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

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2017 Issue 100

Publication date: April 2017

ISBN: 9781475596182

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Public Finance , ISCR , CR , authority , financing , authorities' intention , Benin's economy , debt , convergence criteria , protracted balance of payments , ECF arrangement , sustainability framework program scenario , Public investment and public-private partnerships (PPP) , Capital spending , West Africa , Global

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Summary

This 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 increasing absorptive capacity to scale up investment; strengthening public debt management; and promoting private sector investment through stronger institutions and a better business environment while keeping debt sustainable. It will also aim to ensure that scaled-up public investment is consistent with debt sustainability. This is particularly important for Benin: recent borrowing has significantly reduced available fiscal space, and potential risks have materialized as a result of growth shortfalls, fiscal slippages, and contingent liabilities from state-owned enterprises.