BUJUMBURA, August 18 (ABP) – The Bank of the Republic of Burundi (BRB), in collaboration with the ministry of Finance, Budget, and Digital Economy, organized a conference-debate on Thursday, August 14, 2025, on economic reforms aimed at ensuring Burundi’s macroeconomic stability. The conference took place in Bujumbura city, and was honored by the presence of Prime Minister Nestor Ntahontuye.
In his speech, the Prime Minister stated that the macroeconomic stability document was well drafted, based on an evaluation of the reform document prepared in 2023, and expressed confidence that with effective coordination, these reforms would become a real lever for transforming the national economy. He also praised the commitment of Head of State Evariste Ndayishimiye, who is making every effort to ensure the country achieves its goals.
The governor of the BRB, Edouard Normand Bigendako, said that the central bank will continue to pursue a structured monetary policy to bring inflation below the 8% threshold, in line with convergence criteria agreed at the East African Community level. The central bank will also continue establishing a regulated framework to facilitate the stability of the foreign exchange market, he added.
As for the minister of Finance, Budget, and Digital Economy (MFBEN), Alain Ndikumana, he stated in his address that in 2024, real GDP grew by 3.9%, compared to 3.3% in 2023, and that the public debt-to-GDP ratio decreased to 53.3% in 2024, mainly due to a reduction in domestic borrowing.
However, he noted that the overall budget deficit widened to 8.3% of GDP for the 2023-2024 fiscal year, while official foreign exchange reserves remained limited, covering only 1.4 months of imports as of the end of March 2025.
Regarding inflation, MFBEN revealed that it remains at a concerning level. In response to these challenges, Minister Ndikumana said the government of Burundi has prepared a document outlining ambitious macroeconomic stabilization reform programs for the 2025-2027 period, aligned with the revised National Development Plan (2018-2027) and the “Burundi Emerging by 2040, Developed by 2060” vision.
He also reminded attendees that MFBEN is continuing its reforms by strengthening revenue mobilization and maintaining strict discipline in public expenditure management.
In his presentation, Professor Léonce Ndikumana reviewed the state of Burundi’s economy to explain why reform is needed, why now, and how to succeed. He noted that the country is not burdened by external debt but rather by inflation, mainly driven by food imports. According to him, the country is spending what it does not have and importing what it cannot afford.
Professor Ndikumana further emphasized the need for reforms to improve economic performance at both macroeconomic and sectoral levels, highlighting that Burundi is well positioned to carry out these reforms, especially since the President of the Republic himself acknowledges the need to reform the economy.
After the presentations, a panel discussion was held during which questions were directed to the panelists, including the minister of finance, the governor of the BRB, the chairperson of the association of banks and financial institutions of Burundi (ABEF), the secretary general of the federal chamber of commerce and industry of Burundi (CFCIB), and Professor Léonce Ndikumana.
When asked about the timeline for implementing these reforms, the governor of the BRB said that the first step would be the normalization of monetary policy, which has already begun with the suspension of direct financing of the economy. He hopes that in three or four years, the necessary capacity will be in place.
Another question, raised by CFCIB chairman Olivier Suguru, was how the 1.4-month import reserve was calculated when the banking sector does not finance private sector imports. In response, the BRB governor explained that only the official reserves of the central bank are used in the calculation, excluding the reserves of commercial banks and the black market.
For the success of these reforms, both the chairperson of ABEF and the secretary general of CFCIB expressed the wish that banks allocate funds to finance the private sector.