Benin: First Reviews under the Extended Fund Facility and the Extended Credit Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for Benin
December 20, 2022
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On July 8, 2022, the IMF Executive Board approved 42-month Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements under High Combined Credit Exposure (HCCE) (391 percent of quota, about US$650 million) to help Benin meet pressing financing needs and support the country’s National Development Plan centered on achieving SDGs. The program is off to a strong start notwithstanding elevated uncertainty. While there is broad consensus that sound macroeconomic management in recent years is generating tangible dividends for the economy as a whole, the public is frustrated over the fact that this is taking time to translate into improved socioeconomic conditions for all. This sentiment has been compounded by temporary import price pressures since Russia’s invasion of Ukraine. Legislative elections will be held in early January 2023, with related risks to the program expected to be limited.
Subject: Capital spending, Debt sustainability analysis, Expenditure, External debt, International organization, Monetary policy, Public debt, Revenue administration
Keywords: authorities endeavor, Capital spending, Debt sustainability analysis, deficit of CFAF, draft budget law, financing needs, Global, program conditionality, staff appraisal, Sub-Saharan Africa, West Africa
Pages:
106
Volume:
2022
DOI:
Issue:
383
Series:
Country Report No. 2022/383
Stock No:
1BENEA2022004
ISBN:
9798400228582
ISSN:
1934-7685
