{
  "title": "Benin: Request for a Three-year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Benin",
  "publication": "IMF Staff Country Reports, April 26, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/04/26/benin-request-for-a-three-year-arrangement-under-the-extended-credit-facility-press-release-44868",
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  "summary": "This paper discusses Benin’s Request for a Three-Year Arrangement under the Extended Credit Facility. The new program aims to create fiscal space by stepping up domestic revenue mobilization and enhancing the efficiency of government spending; gradually increasing absorptive capacity to scale up investment; strengthening public debt management; and promoting private sector investment through stronger institutions and a better business environment while keeping debt sustainable. It will also aim to ensure that scaled-up public investment is consistent with debt sustainability. This is particularly important for Benin: recent borrowing has significantly reduced available fiscal space, and potential risks have materialized as a result of growth shortfalls, fiscal slippages, and contingent liabilities from state-owned enterprises.",
  "publishDate": "2017-04-26",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Program objectives and scope",
      "content": "- The paper discusses Benin’s Request for a Three-Year Arrangement under the Extended Credit Facility.\n- The new program aims to:\n  - create fiscal space by stepping up domestic revenue mobilization and enhancing the efficiency of government spending;\n  - gradually increase absorptive capacity to scale up investment;\n  - strengthen public debt management;\n  - promote private sector investment through stronger institutions and a better business environment while keeping debt sustainable;\n  - ensure that scaled-up public investment is consistent with debt sustainability."
    },
    {
      "heading": "Rationale and risks",
      "content": "- Recent borrowing has significantly reduced available fiscal space.\n- Potential risks have materialized as a result of:\n  - growth shortfalls;\n  - fiscal slippages;\n  - contingent liabilities from state-owned enterprises."
    },
    {
      "heading": "Policy focus areas (as presented)",
      "content": "- Revenue and fiscal policy\n  - step up domestic revenue mobilization;\n  - enhance the efficiency of government spending.\n- Public investment and absorptive capacity\n  - gradually increase absorptive capacity to scale up investment;\n  - ensure scaled-up public investment is consistent with debt sustainability.\n- Public debt management\n  - strengthen public debt management to preserve debt sustainability.\n- Private sector development\n  - promote private sector investment through stronger institutions and a better business environment."
    },
    {
      "heading": "Thematic subjects and keywords",
      "content": "- Subject: Capital spending, Expenditure, External debt, Public debt, Public investment and public-private partnerships (PPP), Revenue administration\n- Keywords: authorities' intention, authority, Benin's economy, Capital spending, convergence criteria, CR, debt, ECF arrangement, financing, Global, ISCR, protracted balance of payments, Public investment and public-private partnerships (PPP), sustainability framework program scenario, West Africa\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/04/26/benin-request-for-a-three-year-arrangement-under-the-extended-credit-facility-press-release-44868"
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    "Published: April 26, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475596182.002",
    "The paper discusses Benin’s Request for a Three-Year Arrangement under the Extended Credit Facility.",
    "The new program aims to:",
    "Recent borrowing has significantly reduced available fiscal space.",
    "Potential risks have materialized as a result of:",
    "Revenue and fiscal policy",
    "Public investment and absorptive capacity",
    "Public debt management",
    "Private sector development",
    "Subject: Capital spending, Expenditure, External debt, Public debt, Public investment and public-private partnerships (PPP), Revenue administration",
    "Keywords: authorities' intention, authority, Benin's economy, Capital spending, convergence criteria, CR, debt, ECF arrangement, financing, Global, ISCR, protracted balance of payments, Public investment and public-private partnerships (PPP), sustainability framework program scenario, West Africa",
    "**Country Report**"
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