70628
                  Burkina Faso: First Growth and Competitiveness Grant

                               SUMMARY OF DISCUSSION∗

                               Meeting of Executive Directors

                                        June 26, 2012


       The Executive Directors approved the Growth and Competitiveness Grant to Burkina
Faso in the amount of SDR 58.1 million (US$90 million equivalent) on the payment terms and
conditions set out in the President’s Memorandum (IDA/R2012-0151).

       Directors expressed support for the operation and welcomed its support for Government-
owned reforms which would strengthen private sector growth, and improve transparency and
accountability in the use of public resources. Directors noted that building resilience and
reducing vulnerability would be key elements in the current economic environment. Directors
also noted the importance of taking into account demographic factors, equality distribution and
regional approach.

       Directors highlighted the macroeconomic risks but noted the mitigation measures. The
importance of continuing with sound macroeconomic performance, effective implementation of
reforms, export diversification, and gender issues were stressed. Finally, Directors highlighted
the need for coordination and donor harmonization.




∗
This summary is not an approved record.