{
  "title": "Benin: Third Review Under the Extended Credit Facility Arrangement",
  "publication": "IMF Staff Country Reports, May 2, 2012",
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  "summary": "This papers discusses Benin’s third review under the Extended Credit Facility Arrangement. The re-election of the President and the regained majority in Parliament have provided a window of opportunity for reforms.",
  "sections": [
    {
      "heading": "Major findings",
      "content": "- The re-election of the President and the regained majority in Parliament have provided a window of opportunity for reforms.\n- All performance criteria and most quantitative targets have been met.\n- Progress in implementing structural reforms was mixed.\n- The introduction of critical customs reforms met with strong initial resistance, leading to a sharp fall in customs revenue in the second half of 2011.\n- The financial system remains sound, but supervision needs to be strengthened."
    },
    {
      "heading": "Fiscal and revenue developments",
      "content": "- Customs reforms were central to revenue efforts; resistance to these reforms coincided with a sharp fall in customs revenue in the second half of 2011.\n- Performance criteria and most quantitative targets related to fiscal policy were met (no additional numeric targets are specified in the source text)."
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    {
      "heading": "Structural reforms",
      "content": "- Mixed progress in implementation: some reforms advanced, while others faced obstacles and implementation delays.\n- Long-awaited customs reform was introduced but encountered strong initial resistance affecting revenue outcomes."
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    {
      "heading": "Financial sector",
      "content": "- The financial system is described as sound.\n- Weakness identified: financial supervision needs to be strengthened to safeguard stability and support reform implementation."
    },
    {
      "heading": "Subjects and keywords (as provided)",
      "content": "- Subject: Capital spending, Commodities, Current spending, Expenditure, Fuel prices, Gasoline, Inflation, Prices\n- Keywords: basic salary, broad money, Capital spending, CR, Current spending, customs, customs revenue, Europe, Fuel prices, Gasoline, Global, Inflation, ISCR, long-awaited customs reform, market, price, price of gasoline, West Africa\n\nBenin: Third Review Under the Extended Credit Facility Arrangement — IMF Staff Country Report (May 2, 2012).\n\n---\n\n Content in this bundle\n\n- cr1299\n  - cr1299 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1299 (PDF){rel=\"external\" type=\"application/pdf\"}\n- cr1299f\n  - cr1299f (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1299f (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: May 2, 2012",
    "Series: IMF Staff Country Reports",
    "The re-election of the President and the regained majority in Parliament have provided a window of opportunity for reforms.",
    "All performance criteria and most quantitative targets have been met.",
    "Progress in implementing structural reforms was mixed.",
    "The introduction of critical customs reforms met with strong initial resistance, leading to a sharp fall in customs revenue in the second half of 2011.",
    "The financial system remains sound, but supervision needs to be strengthened.",
    "Customs reforms were central to revenue efforts; resistance to these reforms coincided with a sharp fall in customs revenue in the second half of 2011.",
    "Performance criteria and most quantitative targets related to fiscal policy were met (no additional numeric targets are specified in the source text).",
    "Mixed progress in implementation: some reforms advanced, while others faced obstacles and implementation delays.",
    "Long-awaited customs reform was introduced but encountered strong initial resistance affecting revenue outcomes.",
    "The financial system is described as sound.",
    "Weakness identified: financial supervision needs to be strengthened to safeguard stability and support reform implementation.",
    "Subject: Capital spending, Commodities, Current spending, Expenditure, Fuel prices, Gasoline, Inflation, Prices",
    "Keywords: basic salary, broad money, Capital spending, CR, Current spending, customs, customs revenue, Europe, Fuel prices, Gasoline, Global, Inflation, ISCR, long-awaited customs reform, market, price, price of gasoline, West Africa",
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