Benin and the IMF
Press Release: IMF Completes Review Under Benin's PRGF Arrangement and Approves US$2 Million Disbursement
March 29, 2004
Country's Policy Intentions Documents
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BeninLetter of Intent
Mr. Horst Köhler
1. In 2003, the government of Benincontinued to implement the program supported by the Poverty Reduction and Growth Facility (PRGF) arrangement approved on July 17, 2000. Overall, macroeconomic performance in 2003 was satisfactory. GDP growth rate reached 5½ percent and inflation remained below 2 percent, while the current account deficit narrowed to 8 percent of GDP.
2. All the performance criteria and structural benchmarks for end-September 2003, as well as the corresponding indicative quantitative targets for end-December 2003, were met; all of the prior actions for the conclusion of the review (listed in the attached table) have been implemented.
3. On the basis of the above, the government requests completion of the sixth review and the release of the last disbursement under the arrangement in an amount of SDR 1.35 million.
4. The government remains committed to the objectives of fostering growth and reducing poverty after the expiration of the current arrangement.
5. As was the case in the past, the government consents to the Fund's publication of this letter and the staff report for the sixth review under the PRGF arrangement.