IMF Staff Country Reports

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

December 19, 2024

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Format: Chicago

International Monetary Fund. African Dept. "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", IMF Staff Country Reports 2024, 356 (2024), accessed April 23, 2025, https://doi.org/10.5089/9798400297519.002

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Summary

Benin’s macroeconomic performance appears robust 2½ years into the EFF and ECF arrangements. There are promising signs of economic transformation, with higher value-added exports and momentum in information and communications technology and tourism. The 2025 budget—the last year of fiscal adjustment under the current economic cycle—targets compliance with the WAEMU fiscal deficit norm of 3 percent of GDP. Benin’s reform program has gained traction with development partners, with budget support consistently exceeding expectations—complementing robust tax collection—and investor confidence re-affirmed by several sovereign credit upgrades. A key challenge ahead for Benin is to maintain the reform momentum and further strengthen inclusive policies for an economic transformation that generates jobs and benefits all Beninese. The authorities are pressing ahead with their reform agenda—with caution, appropriately.

Subject: Capital spending, Debt sustainability analysis, Expenditure, External debt, Public debt, Revenue administration

Keywords: Africa, Capital spending, Debt sustainability analysis, Deficit norm, Global, Reform effort, RSF arrangement, Services deficit, Spending restraint, Staff appraisal, West Africa

Publication Details

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