Benin:First Reviews under the Extended Fund Facility and the Extended Credit Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for Benin

Author: International Monetary Fund. African Dept.

Benin: First Reviews under the Extended Fund Facility and the Extended Credit Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for Benin

Volume/Issue: Volume 2022 Issue 383

Publication date: December 2022

ISBN: 9798400228650

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Topics covered in this book

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Exports and Imports , Finance , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , draft budget law , staff appraisal , program conditionality , deficit of CFAF , financing needs , authorities endeavor , Debt sustainability analysis , Capital spending , Global , West Africa , Sub-Saharan Africa

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Summary

On July 8, 2022, the IMF Executive Board approved 42-month Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements under High Combined Credit Exposure (HCCE) (391 percent of quota, about US$650 million) to help Benin meet pressing financing needs and support the country’s National Development Plan centered on achieving SDGs. The program is off to a strong start notwithstanding elevated uncertainty. While there is broad consensus that sound macroeconomic management in recent years is generating tangible dividends for the economy as a whole, the public is frustrated over the fact that this is taking time to translate into improved socioeconomic conditions for all. This sentiment has been compounded by temporary import price pressures since Russia’s invasion of Ukraine. Legislative elections will be held in early January 2023, with related risks to the program expected to be limited.