The economy of Burundi is expected to grow by 4.3% this year, compared to 2.7% in 2023, thanks to improved performance in the agricultural sector, according to forecasts from the International Monetary Fund.
With a population of 12 million inhabitants, the economy of Burundi relies heavily on agriculture, especially tea and coffee.
The increase in fuel pump prices and the rise in fuel import volumes have helped stabilize costs and contain fuel subsidies, thus reducing fuel shortages.
While inflationary pressures were high in 2023, with an estimated average inflation of around 27%, they began to decrease since the last quarter of the year. The average inflation is expected to decrease to approximately 22% in 2024.
A team from the International Monetary Fund visited Bujumbura on January 11, 2024, to discuss the first review of the 38-month agreement under the Extended Credit Facility of approximately $261.7 million, approved last year.