In a small, heavy saucepan over low heat, melt the butter. Whisk in the flour. To prevent burning, keep stirring the mixture. Cook until the mixture is light tan, about 2 minutes.
Add the chicken broth. Then turn up the heat to medium. Stir until thickened, about 5 minutes.
Stir in the basil and tomato paste. Reduce the heat to low. Simmer for 2 minutes more.
Serve warm over chicken, veal or pork. May be used to baste foods as well.