Strong donor support and debt relief under the Highly Indebted Poor Countries (HIPC) initiative. Economic stability supported by membership of the West African Monetary Union (WAEMU), with an independent central bank (Banque des Etats de l'Afrique de l'Ouest; BCEAO). A government that has consistently demonstrated its ability to react positively to negative economic shocks. Low level of economic development and narrow economic base. Large underlying fiscal imbalances due to pressing spending needs and very limited revenue-raising flexibility. The ratings on Burkina Faso are constrained by a low level of economic development and a very narrow economic base. GDP per capita is low, at an estimated $440 in 2005, and social indicators are very weak. The economy is highly dependent on
