Benin: 2008 Article IV Consultation and Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Augmentation of Access — Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Benin
International Monetary Fund, Jul 16, 2008 - Business & Economics - 86 pages
This 2008 Article IV Consultation highlights that in the last two years, Benin has experienced a pickup in growth and low inflation supported by prudent fiscal policies and external debt relief. However, progress in addressing core economic vulnerabilities has fallen short of expectations, and the external environment has become less favorable with a strengthening CFA franc adding to competitiveness concerns and surging food and fuel prices accentuating a deterioration in the terms of trade. The surplus on the narrowly defined primary budget is projected to decline to 0.5 percent of GDP in 2008.
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African Development Bank assistance audit balance of payments Bank’s BCEAO Benin billions of CFA Broad money budget budgetary capital ceiling CFA francs CFAF competitiveness completion point cotton sector CR Proj criterion Current account balance debt relief debt sustainability deﬁned deﬁnition disbursement Domestic financing economic economy of Benin end-December 2008 end-June end-March end-September 2008 enhance estimates and projections exchange rate excl excluding grants extemal External debt FAD Technical ﬁnancial ﬁnancing fiscal ﬁscal balance govemment government’s growth HIPC HIPC Initiative IMF staff estimates implementation improve increase Indicative targets inﬂation infrastructure International Monetary Fund investment loans MDRI MEFP Millennium Development Goals monitoring nonbank ofﬁcial order basis Overall balance percent in 2006 percent of GDP poverty reduction PRGF arrangement private sector PRSP public expenditure management quantitative performance criteria ratio reﬂecting SDR Million statistics strengthening structural benchmark structural reforms Technical 2006 WAEMU wage bill World Bank