Benin: Fifth Review under the Extended Fund Facility and the Extended Credit Facility Arrangements, and the Second Review under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Benin

International Monetary Fund

No 2024/356, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents IMF’s Fifth Review under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) Arrangements, and the Second Review under the Resilience and Sustainability Facility (RSF) for Benin. New industries are emerging in Benin, with higher value-added goods’ exports and momentum in information technology and tourism. The 2025 budget recently adopted by Parliament targets compliance with the West African Economic and Monetary Union (WAEMU) fiscal deficit norm of 3 percent of gross domestic product, supported by sustained domestic revenue mobilization and scaling up social spending. The adoption of a predictable mechanism for fuel products that accounts for the specificities of Benin’s local fuel market as well as the related compensatory mechanism is welcome. Early implementation of those schemes will be important. A key challenge ahead for Benin is to further strengthen inclusive policies for an economic transformation that generates jobs and benefits all Beninese.

Keywords: deficit norm; spending restraint; staff appraisal; services deficit; reform effort; RSF arrangement; Debt sustainability analysis; Capital spending; West Africa; Global; Africa (search for similar items in EconPapers)
Pages: 112
Date: 2024-12-19
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