Benin: First Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of Performance Criterion, Request for Program Extension and Rephasing of Performance Criteria — Staff Report; Press Release; a
First Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of Performance Criterion, Request for Program Extension and Rephasing of Performance Criteria — Staff Report; Press Release; and Statement by the Executive Director for Benin
Volume/Issue:
Volume 2011
Issue 060
Publication date: March 2011
ISBN: 9781455220014
$18.00
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Topics covered in this book
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Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , ISCR , CR , collection effort , authority , revenue , revenue agency , disbursement of SDR , program objective , discussion of Benin , revenue shortfall , Capital spending , Current spending , Fiscal stance , West Africa , Global
Summary
Performance under the Extended Credit Facility (ECF) program has been mixed. The revenue slippage was addressed partially with corrective actions. IMF staff supports the authorities' request for a waiver of a missed performance criterion and recommends the completion of the first review. The collapse of a number of unauthorized microfinance institutions has not had a measurable impact on the financial sector. Ex post assessment of performance under the 2005–09 poverty reduction and growth facility program highlighted progress in macroeconomic stabilization but weaknesses in growth performance.
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