Strong donor support and debt relief under the Highly Indebted Poor Countries (HIPC) initiative and Multilateral Debt Relief Initiative (MDRI) 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 a strong track record of reacting appropriately 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. GDP per capita is among the lowest of any rated sovereign, at an estimated $444 in 2006, and human development indicators are very
