Benin: Third Review under the Extended Fund Facility and the Extended Credit Facility Arrangements and Request for an Arrangement under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director

International Monetary Fund

No 2024/003, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses Benin’s Third Review under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) Arrangements and Request for an Arrangement under the Resilience and Sustainability Facility (RSF). Robust tax collection is supporting fiscal consolidation, complementing stepped-up budget support from Benin’s development partners and frontloaded Fund disbursements under the EFF/ECF. The RSF will support the authorities’ goal to mainstream climate considerations in policymaking and complement the EFF/ECF in supporting overall socio-economic resilience in Benin. Contingency planning is paramount, considering heightened uncertainty. The authorities should maintain flexibility in budget execution, including a phased approach to their public investment. Sustaining the ongoing reform drive to enhance the rule of law and the anticorruption framework will solidify the institutional foundations of private sector led growth that benefits all Beninese. Remaining vigilant vis-à-vis financial sector risks and promoting financial inclusion will support sustainable growth. They aim at addressing key structural challenges that expose Benin to climate shocks and should help mitigate balance of payment risks and catalyze other sources of climate financing.

Keywords: government action program II; consolidation effort; RSF arrangement; RSF reform measures build; RSF design; Climate change; Natural disasters; Climate finance; Global; West Africa; Africa (search for similar items in EconPapers)
Pages: 154
Date: 2024-01-05
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