Benin: 2024 Article IV Consultation-Fourth Review under the Extended Fund Facility and the Extended Credit Facility Arrangements, and the First Review under the Resilience and Sustainability Facility, and Request for Modification of a Quantitative Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Benin

International Monetary Fund

No 2024/338, IMF Staff Country Reports from International Monetary Fund

Abstract: This page presents Benin’s 2024 Article IV consultation with Benin, the Fourth Review under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) Arrangements, and the First Review under the Resilience and Sustainability Facility (RSF). The Beninese economy has proven remarkably resilient to recent shocks, supported by continued reform drive and a robust government response made possible by policy space created pre-pandemic. Program performance has been strong. An important priority going forward is to continue anchoring Benin’s growth and development in sustainable and inclusive policies that leave neither region nor socio-economic group behind. Contingency planning remains paramount, considering global uncertainty and regional geo-economic and security headwinds. In this context, the authorities should maintain flexibility in budget execution and stand ready to reprioritize public investment in case shocks materialize. Steadfast implementation of the climate change agenda under RSF will complement EFF/ECF in supporting overall socio-economic resilience in Benin. Initiatives underway to catalyze private climate finance are welcome developments in this regard. Reforming fuel subsidies in a way that accounts for the specificities of Benin’s local fuel market and protect vulnerable groups remains a policy priority.

Keywords: SDR equivalent; IMF's holding; CFA franc; policy buffer; holdings of SDR; Anti-money laundering and combating the financing of terrorism (AML/CFT); West Africa; Global; Sub-Saharan Africa (search for similar items in EconPapers)
Pages: 150
Date: 2024-12-13
New Economics Papers: this item is included in nep-mac
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