Benin: Third Review Under the Extended Credit Facility Arrangement

IMF Staff Country Reports, May 2, 2012

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The re-election of the President and the regained majority in Parliament have provided a window of opportunity for reforms.
All performance criteria and most quantitative targets have been met.
Progress in implementing structural reforms was mixed.
The introduction of critical customs reforms met with strong initial resistance, leading to a sharp fall in customs revenue in the second half of 2011.
The financial system remains sound, but supervision needs to be strengthened.

Customs reforms were central to revenue efforts; resistance to these reforms coincided with a sharp fall in customs revenue in the second half of 2011.
Performance criteria and most quantitative targets related to fiscal policy were met (no additional numeric targets are specified in the source text).

Mixed progress in implementation: some reforms advanced, while others faced obstacles and implementation delays.
Long-awaited customs reform was introduced but encountered strong initial resistance affecting revenue outcomes.

The financial system is described as sound.
Weakness identified: financial supervision needs to be strengthened to safeguard stability and support reform implementation.

Subject: Capital spending, Commodities, Current spending, Expenditure, Fuel prices, Gasoline, Inflation, Prices
Keywords: basic salary, broad money, Capital spending, CR, Current spending, customs, customs revenue, Europe, Fuel prices, Gasoline, Global, Inflation, ISCR, long-awaited customs reform, market, price, price of gasoline, West Africa

Benin: Third Review Under the Extended Credit Facility Arrangement — IMF Staff Country Report (May 2, 2012).