Financial Crime World

Burundi Struggles to Balance Banking Secrecy and Transparency Amidst Ongoing Reforms

As Burundi continues its efforts to enhance public financial management efficiency and transparency, the country faces numerous challenges in achieving this goal. Despite progress made in recent years, many obstacles remain, hindering the government’s ability to effectively manage resources and deliver public services.

Challenges Ahead

  • Progress has been made, but many hurdles still need to be overcome
  • Obstacles hinder effective resource management and public service delivery

World Bank Support

The World Bank has approved an additional $42 million in financing to support sustained efforts and Burundi’s commitment to implementing further reforms. The grant from the International Development Association (IDA) will contribute to scaling up digital public services enablers under the Burundi Digital Foundations project, aimed at:

  • Increasing broadband internet access
  • Improving government capacity to manage resources more effectively

The additional financing will also finance:

  • Technical assistance
  • Acquisition of core public financial management systems and equipment

These critical improvements are expected to advance Burundi’s commitment to governance reforms and strengthen relationships with citizens, stakeholders, and the international community.

Commitment to Governance Reforms

“The approval of this additional financing reinforces our commitment to supporting Burundi in its efforts to modernize its public finance systems through technology integration,” said Hawa C. Wagué, World Bank Country Manager for Burundi.

  • Prudent management of public resources plays a crucial role in fostering the equitable and sustainable development of a nation

Aligning with National Development Plan

The activities are aligned with the government’s National Development Plan 2018-2027, which includes a pillar to improve resource mobilization and public expenditure management. Several ministries and agencies, including:

  • Public service
  • Finance
  • Treasury

will benefit from this additional financing.

Striking a Balance

As Burundi continues its journey towards transparency and accountability, it is crucial that the country strikes a balance between banking secrecy and openness.

International Development Association (IDA)

The IDA has been instrumental in supporting development activities in 113 countries since its establishment in 1960. IDA provides:

  • Grants
  • Low-to-zero interest loans

for projects designed to stimulate economic growth, reduce poverty, and improve the lives of the poorest.