Strong donor support and moderate debt burden following implementation of the Multilateral Debt Relief Initiative (MDRI) Economic stability supported by membership of the West African Monetary Union (WAEMU), and an independent central bank (Banque Centrale des Etats de l'Afrique de l'Ouest; BCEAO) The government 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 limited revenue-raising flexibility The ratings on Burkina Faso are constrained by a low level of economic development, with GDP per capita among the lowest of rated sovereigns, estimated at $520 in 2007; and weak human development indicators. The economy is narrow, with a large informal
