Benin: Request for a Three-year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Benin

IMF Staff Country Reports, April 26, 2017

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Benin: Request for a Three-year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Benin

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Bibliographic details

• Published: April 26, 2017
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781475596182.002

Program objectives and scope

• The paper discusses Benin’s Request for a Three-Year Arrangement under the Extended Credit Facility.
• The new program aims to:
  • create fiscal space by stepping up domestic revenue mobilization and enhancing the efficiency of government spending;
  • gradually increase absorptive capacity to scale up investment;
  • strengthen public debt management;
  • promote private sector investment through stronger institutions and a better business environment while keeping debt sustainable;
  • ensure that scaled-up public investment is consistent with debt sustainability.

Rationale and risks

• Recent borrowing has significantly reduced available fiscal space.
• Potential risks have materialized as a result of:
  • growth shortfalls;
  • fiscal slippages;
  • contingent liabilities from state-owned enterprises.

Policy focus areas (as presented)

• Revenue and fiscal policy
  • step up domestic revenue mobilization;
  • enhance the efficiency of government spending.
• Public investment and absorptive capacity
  • gradually increase absorptive capacity to scale up investment;
  • ensure scaled-up public investment is consistent with debt sustainability.
• Public debt management
  • strengthen public debt management to preserve debt sustainability.
• Private sector development
  • promote private sector investment through stronger institutions and a better business environment.

Thematic subjects and keywords

• Subject: Capital spending, Expenditure, External debt, Public debt, Public investment and public-private partnerships (PPP), Revenue administration
• Keywords: authorities' intention, authority, Benin's economy, Capital spending, convergence criteria, CR, debt, ECF arrangement, financing, Global, ISCR, protracted balance of payments, Public investment and public-private partnerships (PPP), sustainability framework program scenario, West Africa

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• Country Report
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  • Country Report (PDF)