{
  "title": "IMF Executive Board Approves a US$125 Million Disbursement Under Benin’s ECF-Supported Arrangement",
  "publication": "IMF News, May 15, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/05/15/pr20216-benin-imf-executive-board-approves-us-125m-disbursement-under-ecf-supported-arrangement",
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  "summary": "The Executive Board decision allows an immediate disbursement of US$125.1 million to Benin to address the urgent financing needs stemming spread of COVID-19 and to mitigate its economic and social impacts.",
  "publishDate": "2020-05-15",
  "sections": [
    {
      "heading": "Disbursement and access augmentation",
      "content": "- The Executive Board decision allows an immediate disbursement of US$125.1 million to Benin to address the urgent financing needs stemming spread of COVID-19 and to mitigate its economic and social impacts.\n- Completion of the sixth and final review enables the disbursement of SDR 91.931 million (about US$125 million), bringing total disbursements under the arrangement to SDR 187.43 million (about US$ 254.8 million).\n- The Executive Board approved the authorities’ request for an augmentation of access under the ECF arrangement of 61.4 percent of Benin’s quota (SDR 76.013 million or about US$103.3 million) to address urgent financing needs related to COVID-19."
    },
    {
      "heading": "Program background and performance",
      "content": "- Benin’s three-year arrangement of SDR 111.42 million (about US$151.5 million, 90 percent of Benin’s quota) was approved on April 7, 2017.\n- This sixth review marks the end of the three-year Fund-supported program.\n- Implementation of the program has been described as \"very satisfactory.\"\n- All quantitative performance criteria at end-December 2019 and structural benchmarks under the review were met."
    },
    {
      "heading": "Authorities’ response plan and policy focus",
      "content": "- The authorities are implementing a response plan that will:\n  - raise significantly health spending,\n  - provide support to vulnerable households through cash transfers,\n  - provide support to impacted businesses.\n- The authorities aim to safeguard hard-won fiscal achievements while taking immediate actions to address human and economic implications of the crisis.\n- Once the shocks wear off, the authorities expect to revert to their medium-term fiscal path by maintaining the deficit within the regional ceiling to safeguard fiscal sustainability.\n- On the economic reform front, the authorities plan to pursue efforts to:\n  - modernize the Beninese economy,\n  - diversify the economic structure,\n  - improve the business environment,\n  - strengthen the banking sector."
    },
    {
      "heading": "IMF observations and recommendations (statement by Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair)",
      "content": "- Benin’s strong growth momentum has been halted by the COVID-19 pandemic and border closure with Nigeria; growth is projected to decelerate and the outlook is subject to a high degree of uncertainty.\n- Sound and transparent public financial management will be paramount with the sizeable reprioritization of spending.\n- Careful monitoring and ex-post audit of the execution of the new measures will strengthen accountability and ensure that the additional funds are spent as intended.\n- The authorities’ response plan focuses on raising healthcare spending, granting cash transfers to vulnerable households, and providing support to impacted businesses."
    },
    {
      "heading": "Key statistics and dates",
      "content": "- Immediate disbursement approved: US$125.1 million\n- Disbursement amount in SDR for sixth review: SDR 91.931 million (about US$125 million)\n- Total disbursements under the arrangement after sixth review: SDR 187.43 million (about US$ 254.8 million)\n- Original three-year arrangement size: SDR 111.42 million (about US$151.5 million, 90 percent of Benin’s quota)\n- Augmentation of access approved: 61.4 percent of Benin’s quota (SDR 76.013 million or about US$103.3 million)\n- Original approval date of three-year arrangement: April 7, 2017\n- Press Release No.: 20/216\n- Press release date: May 15, 2020\n\nPress Release No. 20/216, May 15, 2020.\n\n---\n\n\n References\n\n- https://www.imf.org/-/media/images/imf/bios/imfboard.jpg\n- The Executive Board\n- PRESS CENTER\n- https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker\n- https://www.imf.org/external/NP/SEC/bc/eng/index.aspx\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/05/15/pr20216-benin-imf-executive-board-approves-us-125m-disbursement-under-ecf-supported-arrangement"
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    "Published: May 15, 2020",
    "The Executive Board decision allows an immediate disbursement of US$125.1 million to Benin to address the urgent financing needs stemming spread of COVID-19 and to mitigate its economic and social impacts.",
    "Completion of the sixth and final review enables the disbursement of SDR 91.931 million (about US$125 million), bringing total disbursements under the arrangement to SDR 187.43 million (about US$ 254.8 million).",
    "The Executive Board approved the authorities’ request for an augmentation of access under the ECF arrangement of 61.4 percent of Benin’s quota (SDR 76.013 million or about US$103.3 million) to address urgent financing needs related to COVID-19.",
    "Benin’s three-year arrangement of SDR 111.42 million (about US$151.5 million, 90 percent of Benin’s quota) was approved on April 7, 2017.",
    "This sixth review marks the end of the three-year Fund-supported program.",
    "Implementation of the program has been described as \"very satisfactory.\"",
    "All quantitative performance criteria at end-December 2019 and structural benchmarks under the review were met.",
    "The authorities are implementing a response plan that will:",
    "The authorities aim to safeguard hard-won fiscal achievements while taking immediate actions to address human and economic implications of the crisis.",
    "Once the shocks wear off, the authorities expect to revert to their medium-term fiscal path by maintaining the deficit within the regional ceiling to safeguard fiscal sustainability.",
    "On the economic reform front, the authorities plan to pursue efforts to:",
    "Benin’s strong growth momentum has been halted by the COVID-19 pandemic and border closure with Nigeria; growth is projected to decelerate and the outlook is subject to a high degree of uncertainty.",
    "Sound and transparent public financial management will be paramount with the sizeable reprioritization of spending.",
    "Careful monitoring and ex-post audit of the execution of the new measures will strengthen accountability and ensure that the additional funds are spent as intended.",
    "The authorities’ response plan focuses on raising healthcare spending, granting cash transfers to vulnerable households, and providing support to impacted businesses.",
    "Immediate disbursement approved: US$125.1 million",
    "Disbursement amount in SDR for sixth review: SDR 91.931 million (about US$125 million)",
    "Total disbursements under the arrangement after sixth review: SDR 187.43 million (about US$ 254.8 million)",
    "Original three-year arrangement size: SDR 111.42 million (about US$151.5 million, 90 percent of Benin’s quota)",
    "Augmentation of access approved: 61.4 percent of Benin’s quota (SDR 76.013 million or about US$103.3 million)",
    "Original approval date of three-year arrangement: April 7, 2017",
    "Press Release No.: 20/216",
    "Press release date: May 15, 2020",
    "[https://www.imf.org/-/media/images/imf/bios/imfboard.jpg](https://www.imf.org/-/media/images/imf/bios/imfboard.jpg)",
    "[The Executive Board](https://www.imf.org/external/np/sec/memdir/eds.aspx)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker](https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker)",
    "[https://www.imf.org/external/NP/SEC/bc/eng/index.aspx](https://www.imf.org/external/NP/SEC/bc/eng/index.aspx)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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