpod.s1 .3/ 2603 201A4 3291 350 3833 4274 4349 493.9 5345 380.7 0450 707.7 77890 6370 9449 14.7 1,162.1 1.291.7 1.439 2,60369 1.799l 408.2 1,J6 8.90 Al.)3V 2~~~~~~~3-..-S. 20124 2394 383 3173 352.3 383.9 41096 433 .8 494. 538.0 3087 046. 710.3 780.9 8M" 93264 2al2.1 1,1671 1.297A 2443.7 16149 370.3 2,0209 33912 3749 414.9 448A 3198 3601 4854 4089 725.4 787.1 854.1 927 2.0800 2..093 1,186.7 I,209 2.4893 23223 1.6533 1.7963 1.9524 30332 1,334A S- 81.*kbb.64 .4 Daf...4o. d6. I21All fi- Id &b* m p - dpidJ..Wl. PPO) " -d- d...4.4..fi . Mi.4.2.,4.... -... 0.8-,1 ?/ Ao....ft MyofO2jC6 18806 1 .. od4 . y08ilV 7/Ao.61gr.4 w.86 - .02INK  Table 12. Burkina Faso: Estimated Assistance at Enhanced Decision Point (amended) 1/ NPV of debt-to-exports Assistance 21 Common Reduction Factor HlPC Initiative Framework Target Total Bilateral Multilateral Ofwhich (inpercentofend-1999NPYofdebt) (in percent) IDA IMt AfDB/AfDF Other Bilateral Multilateral Origmnal Framework (fust Completion Point document) 205 229 32 196 91 22 41 43 26 6 26.6 Enhanced Framework (Decision Point document) 150 169 24 145 71 20 27 28 197 19.7 EnhancedFramework(amended) 150 195 35 161 79 22 28 31 2993/ 2993/ Total (amended) 150 424 67 357 170 44 69 75 48.5 48.5 Memorandum items: NPVofdebtatend-19992 ... 882 148 735 356 96 135 148 Paris Club ... ... 45 .. Ofwhich: pre-cutoffcdate debt .. 31 ... .. Non-Paris Club , , 103 .. ... Of whzch: pre-cutoff date debt ... 38 3-year average of exports (1997-1999) 308 ... ... .. NPV of debt-to-exports ratio 4t 286 ... ... ... Sources: Burkinab6 authorities; and Bank/Fund staff estimates 1/The proportional burdensharing approach is desribedin 'HIPC Initiative-Estimated Costs and BurdensbugApprocshe?(EBS/97/127. 77/P97and IDA/SEC M 97-306, 717/97) 2/ Based on latest data available at end-1999 after full application of raditional debt relief mechanisms. 3/ Eacl creditor's NPV reduction at the decision point in percent of its exposur at December 1999, aflter full retroactive appliction of originsl HIPC assistance due. 4/ In pecent of three-year export avge.  Table 13. Burkina Paso: Alternative Assistance Levels Under a Proportional Burden-Sharing Approach 1/ Revision to June/July 2000 Decision Point. Total Assistance under the NPV of debt- NPV of debt-to-exports criteria 2/ to-exports-target Total Bilateral 3/ Multilateral (in percent) (In millions of U.S. dollars) Total 424 67 357 Under enhanced HIPC Initiative: 150 195 35 161 Under original HIPC Initiative: 205 229 32 196 Common Reduction Factor 4/5/ ... 48.5 48.5 Under enhanced HIPC Initiative (amended) ... 29.9 6/ 29.9 6/ Under enhanced HIPC Initiative (Decision Point docunent) 5/ ... 19.7 19.7 Under original HIPC Initiative 5/ ... 26.6 26.6 Memorandum items: After original HIPC assistance: NPV of debt 7/ 653 116 539 Before HIPC assistance: NPV of debt 5/ 882 147.6 735 3-year average of exports 305 ... ... (previously) 308 ... Currnt-year exports 287 ... ... (previously) 292 ... ... NPV of debt-to-exports 8/ 289 ... ... After HIPC assistance: Target NPV 458 81 378 Sources: Burkinabe authorities; and Bank/Fund staff estimates. 1/The proportional burden sharing approach is described in "HIPC Initiative-Estimated Costs and Burden Sharing Approaches" (EBS/97/127, 7/7/97 and IDA/SEC M 97-306. 7n/97 2/ Applies a hypothetical stock-of-debt operation on Naples tenrs for other official bilateral creditors at end-December 1999. 3/ Includes only official bilateral creditors as no commercial debt remains. 4/ Each multilaterals' NPV reduction at the decision point in percent of its exposure at December 1999. 5/ The effective common reduction factor has changed for somne creditors due to a change in debt numbers. 6/ Each creditor's NPV reduction at the decision point in percent of its exposure at December 1999, after full retroactive application of original HIPC assistance due. 7/ Based on latest data available at the decision point after full application of traditional debt relief mechanisms. 8/ Uses the latest annual data at the decision point on the three-year average of exports of goods and nonfactor services, GDP and central government revenues, all centered on the previous year.  Table 14. Burkina Faso: Status of Commitment and Delivery of Original HIPC Assistance, as of End-February 2002. NPVor ~~Odeas.alI &'" nPC Asss Ain-unnt Nue -ttnAnouere Dbt Sggervice Comne. bfPUS$ du.. _LoPC befe relief P_ttJdd at Toppine-. Total Co_ A _itted _. Ianp-ii..e d aAan_ te_tas DPI CP1 99 9 a cad.1996 dt at end-1999 i_ n cd-1 NPV nrr _ ed iN 9199 n 200 Ln2f NPV tern.- _ _ _ _ _ _ _ _ _ _ _ PV k,e,.o 0 0 bn2 0 tMA 254.4 355.5 43.5 473 90.8 90 8 Pohnn of WiA debt by lHPC Tn.m Fund 90.8 3.3 5.7 Boerd deceioi of 6/32000; Agneeent of 9272000. covinjg mtorfities until 2029 of 57.6 mn in AfDB debt and Psuhbase AfDB/AfDF 113.8 1406 19.5 211 410 41.0 S41.7ntninAfDFdebtbyHIPCTr sT 41.0 0.0 8.9 Areeent 8/22001 Refund in 2001 fort1ief doe in 2000 Fend coering maturides until 2009 IMF 60.8 96.0 10.4 11.3 21.7 21.7 PRG TetProvidesPRGFgatt. eHIPCe 21.7 2.0 3.1 Bord deci.io of July 10, 2000; Ag.eemmt I07/2000. -oedebt ser,ice 4.5 4.8 9.3 4.5 Deb( over 25 years hndcheduling 2.8 0.0 0.6 Board app-ovl in Fob.oary 2001 for nsbedli.ng; Applied uouetiuenly back to IsDB 26.1 29.0 2000. December 4.2 4.6 8.8 8.0 Restauctong of two lo'ns over 18 yars. 8.8 2.0 2.3 seemfolly covered by Agreetent 7/22/1998. Topping-.p of original assistance BADEA 24.7 29.3 tnhced.ling iotpl-rotnd. wihr . dreded inteent ota Eti/EIB 22.3 35.3 3.8 4.1 800 8.0 Ref(nninggon tenet tlens 6.3 0.0 0.3 Lettrof924/2900. 14.3 2.4 2.6 5.0 5.0 Fotehse of BOAD debt by HIPCTnust 5.0 0.0 0.7 in 2001 for relief don in 2000. Effective sine 7/31/090. Remond BOAD 14.1 Fund 11.9 62 2.0 2.2 4.2 Deniied n.a0 0 0.0 0.0 Burkint Fasocominues to;novice old ECOWAS leos tnd hts cemrtcred a new ECOWAS stov Cpl. ou~~~~~~~~~~~~~~~~~~~~~~~ae De.ied New coneessionYloan of S5.5 en used as 2.2 4.3 2.0 d eydebtofvihe ormnisting Thepo.toa 1.4 00 0.0 Ageie tnea igd do 12/2/1999.obe disbunredo i 1 /2001. TopWinp of OPEC FtND 11.6 18.2 2.0 debt. Tmcgortmeotn of bhe losue is 00h.1k eief cede, ongioal HIPC wcouldbe de-antoCoerplfian Po-e $1.4 mn in NPV termn. 1.8 1.9 3.7 3.7 t00% ofdebt rice relief il NPV 3.7 0.0 08 Bord decision of September.2000. Agreement of 10/12/2001witbh uetoactive IFAD i0.4 14.0 effec since JelY 2000. targletis arie-d. 0.2 0.1 0.0 0.0 0.0 n.e n-e n.e n.e. na Pad6cipeti-neecuded by de nnlnbmcdcese. FEGECE TOTAL 550.3 738.5 94.1 1021 1967 IS5.5 88I.5 7.3 22.4 4% 92% a pr ofata 1ite- d __ Sounes: Burkinubeabuthrifies; mndBank/Fond stUffestime5. 1/ Comron ndoctiin factor applied to enpoante01tIh coepletian point is 30.8% to dence lotl debt relief. Hoteeer. the bekdo.. published in ste Dcisiton Point Doenreen in 1997. 2/ A astaoty teply fers u MDBs agreing to both th odgiol debt reiefand aswell the toppig-up In those ter where th MDB conred theoriginal nounutit is stated thmt(he py is for tIm ounrentonly  Table 15. Burkina Faso: Status of Commitment and Delivery of Enhanced HIPC Assistance as of End-February 2002. _ t4 N_qPV,dd . NIdTtt _ F HalPtAL am A-. tC _n .MI A,n nt1 1 Rd _ beloc dlnn O fIPC id al.,aniw Cud l- 1 W tll 1. fJS$_li t4t t-d-19") (rt-lM to4 .d2CII t d 109 te Im|-&20 - (ltrl Asre) IP2 Cn IISS,nln m in 13JlJdah cgZ i on Ia T h-jo 9W b01 M lndk.o.d.v 10..d-1 90001FF~~~~200- ift a F2 IDA _ 355.5 355.5 . 2f4.7 264.7 322.f 71.0 _ 60.8 ~ 01-5-n', I48. ~ ~ F. $7/ ~ 1.O__ -l P.h 199 I- 1 5- E &-b .ADR"W d- f. . i - 4. . Jly 23.7 30 6.6 9/27/2OD;f.11 m -bWo -is4- o AfDB/AfDDF 140.6 134.5 100.0 93S9 9n.4 27.2 1.3 17.2 LD% 148.6 _ f - _ M. _ .. I 10.9 020 1.2 00s).9 . RI.WW HtPC: fMF 96.0 96.0 74.3 74.3 72.9 199 2.3 13.7 382 F- S19.9 - only lhs ShJu dddc swd: onttMF 4.0 1.0 3.5 IfW120r00: fWl if- rvcbk ruK M11tlC MiP CP -o2d by 2 fW a- .- g. -ttat . Cf2. 43%.ots20D02DD7. nci rIb_ nJ IrD18 29D0 33.8 19.7 24.5 26.4 5.3 2.1 4.5 la F.4Sl.3mndy MM -dblig - w25 y- 0.0 0.0 eo0 WI 0 d__-_ ri. c _ W HIC-t_d noni.ooo in2002 01.3 p.oosd I. 3 powllsdod. d 7.4 I 0o 3D . JLAt On,oy FoorS7.4 &.* poIosol Anoboonon *lnioin,doho,oooilk paWyntwo- .bmgb2l nobo4300oo.d jpoWy 37 1 00 d2. 0.7 u-i.8 Poll oooooAl.o I.of - .ol -6 fIA 35.3 29.2 227A 21.3 13.0 BADFA 29.3 28.6 20.5 19.8 30.0 5.5 0.4 5.9 JJ Will..& fBrd b-l4m of SlIm. A mda*4uldr df W od4. &.d. 0.0 0.0 e. 71.- ll EA8 wBADo B-dodliin. & 0(0001b on.d2 n .6000 2001 AIIAD 14.3 1946 9.2 14.5 10.0 275. 1.3 7. P .$, oio .1if Wo o. oif4i inn p. CFAwo 1.1 0.0 0.4 do .201 .P Io bin.o- fd 0. 0(,nOOooi 5010.001 mInI. . moo oospoMd po-Min oliors~~~~~~~~~~~~I- PI FUND OPEC 18.2 17.7 14.0 135 16.3 3.7 0.3 2.9 746 FSo j9.7mn Nly n I.-.Sbiofn , 2lodnoNIPn -nobn 4.0 eo0 32 oo will b P-oliSn-OPC1 h. IFAD 14.0 13.7 10.3 24.3 14.0 2.3 0.2 2.6 for $1.3 F 2 mnnly y l i - 134 C.pW 2p ., y. IODV f i 0.0 0.0 0.0 toil0n12o doIo d ilh Iail a -1. .dcond 106WAS3 6.2 5.7 2.0 21 0.0 0.6 .10 51D U0 P,pc4oo Doed 2.1 0.0 0.3 O 1bnns nd 2 tnnDi. Al. C Iond. .OWA FfGESCE 0.1 0.1 0.1 e. I S- W B.kfF.W ..ff OD . ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1o~o& OO eo O.o U_ n.^. n.a. n. n. P_kiponi non IPClo 3.h. 0 byPnoin& 1Indd Pi dr cbusn T(XrAL 7381 73C M= :3L2 8 145J IS.4 112.3 2911d 411 4.3 131 d.,mer: BAakil nndBjnk/FIrd allf egin01s 14  Table 16. Burkina Faso: Enhanced HIPC Initiative Assistance Levels and Topping-Up at Completion Point (In millions of U.S. dollars) 3-year exports NPV of debt-to- NPV of debt aver. 3/ Assistance NPV Debt exports ratio NPV terns After Assistance (In percent) end- 1999 Decision Point 1/ Decision point database 2/ 860.0 308.0 398.0 462.0 150% of which, enhanced HIPC ... ... 169.0 ... ... Amended decision point database at completion point 1/ 882.1 305.0 424.6 457.5 150% of which, enhanced HIPC ... ... 195.6 ... ... Resulting additional assistance ... ... 26.6 ... ... end-2001 Completion Point E-HIPC and additional assistance Memo item: Exports projections estimated at decision point ... 305.0 ... ... ... NPV after full unc. delivery of e-HIPC at end-2001 543.2 261.8 ... ... 208% NPV after unconditional additional bil. assistance 4/ 521.2 261.8 ... ... 199% Burdensharing based on overall exposure Topping-up to reach 150% Total 521.2 261.8 128.6 392.6 150% 100% Multilateral 455.4 ... 112.3 ... ... 87% Bilateral 65.8 ... 16.2 ... ... 13% NPV after topping-up Total debt after full unconditional delivery 392.6 261.8 ... ... ... 150% Memorandum item: Actual debt due as of end-2001 715.6 261.8 ... ... 273% Sources: Burkinabe authorities; and Bank/Fund staff estimates. I/ Using end-1999 parameters, assistance calculated at the decision point is actualized at the completion point. 2/ After a hypothetical stock-of-debt operation on Naples terms for official bilateral creditors at end-December 1999. 3/ Uses the latest annual data on the three-year average of exports of goods and services centered on the previous year. 4/ Assistance beyond e-HIPC granted by some Paris Club creditors.  Table 17. Burkina Faw: Delivery of IDA Assisance UnderIheHPCInitiaive, 1999-2029 dollas unle0 o.uw1i0 imdkaed) (In millihs. of U.S. 1999 20130 3DI 2002 2033 2004 20Y 206 2007 2001 20M 2010 2011 2012 2013 2014 2015 2016 2017 201l 20i9 2020 20021-2020 Y M336%A. . 30IDA h33.h. U H IPC m _ - - 19. 10. 2.4 221 22.8 I 2. 0. 2014 27n 32 3.7 313 32. 32, 32 323 32. 32 MA. IDAmon.cc,.4 3IIC21 0o0 la 6.0 17 57 5A SR 54 .5 5.9 7. 27 7II 7.1 70 7'0 9 6.9 1 6& 7.2 6C7 0. flSJ NhNaowa-..A..b. 3C 3Y dg4..dO - - 3.33 14. 14J 3tiY 17.2 17. 17.7 17.9 16.2 1.9 231 2. 24J 2at 3I.7 25A4 2s. 2A 2. 2.9 fl)A -Udon.I 1-dH1PC4/ 00 Is f3 7.1 7A 0I2 30 46 3A 4.7 49 94 11.1 5.4 . . . - 6.9 NA3 - 3. MA d., 3. *04 _PC - - - 6.2 6.5 6' 7S L 1.1 93 9A 17 3a9 19.9 2. 24.3 2y. 2 5.6Y I5. 25.5 25A 2. 29 R-dDA 3..Aor.dml6k.Rn6-.IPC 5 0.0 24 63 7.1 7.4 42 La 4 3.6 47 I.9 96 13.3 12. 71 - . . t 43 .6w3.. 1 MA .-th. .6d h.3.. HItC 63 - - - 6.2 . 6 73 3.6 9a 9. 93 LT7 39 I" I" 242 IL3 l252 25 20. 2" 2S9 259 TIoWE-fdmd A.f-FDAs,J. Tcpp . d. Co.q.ft6o.73 0.0 2. 6 7.1 4 83 99 I4 10. 3117 I3. 115. 120 1.0 14.3 14.7 1. 132 3. 1±4 1533 73 24. N33366d5.ft3IDA ft. MppW4.. 1 3I?C 6..... - - 2 5.5 s/ 6_5 6.s 73 73 7.1 7.2 7s 9.2 9.4 OA 313 3L. 3. 3. 3. 1L1 25.3 To.hP.3h3WN.363Add- nl IDA8S 0.0 128 1Us 14.1 143 15.5 160 1.1 Itl .9 38.? 1M1 21.1 212 231 21 231 32. 72.2 22.6 13.3 41 4 P1333.-~ f4. i. . ft IDAcO.. by . - 67.2 71.8 71. 709.4 7090 69.8 70.2 73.5 73.3 MA 69.6 69.4 69.2 649 659 6n 67 69.0 44. 5.6 NPVd DA 4 633 *OwHIPC 400.9 W3 NPV dlDAA -0- l.-n" RIIPC 90.0 9VVa IDA A36d. t33 3 HI8C 322.3 M0-. MPv.315DA3.W d.34 .3 HoHC 71.0 d IDA NP,V d.H4.. _4 . IDA 74 4PC 24.4 Mi- NPVd5 31.i3.PDAD I A.c o. .. HIPC 60D 03 3.. . t. -dD _,.4 .3 . 3V A. v.s.4 b l0. B-d d IDA*. d. D.6_. .333A 133IDA (fi6.332 119 9A R 1.W.d &530 AP '036 'r. -.i- .l l3a__7 3. B_ d WAi. d, Id d Ib d 589V . 03634 byIADA 30d63 l.360. 3633.3 bd. - d ~ " d&..g d-. -3319399 7/R0.33 Sd.A& R plE1. 00.. - Wd. B0d.960_lDA . 33 lbk6. .. R-3. 3 3 (.lb P33333)3y IN. 3ml, *SdI-10.p.Wby iDA33603 43,pg..3 . 36.9p. 3312.L 9Vh3kldo. . . .h3. HIPC "4 -*AM 60 F.331 Fp. .p3 .. 6 .P-0 4. P-0 , _71Ud* W.3t41-6 b30dg 3-44 03 db - 6434 3 634420213. VOC -d mb.43 ft 21 - rp3 3d3 36-Vd33 HW. 3 HIVC&3_L W4d.31  TFable18. Butrkina Faso: Delivery of IM Assistance Under the HIPC Initiative, 2000-081! (In millions of SDRs, mnless otherwlise indicated) Armsel 2007 2000 ltd -Dec ln jim.. JI.-Dec. Towa 3m..-Mar. Apr-De. Est. Total uenderthe EPC(oeigina end eatin d; in peren) ProfileOf total esaistenee 5.0 3.9 60 9.9 0.9 06a 9.6 21.3 2311 20.9 69 3.2 - Deliveryschedule of HAFmotaloc: onono FOPC Initiaive (in paenet) 9.0 60 6.0 12.0 1.1 12.0 13.0 35.0 20.0 140 10.0 10 aoemcndPCinitadv(iipercea) Delivay.ctedaleftlAFnisaace 27 2.7 6.0 1.7 0.6 70 7.6 250 23.0 25.0 50 1.0 - DebtServicedoe ourretieol. IPobbgsnuru; 2 4.6 5.5 5.4 109 L.0 10.6 113 13.2 14.1 122 0.9 7.5 48 ~ Paiecipe1 nofecm.d deciesionpomt 4.2 3.3 5.1 30.3 0.9 0.0 10.8 32.6 13.5 11.7 0.4 7.1 4.4 Interes 0.4 0.4 0.4 0.6 0.1 0.6 0.7 0.7 06 0.3 0.5 04 0.4 lOOmeiMnc.--depoa embers accom. ito m0 -Origuil HIPC ..ielenn. Completounpoint l 16230 -- --. Interim assiralnce -EahtencedH41PC 3.30 -- 2.654- -- -- .- Cootplioti. point asoielnce -Fnhenceci iPC 61----- 23 48 ---. 4 Ile feexu.ouecmdur 06&giM.I PCott ve~.. 15 1.3 1.0 2.3 02 1.9 29 3.1 3.8 26 108 1.3 IMP roancOt.C -ohot interest3. 1.0 1.0 2.0 02 109 21 2.4 3.3 2.3 tO63.1 - Imteaae(Ottg - 0.3 . 03 0.0 .0 7 0.6 0.3 0.4 02 01 lhdFaanmaa,em.drenh.tanced olPC mit,imve 6, 6.0 0.9 1.6 24 0.2 27 2.9 835 8.7 70 3.7 0.3 - IMT usemetance watht io ned 0.8 0.7 3.6 24 0.2 309 2.3 6.9 0.9 6.9 34 0.3 Dimmed Intncom earnings C-0. - 0.0 0.0 0.s 0.0 3.6 1. 06 0.3 01 Tola31bassistncem.dathe HIPC iminsve 2.2 2.1 2.6 4.7 0.4 46 5.7 1t16 12.5 30.2 3.5 16 IMP esnumen ontleon 000cm 2.2 1.7 2.6 4.4 0.3 39 4.2 9.3 10.2 92 3.0 1.4- Evfaanendeiireeieeunin - 0.4 - 0.4 0.1 0.8 1.3 22 2.3 1.0 0.3 02 D.1A -14cd. dwoncurrent 9gcobfiguii enal &, 6/aa, 6/ 2.4 3.4 28 62 0.6 5.9 58 1.7 1.4 21 5.4 5.9 4.8 Shareofdobte cc du. on --. anIMP blotthaon coveted by IMF uneignce (In percent) 6/ 40.3 36.3 40.3 43.3 41.2 43.8 40 8 07.5 88.6 03.0 39.3 234 - It.-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Z (iM Proportion peIMnt of each feling doeduringth.pesiod InPeyount ottebpind bl WH CIiitv siau rmth rnia eoie eur ,. 53.3 34.1 51.6 43 0 39 0 39 0 390 74 2 75.4 70.4 33.8 200a ofwttichtunoder nifinti-e th(eoigundllHIPC 35.3 19.3 193 19.3 196 30.6 396 19.4 24.2 30.5 19.4 16.1 - of wIticic nder 36eelm.cmedHdIPCIneOgive 18 0 34.9 32.3 7 23.7 19.4 194 39.4 54.8 31.2 50.9 16 4 3.9 - Total debt esovie. due (mOijoenofU.S. Oni11e) a, - - -. 72.9 77.6 82.0 81.4 70.6 79.8 82.3 ofwcihl: debtservic duoo- DO bligaLioons,(,egAiius dollrs) -.-- ~--14.0 t6.5 17.3 15.0 129 13.3 9.0 Debt..neic do o m.nral OAFobligatine aftac MTAastenimne6/ ineamhaineofU.S.dollare s .- 6.9 1.7 1.7 2.3 03 11.3 9.9 ofexpoem- in percent - 2.5 0.5 0.5 0.6 20 2.5 2.0 covered Shnmnnft.Wdt .,ieevice bytlAFeei. (in prmc,)6/ --- .9.9 3s.0 19.3 15.7 5.6 235 Member Source.: stuff nethoaeeendFend estirmiute 3/ Total3543 emasetnce under theHIPC ie SDR Intiatmive 43.9 emilim. cecugd non of dea vaviblahe a.e basis U.deenced HIPC aIb decision Pointincludling enopeadreveisionof SDO11'35 millionbamed 00 decision Pointexcbm.ge topping-tsp ren) end of 0059 1 0.091 m.t-o (tobeupdated msinetheUISS/SORxhubng.te ago a. -ttcmpOeta point), endoxcudheg intereot -tried on mubneeeccuoer endm.comenkftd botendistbmeod aemounts endecribed mn footnoe 6. 2/ Forthcomeing oblItiggos estimated b-ad on agesend peinipat scbedules in effece enof July 10,2000 (i.e.atthetimeof Boed epp.oval of BunhinosFeaoe ehnbend H4IPC d.cisnon inctode point). Interestobligations SDRDepartment cluafgaendfe,ce 3/Ameount of anersotensc nellydiebuted into membersaeccoend HIPCcomptleion t ormigoinl PointenJuly2066. 46Includes IwoOnnch.of addtional interim3IIpC Aseigane of 013R 1.65 tailion endSDR I mobfi u diebrusnd in J/dy2003 m.dDecember 2001 respectirely. 5/ A fina distbueuetne of aDR 23.45 millon (plusacttumnntod interes during th. inteim period) aseuond tobe disbursed intomember's accoue a theeol..,cel EIUPC compledion poen e Marh 2002. 0/ Includee internal Woieeatnd enemno on.(1) -.eoM held in membee'a wcount. and (2)enmonett commaitted tennotyetdiabuoted np to theadenhmcd comptetio. poOd. it ie ssnunod tI. thes am.o"t Mooo in SDR of 3 percent . of return, teengu, actual moY inceron mnoing, befitror 1owec Inecci wcmod on (0) duting acalendar year wijI be enedtoomdthefiageepyneoe abhigeioo(.) faoieg duein thefollowing calendar y ear.ecpt in thefioalyea, whoa 0twIll be ad towardpaymeet EWntog ofthe fInalobliguoion(.) de in tha yea. Into..etaecod 08 (2) diningthe int.dtiperid Willbhsemd twowad ther-opaey,nnnof obligationa feltig duoduasig the, yearsafterthecospepteion three point. 7/Accordingto.the.lOF E-nctoe.Board decisi.on nuly25. 2D01. HIPC ee00ac.coven32.46percent.f eett prepayeeo btigonfeltingFde d-ingthis.Poiod. debt S/After ftrdlimioat relief mochanue,nti  Table 19. Burkina Faso: Pasis Club Creditors' Delivery of Debt Relief Under Bilateral Initiatives Beyond the HIPC Initiative ODA l4-N_ODA c Cyarad _crta as Puemu) an paremt) Prrvidt SfRId Pr-COD Pas-COD Pro-COD PeA-COD Declai Pen c _uem raw (1) (2) (3) (4) (5) (6) (7) Asanea HIPCI eoo l0 100 1oI/ I/ I hAtis HIPC (cas-cas) Cs-by-c (100) Cmeb- (10W) C -by-e(l0D) Cs-by- Cse-by-c Bclmi HCa 100 100 Cas-by-c - flow Stock Ca"a HIPCs V2/ 3/ - 3/ IOO 100 100flow Stock Dsunack Hus 100 Caaebyc-ae - - Stock Frnce HIPCA IOO IOD OO - t flow 7/ Stock FaDnd HIPC, 95 9t . . Genaw HIPCs 100 100 100 100 flow Stock Ireland-''''' Italy HIPCs 100 100 100 100 1O flow Stock Japan HJPCS 100 100 100 - Stock Netbhlands HIPCs 100 100 100 - 90-100low 51 Stock 51 Norway HIPCS -3/ -31 too 100 al l00flow Stock Ru sia Case-by-case Stock Spain HlPCs 100 Ca-by-ase Case-by-ee Cse-by-se - Stock Sweden Case-by-case - 3/ - 3/ Case-by-case(100) - Stock Switzerland HlPCs - 3/ - 3/ Case-by-cse Case-by-case Case-by-case, flow Stock Uniued Kingdom HlPCs 100 100 100 100 61 lOOflow 6/ Stock United States HIPCs 100 100 100 1004/ l0fbow Stock I Source: Paris Club Secretariat Note: Columns (I) to (7) describe the additional debt relief provided following a specific methodology snder bilateral initiatives and need to be read as a whole for each creditor. In coltunn (), HIPCs' stands for eligible countries effectively qualifying for the HIPC process. A "I00percent mention m the table means that the debt relief provided under the enhanced HIPC framework will be topped up to 100 percent through a bilateral initiative. 1/ Australia: (a) post-COD non-ODA relief to apply to debts incurred before a date to be finalized; (b) timung details for both flow and stock relief are to be finalized. 2/ Canada: nCluding Bangladesh. Canada has granted a moratonmw of debt service as of January 2001 on all debt disbursed before end-March 1999 for 11out of 17 HIPCs with debt service due to Canada. The debt will be written off at the completion point. The countries to be covered are: Benin, Bolivia, Cameroon, Ethiopia, Guyana, Honduras, Madagascar. Mali, Senegal Tazania, and Zambia. 3/100 percent of ODA claims bave already been cancelled on HPCs, with the exception of Myanmar's debt to Canada 4/ United States: 100 percent post-COD non-ODA treated on debt assumed prior to 06/20/99 (the Cologne Sumnit). 5/ The Netherlands: (a) ODA: 100 percent ODA pre- and post-cutoff date debt will be cancelled at decision point (b) non-ODA: insome paricular cass (Bolivia, Burkina Faso, Mali, Ethiopia, Nicaragua, and Tanzarual the Netherlands will write off 100 percent of the consolidated amounts on the flow at decision point all other HIPCs will receive interim relief up to 90 percent reduction of the consolidated amounts At completion point, all HIPC courtries will receive 100 percent cancellation of the remaining stock of the pre-COD debt. 6/ UnitedKingdom: 'beyond 100/.": full write-off of all debts of HIPCs as oftheir decision points, and reimbursement at the decision point of any debt service paid before the decision point. 7/ France cancellation of 100 percent ofdebt service on pre-cutoff date commercial claims as they fall due starting at the decision point 8/ On debt assumed before December 31, 1997.  Table 20. Burkina Paso: Sensitivity Analysis, 2001-21 1/ (IOn Piant1) 2002 2003 2004 2035 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201S 2019 2020 2021 2001-2010 2011-2021 Pssjecims A -sgaa NPVotd.lU ssposssraio 2 23S9 2435 2394 230.5 229. 223.S 217.7 213.0 207.S 201.0 195.0 1874 17S.4 16.8 15S7 14S.6 130.7 129.0 119.6 1104 227.0 157.0 Debi wvice lo spons rado V2 0.0 &.6 9.3 9.3 9.0 9.9 10.1 9.4 89 0.3 7.9 0.2 90 9.0 9.0 8.6 0.2 7.7 7.2 6.7 9.3 82 DebI eo -evena .rv rIo 3/ 6.2 5B 5.0 5.5 52. 5.7 5.0 4.2 3.6 3.0 2.6 2.9 3.3 3.3 .2 3.0 2.8 2.6 24 22 5.3 29 GOulwelennin toa debt 40.2 40.9 41.1 41.5 415 41.5 41.5 41.5 41A 41.3 41 1 41.0 40.S 401 40.5 404 40.3 40.2 40.1 399 41.2 40.6 Giant leenwlinne.debl 51.0 52.1 50.7 50.3 495 48.7 40.1 47.6 47.1 46.7 46.2 45.7 45.3 44.9 44.5 44.2 43.9 4315 43.2 42.9 49.6 44.6 HIlo.iral sean"rl 14/ NPVofdeblt M u.oetpeuioV2 2303 253.0 265.1 283.7 290.9 3i6.1 334.9 356.5 3S1.3 400.6 437.9 467.5 4973 525.6 561.7 597.1 635.1 676.1 7202 760.6 303.1 5726 Debf i.ielsexpon. mio 2/ 8.9 9.3 10.4 10.I 11.9 125 132 13.0 130 13.2 13.7 15.3 177 19.2 20.7 21.S 22.9 24.1 253 26.6 114 20.0 Deblseroies-rnveee-eAio 3/ 6.7 6.7 7.1 7.2 7.7 0.0 03 8.0 70 7.8 7.9 8.7 9S 103 11.1 11.4 11.0 122 12.5 129 7.5 10.6 Giamenltesnein ol.l dvb 40.2 41.2 42.0 43.1 44.0 44.8 456 46.1 466 47.0 47A 47.7 47.9 4S.1 433 40.5 40.7 48.8 409 49.0 43.7 4S.2 G alelene- in ewdebb 51.0 527 52.1 522 52.1 51.9 51.7 51.5 51A 51.2 51.0 50. 506 50.5 504 503 50.2 50.1 50.0 49.9 51.9 504 MdIu.ahtus -eea. 100S/ NPVofdebib eLpo ap rmo2i 230.5 242.6 238.i 2349 22729 221. 2153 210.4 205.2 199.0 !927 9A46 1756 166.1 156.1 1461 1363 126.0 1175 1035 2260 15.3 Del -servicto epons ato 2 0.9 0.6 9.2 9.2 9.7 9.0 10.0 93 07 02 77 88 00 S 0 0 8.4 00 75 7.0 6.6 93 0 Deb13eeeivetor-&-eueio 3/ 6.7 6.6 7.0 6.9 73 7.4 7.5 69 6.6 6.3 60 6.4 7 1 1.2 7.3 71 69 6.7 6.5 62 70 67 (se,teIenoelinu tstdebt 402 409 41.1 41.5 41.5 415 41.6 41.5 41A 41.3 41.2 41.0 409 40.7 40.6 40.5 404 40.3 40.2 400 41.2 40,6 rsmnlneeein e. de4l 51S 5221 50S 50.3 49.5 48.8 40.2 47.6 47.2 46.7 46.2 45.0 45.3 45.0 44.6 443 43.9 43.6 433 430 49.6 447 aueh.niet; nd B..k-Faud staffsosuaesas. Sources:Bsurkina1b6 I/ All debl indicnolosreWerIo peblic and publicly gunbeed (PPO) d&ebned so delmed after resubdaliug. asle o.bew ise di.alod. 2/E.poes of goods md ueveoo se dofined in IMF Ble olfPa2YmcM--aul, 5th difi1n93 The NPV of debt son isb d on sa eh year eeageof epoess os lbsprevious yeoe ih. debL-ervi eti. is based as cn,el-yar epos. 3/ Revenues e defised ascentles govenen-tl mc.no.ne.excluding grula. 4/ Repiete lb s n develop -croeconik s ebuorvd dudng 1995-2001. 51As-ames nilleniun d-elopanel goals -eh6bod by 2015.  Table 21. Burkina Faso: Vulnerability Analysis and Flows of Official External Resources, 1990-2020 Averages 1990 1995 2000 2001 2002 2003 2004 2005 2010 2015 2020 1990-2000 2001-10 2011-2020 (Annual percentage change) Real GDP growth -1.5 4.5 2.2 5.7 5.7 5.4 5.4 5.3 5.5 5.6 5.7 3.9 5.5 5.6 Export Volume Growth 32.8 5.4 -11.4 11.8 17.7 7.8 6.2 5.8 7.8 8.5 9.7 9.7 9.9 8.6 Terns ofTrade Change 0.1 7.4 -11.5 3.6 -7.2 4.5 2.2 1.8 0.5 0.5 0.5 -1.4 0.9 0.5 (In percent oftotal exports) Main export product 1/ 34.4 43.3 49.4 49.4 55.8 56.8 59.7 61.7 60.2 51.2 41.2 43.6 59.4 50.1 bhreemainexportproducts2/ 68.4 83.2 75.6 75.6 78.6 78.2 77.7 77.9 73.9 63.5 51.9 73.1 77.0 62.3 (In percent of GDP) Overall balance ofthe combined public sector 2.17 12.52 -4.29 -1.42 1.11 1.82 -0.01 1.04 -0.06 -0.68 0.96 -0.3 -0.3 -0.2 New external boTowing ... ... ... ... 6.2 10.4 14.7 17.4 24.4 25.8 23.6 7.4 17.6 25.1 Oflicialtransfers,excludingHIPCrelief 2.2 5.3 7.6 7.0 7.1 6.3 5.9 5.6 4.1 3.2 2.6 4.9 5.5 3.2 Debtservicepaid3/ 7.3 6.3 4.1 3.2 3.1 3.1 2.9 2.8 2.1 2.0 1.7 5.8 2.7 2.0 Net resource flows 4/ 8.3 12.8 3.5 3.8 10.1 13.7 17.6 20.3 26.4 27.0 24.4 9.0 18.7 26.3 Foreign direct investment 1.3 1.1 2.1 1.1 0.8 0.7 0.7 0.7 0.5 0.4 0.3 0.6 0.7 0.4 millions of U.S. dollars) (Inn Newexternalborrowing 133 269 265 250 155 130 148 123 124 121 116 241 140 121 Officialtransfers,excludingHlPCrelief 158 133 78 92 94 110 124 128 151 193 254 111 124 201 Debtservicepaid3/ 62 117 167 163 180 172 174 180 193 218 255 116 180 223 Netresourceflows4/ 229 285 176 179 70 68 98 71 82 95 114 235 84 99 Foreign direct investrnent 35.00 24.70 45.6 26.6 19.9 20.4 20.9 21.3 23.3 28.0 34.0 14.4 22.2 28.7 GDP 2,765 2,216 2,198 2,331 2,517 2,729 2,953 3,194 4,715 6,859 10,010 2,482 3,411 7,294 Sources: Burkinabe authorities and Barrk/Fund staffs estimates. 1/ Cotton exports. 2/ Cotton, livestock, and gold. 3/ Before debt relief provided under the HIPC Initiative. 4/ Defined as new loans plus grants minus debt service paid.  - 51- Table 22. HIPC Initiative: Status of Country Cases Considered Under the Initiative, March 20, 2002 Target Estimated Total NPV of Debt-to- Assistance Levels 1/ Percentage Nominal Debt Decision Completion Gov. (In millions of U.S. dollars, present value) Reduction Service Relief Country Point Point Export revenue Total Bilat- Multi- IMF World in NPV of (In millions of (in percent) eral lateral Bank Debt 2) U.S. dollars) Completion point reached under enhanced framework Bolivia 1,302 425 876 84 194 2,060 originalframework Sep. 97 Sep. 98 225 ... 448 157 291 29 54 14 760 enhancedframework Feb. 00 Jun. 01 150 .. 854 268 585 55 140 30 1,300 Mozambique 2,023 1,270 753 143 443 4,300 originalframework Apr. 98 Jun. 99 200 ... 1,717 1,076 641 125 381 63 3,700 enhancedframework Apr. 00 Sep. 01 150 ... 306 194 112 18 62 27 600 Tanzania Apr. 00 Nov. 01 150 ... 2,026 1,006 1,020 120 695 54 3,000 Uganda 1,003 183 820 160 517 1,950 originalframework Apr. 97 Apr. 98 202 ... 347 73 274 69 160 20 650 enhancedframework Feb. 00 May 00 150 ... 656 110 546 91 357 37 1,300 Decision point reached under enhanced framework Benin Jul. 00 Floating 150 ... 265 77 189 24 84 31 460 Burkina Faso 398 56 342 42 162 ... 700 originalframework Sep. 97 Jul. 00 205 ... 229 32 196 22 91 27 400 enhancedframework Jul. 00 Floating 150 ... 169 24 146 20 71 27 300 Cameroon Oct. 00 Floating 150 ... 1,260 874 324 37 179 27 2,000 Chad May. 01 Floating 150 ... 170 35 134 18 68 30 260 Ethiopia Nov. 01 Floating 150 ... 1,275 482 763 34 463 47 1,930 Gambia, The Dec. 00 Floating 150 ... 67 17 49 2 22 27 90 Ghana Feb. 02 Floating 69 250 2,186 1,084 1,102 112 781 56 3,700 Guinea Dec. 00 Floating 150 ... 545 215 328 31 152 32 800 Guinea-Bissau Dec. 00 Floating 150 ... 416 212 204 12 93 85 790 Guyana 585 220 365 74 68 ... 1,030 originalframework Dec. 97 May 99 107 280 256 91 165 35 27 24 440 enhancedframework Nov. 00 Floating 150 250 329 129 200 40 41 40 590 Honduras Jul. 00 Floating 110 250 556 215 340 30 98 18 900 Madagascar Dec. 00 Floating 150 ... 814 457 357 22 252 40 1,500 Malawi Dec. 00 Floating 150 ... 643 163 480 30 331 44 1,000 Mali 523 162 361 58 182 ... 870 originalframework Sep. 98 Sep. 00 200 ... 121 37 84 14 44 9 220 enhancedframework Sep. 00 Floating 150 ... 401 124 277 44 138 28 650 Mauritania Feb. 00 Floating 137 250 622 261 361 47 100 50 1,100 Nicaragua Dec. 00 Floating 150 ... 3,267 2,145 1,123 82 189 72 4,500 Niger Dec. 00 Floating 150 ... 521 211 309 28 170 54 900 Rwanda Dec. 00 Floating 150 ... 452 56 397 44 228 71 800 Sao Tome and Principe Dec. 00 Floating 150 ... 97 29 68 - 24 83 200 Senegal Jun. 00 Floating 133 250 488 193 259 45 124 19 850 Sierra Leone Mar.02 Floating 150 ... 600 205 354 123 122 80 950 Zambia Dec. 00 Floating 150 ... 2,499 1,168 1,331 602 493 63 3,850 Decision point reached under original framework Cote dlvoire Mar. 98 ... 141 280 345 163 182 23 91 6 3/ 800 Total assistance provided/committed 24,947 11,585 13,191 2,027 4/ 6,325 41,290 Sources: IMF and World Bank Board decisions, completion point documents, decision point documents, preliminary HIPC documents, and staff calculations. 1/ Assistance levels are at countries' respective decision or completion points, as applicable. 2/ In percent of the net present value of debt at the decision or completion point (as applicable), after the full use of traditional debt-relief mechanisms. 3/ Nonrescbedulable debt to non-Paris Club official bilateral creditors and the London Club, which was already subject to a highly concessional restructuring, is excluded from the NPVof debt at the completion point in the calculation of this ratio. 4/ Equivalent to SDR 1,616.6 million at an SDRtUSD exchange rate of 0.797522, as of March 19, 2002.  -52 - ANNEX I Burkina Faso: Simulating H[PC Assistance Several layers of debt relief have been estimated for each creditor: (i) full application of traditional debt relief mechanisms on eligible bilateral and commercial debt, with a stock of debt reduction under Naples terms simulated at end-2001; (ii) full delivery of original HIPC assistance, including the topping-up approved at the first completion point: based on end-1999 terms, debt relief targets are reached by discounting the debt service reduction back to the first completion point (July 2000), using end-1999 discount rates and exchange rate; (iii) full delivery of enhanced HIPC assistance, including the increase of assistance resulting from the end-1999 data revision: based on end-1999 terms, debt relief targets are reached by discounting debt service reduction back to the second decision point (July 2000) using end-1999 discount rates and exchange rate; (iv) additional bilateral relief beyond HIPC assistance, as detailed in Table 19; (v) topping-up of assistance at the completion point, under the terms suggested in Section III.E: based on end- 2001 terms, debt relief targets are reached by discounting debt service reduction back to the second completion point (April 2002) using end-2001 discount rates and exchange rate. The following technical assumptions do not bind the respective creditors in their future decision to grant additional debt relief under the HIPC Initiative: * IDA: Debt service relief as detailed in Table 17 and in the Memorandum of the President (Schedules A and B) has been assumed until June 2020. * IMF: additional relief drawn down from the HlPC Trust Fund account to cover partial debt service relief over the period 2002-07 that would cover additional enhanced assistance and the topping-up amount. Delivery modalities already approved by the IMF Executive Board are detailed in Table 18. * ADB: 80 percent debt service relief starting after full delivery of assistance already approved by the Executive Board as detailed in Tables 15 and 16: additional enhanced assistance and topping-up at the completion point would cover maturities between late 2015 and early 2022. * BADEA: Enhanced HIPC assistance including the topping-up is assumed to be delivered through a full interest rate subsidy from July 2002 and the cancellation of outstanding maturities on existing loans as of 2014. * BOAD: Enhanced HIPC assistance including the topping-up is assumed to be delivered through 49 percent debt service relief on existing loans as of July 2002.with effect until 2013. * ECOWAS: The remaining NPV value of outstanding ECOWAS loans as of end-2001 already is smaller than the total NPV target for combined original and enhanced HIPC assistance as indicated in the second decision point. The DSA assumes full cancellation of remaining ECOWAS loans as of end-2001. * EU: The assistance already proposed by the EU (a buy-back of pre-identified loans) is assumed to be inflated through debt service relief on the remaining maturities until full delivery of assistance under the original and enhanced frameworks as well as the topping-up is achieved. * rW'AD: Is assumed to deliver 100 percent debt-service relief until mid-2015. * IsDB: and OPEC Fund: Debt service relief has been assumed constant over the projection period to deliver the remaining assistance due under the original framework as well as the enhanced HIPC assistance and the portion corresponding to a possible topping-up at completion point. * Paris Club: According to the Paris Club minutes of October 24, 2000, a 70 percent debt service reduction has been simulated until end-2001 for France, Italy and Spain, and 100 percent debt service reduction has been simulated for the Netherlands. A stock of debt reduction under Cologne terms was assumed as of end- 2001, granting an additional reduction of 83 percent on all pre-cutoff date debt on top of traditional debt relief mechanisms, in NPV terms. Comparable treatment is assumed for non-Paris Club debt.  - 53 - ANNEX II Burkina Faso: Divergences in Exports of Goods and Services Between the Assumptions Used at the Decision Point and the Outcome at Completion Point Exports of goods and services, expressed in U.S. dollars, were 14 percent lower on average for the 1999-2001 period than envisaged at the decision point, essentially because of exogenous factors. The bulk of the change occurred in 2000 (17.6 percent lower) and in 2001 (22 percent lower). Exports of goods accounted for 81 percent of this discrepancy, and exports of services for the balance (see Box 1 for details). One major explanatory variable is the significantly more depreciated exchange rate of the CFA franc against the US$ than assumed at decision point, as shown in Box 1. Box 1: Exchange rate assumptions and outcomes 1999 2000 2001 Average Completion point outcome (CFAF/$) 614.89 710.03 732.37 685.76 Decision point assumptions (CFAF/$) 614.77 646.90 638.09 633.25 Difference (in percent) 0.02 9.76 14.77 8.29 The other main explanations for the observed differences are as follows: * Cotton: Cotton is Burkina Faso's main export crop, and the differences between the Decision Point assumptions and the Completion Point outcome account for one quarter of the observed overall discrepancy. CFAF/US$ exchange rate discrepancies have no impact as cotton earnings are based on US$ denominated export prices. Exported volumes in 2000/01 were on average about 7 percent lower than envisaged at decision point essentially because of an attack of white fly pests, which depressed production. Also, the decline of the export price in 2000 was significantly more severe than envisaged at decision point. * Gold: Discrepancies in assumptions concerning gold exports explain another fifth of the total discrepancy. Following the closure of the Poura mine, the only large industrial gold operation in Burkina Faso which was in operation at the time of the decision point, the authorities had embarked on a policy of mechanization of artisanal production. However, this did not produce the expected outcome, resulting in significantly lower volumes exported in 2000 and 2001. Also, the actual price of gold in 2001 was significantly lower than envisaged at decision point. * Livestock products: There are two main explanatory variables for the lower volumes of exported live animals and meat in 2000 and 2001. First, as a significant part of the farmers' savings consists of herds, the adverse cereals crop in late 2000 resulted in a slaughtering of the herds for self-consumption, thereby reducing the volumes available for export. Second, the socio-political disturbances in C6te d'Ivoire (Burkina Faso's main export market for animals and meat) reduced the demand for livestock, which contributed to the decline in prices below the levels assumed at  -54- ANNEX H decision point. For leather and hides, the larger volume of exports in 2000 is for the most part explained by the lifting of the de facto monopoly granted to a single company which resulted in increased supply. Prices were depressed due to this increased supply, lower demand in C6te d'Ivoire, and the exchange rate impact. Other agricultural goods: The outcome is more uneven. Lower than anticipated exports include: (i) groundnuts because of the liquidation of the promotion and marketing company SAFIVAR; (ii) shea because the assumption used at decision point that the European Union would allow shea butter to be used in the manufacture of chocolate did not materialize; and (iii) fruits and vegetable because of the lack of means of transportation caused by the collapse of the regional airline Air Afrique and the impact of the events in C6te d'Ivoire. However, there was a better than anticipated performance in exports of sesame because of the opening of the promotion agency TROPEX located in Bobo Dioulasso, and cereals, essentially because of the start of exports to Mali Industrial and manufactured goods: the significantly lower than expected exports are essentially due to the combination of the exchange rate impact and the events in C6te d'Ivoire, Burkina Faso's main export market for these goods. Services: Overall, services were about 20 percent lower than envisaged at the decision point, essentially due to the exchange rate effect. Transportation was particularly hard hit due to the lower volumes of exports of cotton, fruits and vegetables, and industrial and manufactured goods, as well as the demise of Air Afrique.  8i5 SLS L'S Cg £6 L tO6 9,6 L's 06 96 itL03 X9690 toOt- %9695- %C96£o. 961W- 92O. 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WiM to-it- 9601 960 9600- 61962.0-M 309010030 10060 40/0d vo000td000 0996 1140d4W O- S300l11)6IA PO0M)03400 l 93300 -,!.PO Loww01300 -- -idwooboual 00.1039 d0100399d-0 96300 O1413n00i a 10a.00016 (I 00Z-L66(I tu!Lba plwo u os!2jall 1u 030116909s96 09909i09dxaJ0 00o096109o9IOp3 00340dw003 oio axooii -11 xouuv a(qoj a190969  Burkina Faso: Debt Management Assessment 1 Country Legal and Institutional Coordination with New Borrowing Poliey Basic Debt Human and Fund/Bank Staff Assessment Arrangements Macroeconomic Management Technical Resources __________ Policies, DSA X_________________ Functions Burkina Legal framework: No Coordination: formal Strategy: Include Coverage: debt unit Staff and training: Burkina's debt monitoring does Faso law but decrees and committee and good limit on monitors public and Inadequate number of not provide for a comprehensive regulations which are cooperation. nonconcessional publicly guaranteed staff with sufficient account of extemal loans. observed and Debt reports: extemal borrowing. debt but centralizes also training to The debt unit has relatively implemented. Comprehensive annual Evaluation of new information on debt even basic ebt good hardware (new computers Location of debt unit: debt strategy, a non borrowing proposals contracted by public management all in network), excellent Ministry of Finance. comprehensive portfolio takes into account the enterprises. functions. software capabilities (Sygade, Interagency analysis and a DSA existing loan portfolio Loan disbursements: Computer Excel and latest version of coordination: good report are prepared. and in particular the frequent delays. equipment: Both a Debt-pro) and a limited number through a formal Public access to debt impact on debt Informnation mostly shortage of computers of well-trained staff including in committee information: Very sustainability. from projects units. and adequate software Debt-pro and in forecasting. I.T. Guarantees: Minister of limited access. The debt Improvement: Debt service: tools. and database management, Finance. strategy report is widely enhance capacity to projections quite however, is critically defective, New borrowing: available to the public, carry out analysis of accurate most of the Improvement: need due to lack of competent Parliament. whereas the portfolio the impact of new time. computers and debt personnel available on a daily Improvement: better analysis and the DSA are borrowing on debt analysis software and basis and safety procedures definition of the made available only to indicators. Debt renegotiations: associated training. against viruses or hard drive responsibilities, mandate the government agencies led by the debt unit. The Increase number of overloading. and objectives of the and donors. country received staffs and provide extemal debt management satisfactory outcome them more training. Communication between the agency and improve with Paris Club but not Direction de la dette and the coordination with other with bilateral non-Paris Direction de la Cooperation agencies involved in the Club. (both under the Ministry of external debt Improvement: Define Finances but separate entities) This Table was compiled based on the authorities' return of a joint Bank-Fund external debt management survey on HIPC countries, a complete analysis of which is presented in the paper: External Debt Management in Heavily Indebted Poor Countries (HIPCs) (IDA/SecM2002-0148;03/21/02 and SM/02/92;03/22/02) to be discussed at the Committee of the Whole on April 4, 2002. P Country Legal and Institutional Coordination with New Borrowing Policy Basic Debt Human and Fund/Bank Staff Assessment Arrangements Macroeconomic Management Technical Resources Policies, DSA Functions management. better strategy and needs to improve. The approach, and develop Direction de la Cooperation analytical skills for tracks disbursements, but not in debt senegotiations. an accurate way: all disbursements are recorded in CFA francs without keeping track of the original currency and the exchange rates used. In addition, the data is communicated to the Direction de la dette with considerable delays. Consequently, the decision point database needed to be amended at the completion point for loans that were not accounted for. The follow up on paper work at the Direction de la dette also needs to improve: currently there is an over reliance on ____________ _ _____________________ __ __________________ ________________ ____________________ information technology. X H