On Thursday, December 6, the Board of Directors of the International Monetary Fund (IMF) authorized an immediate disbursement of $ 22 million in Benin, after the third review of the agreement under the Extended Credit Facility (ECF). . The decision follows a preliminary agreement reached between the two parties in early November 2018.
According to a statement released on Friday, this amount brings to about $ 88.1 million, the total disbursements under the three-year agreement (totaling $ 154.2 million) approved in April 2017 and which aims to support the country’s economic and financial reform program, raise living standards and preserve macroeconomic stability.
“In completing this review, the Council also approved Benin’s request to establish program conditionality for 2019 and waived the non-compliance with the continuous performance criterion of no accumulation of new domestic arrears” , says the IMF.
But the institution concludes on a positive note the performance of the country under this program: a significantly improved fiscal position, growth that continues with a favorable economic outlook in the medium term, maintaining the budget deficit below 3% of GDP in 2019, a draft budget for 2019 that respects the WAEMU deficit criterion, and which “provides for an ambitious effort to mobilize tax revenues”.
