{
  "title": "IMF Staff Discusses with the Beninese Authorities on a Possible Fund-Supported Program",
  "publication": "IMF News, December 12, 2016",
  "sourceUrl": "https://www.imf.org/en/news/articles/2016/12/12/pr16552-benin-imf-staff-discusses-with-the-beninese-authorities-on-a-possible-fund-supported-program",
  "canonical": "https://www.imf.org/en/news/articles/2016/12/12/pr16552-benin-imf-staff-discusses-with-the-beninese-authorities-on-a-possible-fund-supported-program",
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  "summary": "Press Release No. 16/552",
  "publishDate": "2016-12-12",
  "sections": [
    {
      "heading": "Mission details",
      "content": "- Press Release No. 16/552\n- Mission leader: Norbert Toé (Mission Chief for Benin)\n- Mission dates: November 30 to December 12, 2016\n- Purpose: Continue discussions with the authorities on a three-year economic program that could be supported by the IMF under its Extended Credit Facility (ECF) arrangement.\n- Contact: Phone: +1 202 623-7100; Email: MEDIA@IMF.org"
    },
    {
      "heading": "Principal findings and economic assessment",
      "content": "- “The new government is moving swiftly to change the policy environment and is intent on fostering a structural transformation of the economy and improving the living conditions of the population.” — Norbert Toé\n- External shock: Negative spillovers from Nigeria—Benin’s main trading partner—had significant impacts on the economy, including a decline in customs revenues.\n- Resilience: “Economic activity remained resilient thanks, primarily, to agriculture production.”\n- Commitment: The authorities have committed to preserve macroeconomic stability while implementing an ambitious structural reform agenda emphasizing improving governance and boosting investment.\n- Role of ECF: The ECF is a concessional lending instrument for low-income countries with a three-year government economic program agreed with the IMF."
    },
    {
      "heading": "Policy recommendations and priorities agreed with authorities",
      "content": "- Step up domestic revenue mobilization.\n- Strengthen public financial management.\n- Create fiscal space for increased public investment and pro-poor spending while preserving debt sustainability.\n- Implement structural reforms to improve governance and boost investment."
    },
    {
      "heading": "Engagements and consultations",
      "content": "- The mission met with President Talon.\n- Discussions held with:\n  - Romuald Wadagni, Minister of Economy and Finance\n  - Abdoulaye Bio Tchané, Senior Minister of State of Planning and Development\n  - Alain Komaclo, National Director of the regional central bank (BCEAO)\n  - Other senior government officials\n  - Representatives of Benin’s international development partners, civil society, and the banking and business communities"
    },
    {
      "heading": "Next steps and outlook",
      "content": "- “Significant progress has been made and discussions with the authorities will continue.”\n- Continued engagement to finalize a three-year program that could be supported under the IMF’s ECF arrangement.\n\nIMF Communications Department — End-of-Mission press release (views are those of IMF staff and do not necessarily represent the views of the IMF’s Executive Board).\n\n---\n\n\n References\n\n- Benin and the IMF\n- Press Releases\n- PRESS CENTER\n- ECF\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2016/12/12/pr16552-benin-imf-staff-discusses-with-the-beninese-authorities-on-a-possible-fund-supported-program"
    }
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    "Published: December 12, 2016",
    "Press Release No. 16/552",
    "Mission leader: Norbert Toé (Mission Chief for Benin)",
    "Mission dates: November 30 to December 12, 2016",
    "Purpose: Continue discussions with the authorities on a three-year economic program that could be supported by the IMF under its Extended Credit Facility (ECF) arrangement.",
    "Contact: Phone: +1 202 623-7100; Email: MEDIA@IMF.org",
    "“The new government is moving swiftly to change the policy environment and is intent on fostering a structural transformation of the economy and improving the living conditions of the population.” — Norbert Toé",
    "External shock: Negative spillovers from Nigeria—Benin’s main trading partner—had significant impacts on the economy, including a decline in customs revenues.",
    "Resilience: “Economic activity remained resilient thanks, primarily, to agriculture production.”",
    "Commitment: The authorities have committed to preserve macroeconomic stability while implementing an ambitious structural reform agenda emphasizing improving governance and boosting investment.",
    "Role of ECF: The ECF is a concessional lending instrument for low-income countries with a three-year government economic program agreed with the IMF.",
    "Step up domestic revenue mobilization.",
    "Strengthen public financial management.",
    "Create fiscal space for increased public investment and pro-poor spending while preserving debt sustainability.",
    "Implement structural reforms to improve governance and boost investment.",
    "The mission met with President Talon.",
    "Discussions held with:",
    "“Significant progress has been made and discussions with the authorities will continue.”",
    "Continued engagement to finalize a three-year program that could be supported under the IMF’s ECF arrangement.",
    "[Benin and the IMF](http://www.imf.org/external/country/BEN/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[ECF](http://www.imf.org/external/np/exr/facts/ecf.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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