Benin, a member of the CFA franc zone, has experienced uneven economic progress over the last several decades. It has a long history of engagement with the IMF. This ex post assessment update covers primarily the implementation of the program supported by the 2005–09 poverty reduction growth facility (PRGF) arrangement. In the fiscal area, the overall objective was to increase poverty-reducing spending while maintaining the sustainability of public debt. Prior to the global financial crisis, Benin's economic growth accelerated steadily. External shocks explain some of the growth's underperformance.