Benin: Sixth Review under the Extended Credit Facility Arrangement, and Request for Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Benin

IMF Staff Country Reports, May 20, 2020

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Benin: Sixth Review under the Extended Credit Facility Arrangement, and Request for Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Benin

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Bibliographic details

• Published: May 20, 2020
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781513544960.002

Program implementation and review outcomes

• Program implementation continued to be strong.
• All end-December 2019 quantitative performance criteria and the structural benchmarks under review were met.
• IMF staff supports the completion of the sixth review under the ECF-supported arrangement.

Economic impact of COVID-19 and outlook for 2020

• Economic activity is expected to decelerate sharply in 2020 due to the coronavirus disease 2019 pandemic.
• The authorities prepared a response plan of 1.7 percent of gross domestic product (GDP) to contain health risks and support the economy.
• As a result of the projected revenue shortfall and the new measures, the 2020 fiscal deficit is revised upward to 3.5 percent of GDP.

Financing needs and IMF support

• IMF staff supports the request for an augmentation of access equivalent to 61.4 percent of quota to address larger financing needs.
• The authorities’ policies under the ECF-supported program are substantially adapted to cope with the health and economic emergency.

Key thematic areas covered

• COVID-19
• Credit
• External debt
• Government debt management
• Health
• Money
• Public debt
• Public financial management (PFM)
• Revenue administration
• Stress testing

Source: Benin: Sixth Review under the Extended Credit Facility Arrangement, and Request for Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Benin

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