Ouagadougou: Burkina Faso`s interim Parliament has approved an anti-corruption law, one of two pieces of legislation required by the World Bank before it will release USD 100 million in budget support.
The National Transitional Council (CNT), which was established after a popular uprising forced veteran leader Blaise Compaore to stand down late last year, is charged with guiding the West African nation to elections later this year.
The council, made up of politicians, soldiers and civil society leaders, passed the law late on Tuesday.
Under the new legislation, government officials, including the president, lawmakers, and anyone charged with managing state funds, must declare their assets as well as any gifts or donations received while in office.
Infractions will be punishable by maximum jail term of 20 years and fines of up to 25 million CFA francs (USD 42,422).
The World Bank had said the law and a new mining code that has yet to be passed, are essential reforms and among those demanded by protesters who took to the streets in October, forcing Compaore to quit after nearly 30 years in power.
The World Bank has provided around USD 300 million in support to Burkina Faso in each of the last four years. The money is seen as vital to shoring up state finances this year as the gold and cotton producer confronts lower commodities prices and the impact of political instability.