Benin : Fifth Review under the Extended Credit Facility Arrangement, Request for Extension, and Request for Modification of Performance Criteria-Press Release; and Staff Report

Benin: Fifth Review under the Extended Credit Facility Arrangement, Request for Extension, and Request for Modification of Performance Criteria-Press Release; and Staff Report

December 26, 2019

Preview Citation

Format: Chicago

Benin: Fifth Review under the Extended Credit Facility Arrangement, Request for Extension, and Request for Modification of Performance Criteria-Press Release; and Staff Report, (USA: International Monetary Fund, 2019) accessed November 21, 2024

Also available in: français

Summary

This paper discusses Benin’s Fifth Review Under the Extended Credit Facility Arrangement, Request for Extension, and Request for Modification of Performance Criteria. Program implementation continues to be very satisfactory. The macroeconomic and structural policies outlined by the authorities are adequate to pursue the program’s objectives, and risks to program implementation are deemed manageable. Benin’s economic performance remains strong despite a less supportive external environment and the border closure with Nigeria. The significant increase in the share of external debt in total debt in the past two years warrants caution. The recent debt reprofiling operation and the Eurobond issuance have contributed to lowering borrowing costs, diversifying the financing structure, and extending debt maturity. However, these operations can also generate new vulnerabilities that will need to be mitigated through an enhanced debt management strategy and continued capacity improvements at the debt management office.

Subject: Capital spending, Expenditure, External debt, Government debt management, Public debt, Public financial management (PFM), Revenue administration

Keywords: Banking sector, Benin's request, Capital spending, CR, Deficit, Executive board's decision, Global, Government debt management, IMF mission, ISCR, Objective, Program implementation, West Africa

Publication Details

Pages:

93
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/398
Stock No:

1BENEA2019003
ISBN:

9781513524696
ISSN:

1934-7685

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