Burkina Faso has announced that the “National Support Fund,” established in January 2023 to bolster efforts to combat terrorism and extremist groups within the country, successfully amassed 99 billion CFA francs ($162.2 million) over the past year.
According to a statement from the Council of Ministers reported by local newspapers on Sunday, the country, through the “National Support Fund,” managed to collect about 99 billion CFA francs.
The statement also mentioned that the fund’s mission has been extended for an additional year.
The Burkinabe government stated that the resources mobilized through the fund enabled coverage of the social expenses for the Volunteers for the Defense of the Homeland, ensuring their provision with individual and collective equipment and access to fuel.
The establishment of the “National Support Fund” was justified by the Ouagadougou executive authority as a necessity for “a suitable tool to collect and mobilize financial contributions in support of the activities of the Volunteers for the Defense of the Homeland.”
The renewal of the “National Support Fund” allows Burkina Faso to finance its counter-terrorism strategy, especially as the country faces significant financial needs amid a current security and humanitarian crisis that exerts strong pressure on the state budget in the context of regional and international sanctions imposed on it.
Official statistics indicate that the share of the state budget allocated to the defense and security sector rose from 20.27% in 2022 to 28.42% in 2023, and it is expected to reach 29.49% in 2024.
The renewal of the “National Support Fund” for another year comes amidst major armed operations aimed at establishing the state’s control over the entire territory of Burkina Faso.
In October 2023, the Transitional Phase President, Captain Ibrahim Traore, declared that restoring security is a top priority and a prerequisite before organizing eagerly awaited elections in the country.
According to the International Monetary Fund, Burkina Faso’s real GDP growth increased to 4.4% in 2023 after dropping to 1.5% in 2022 and recording 6.9% in 2021.
The bank predicts that the country’s real GDP will stabilize at 6.4% in 2024.