An International Development Association grant worth $26 million was approved by the World Bank Board of Directors to support the objectives set by Government of Burundi’s. They are aiming to obtain better transparency in public finance management, bring variety to the economy, and empower social safety nets to raise the quality of life for the poorest families in the country.

The Burundi Government has emphasized its commitment to move the country from a post-conflict to a more stable economy,” says World Bank Country Director for Burundi Philippe Dongier. “The promulgation of the new mining code was an important milestone in economic governance. We are delighted to support today’s operation which will boost the Government’s efforts to strengthen the management of its public finances, promote the export potential of its coffee and mining industries, and improve the lives of the country’s poorest households.”

Today’s grant approval supports the Government’s Seventh Economic Reform Support Grant (ERSG VII), the second in a series of three grants that support the implementation of the country’s Second Poverty Reduction Strategy.

Burundi’s decade-long conflict resulted in the destruction of key economic and social infrastructure, leaving over 60 percent of the country’s population in poverty. Since 2005, the country has taken a series of important steps to improve stability, governance, and to lay foundations for economic developmentsays World Bank Sector Manager for Economic Policy and Governance, Albert Zeufack.

About World Bank

The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing loans (called “credits”) and grants for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives. IDA is one of the largest sources of assistance for the world’s 81 poorest countries, 39 of which are in Africa.

Source: http://www.worldbank.org/en/news/press-release/2013/11/27/world-bank-approves-funds-to-boost-burundi-8217-s-public-finance-management-and-promote-economic-diversification