• Wed. Nov 30th, 2022

The World Bank committed to supporting Burundi in its development projects

ByWebmaster

Nov 9, 2022

BUJUMBURA November 7th (ABP) – The Director of Operations at the World Bank Mr. Albert G. Zeufack has indicated that the World Bank Group will continue to support Burundi in its development and economic growth efforts. He was speaking on the occasion of the national private sector forum called “Umuzinga Day” organized on November 2, 2022 in Bujumbura under the theme: “Leveraging private sector investments for economic transformation, job creation and inclusive growth.”

Mr. Zeufack first recalled that Burundi, like the rest of the world, faces a constantly changing global trading environment, which offers new challenges. According to him, the Covid-19 pandemic which led to the disruption of supply chains, the war in Ukraine and the surge in commodity prices have interrupted a still fragile economic recovery and intensified macroeconomic imbalances. At the same time, the reconfiguration of value chains at the global level for a country like Burundi offers opportunities to boost its growth and reduce poverty.

To sustain economic growth in Burundi, Mr. Zeufack pointed out, reforms in economic management to accelerate structural transformation are essential. He added that Burundi has demonstrated in the past its ability to carry out ambitious economic and economic reforms. These reforms have resulted in higher levels of economic growth, increased domestic and international investment and greater mobilization of support from international partners.

He also stressed that the macroeconomic and structural reforms to be considered in Burundi will encourage investment, trade and contribute to the promotion of a resilient, dynamic and innovative private sector that promotes productivity and creates more jobs. and better quality.

During this forum, participants had the opportunity to discuss the private sector diagnosis or (CPSD) which aims to help the government and the private sector of Burundi, in order to identify the most important market opportunities. likely to materialize in the short to medium term. This paper also shows reforms that could remove key constraints to private sector growth and spur economic transformation. The document comes in alignment with Burundi’s economic memorandum and provides the review of past economic growth, growth factors and opportunities, while the private sector diagnosis focuses on development opportunities in the private sector.

According to Zeufack, he did not fail to point out that through the recommendations of these documents, the World Bank Group will continue to support Burundi in its development and economic growth efforts. On the one hand, through its portfolio of projects focused on strengthening human capital, setting up infrastructure and direct interventions in the development of entrepreneurship, value chains, trade and technological adoption by small and medium-sized enterprises, support for the private sector. On the other hand, through analyzes and economic studies, supports dialogue around the formulation and implementation of reforms for a business-friendly environment.

According to the economist Léonce Ndikumana who summarized what was presented as recommendations in this meeting, he specified that the development of the private sector is a joint, collaborative affair between the government, the private sector and the partners. Development. Panelists and participants argued that apart from regularization and control over businesses, some businesses that are still small need support and help to be able to function well.

The participants in the meeting also insisted on the promotion of a more productive agriculture, oriented towards export and the increase in added value. They also advocated for funding long-term projects and even funding risky projects. As the services are still expensive, they asked for the reduction of telephone and internet costs.