(Ecofin Agency) - Burkina Faso's external debt increased by 4.4% to reach CFA3,097.52 billion ($5.1 billion) at the end of March 2024, up from December 2023, according to the latest public debt statistics bulletin released by the Ministry of Economy and Finance.

The bulletin attributes this rise primarily to net disbursements on external loans and exchange rate fluctuations. Notably, 32.6% of this external debt is exposed to currency fluctuations other than the euro. Multilateral loans from institutions such as the World Bank and the International Monetary Fund (IMF) account for 88.4% of the external debt. Loans from bilateral creditors and commercial banks represent 8.3% and 3.4%, respectively.

External debt constitutes 43.3% of Burkina Faso's total public debt. Between January and March 2024, the Burkinabè authorities paid CFA25.72 billion ($42.6 million) for external debt servicing.

Burkina Faso continues to face a severe security and humanitarian crisis due to terrorist attacks, putting significant pressure on public finances. In 2023, the country’s budget deficit reached 6.7% due to increased security spending. To address this situation, Burkina Faso has secured loans from multilateral institutions and other regional development banks to finance specific development projects.

As of the end of March 2024, Burkina Faso's total public debt stood at CFA7,148.29 billion ($11.8 billion), representing 57.9% of GDP, up from 56.1% in December 2023, according to the Ministry of Economy and Finance.