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

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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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Contents

Executive Summary
I BACKGROUND
III POLICY DISCUSSIONS
A MediumTerm Macroeconomic Objectives
B MediumTerm Fiscal Strategy
C Improving Competitiveness and Promoting the Private Sector
IV FOURTH PRGF REVIEW CAPACITY TO REPAY THE IMF AND PROGRAM MONITORING
V PRSP OUTREACH AND OTHER ISSUES
C Accumulation of New Domestic Payments Arrears on Government Obligations
D Nonaccumulation of External Public Payments Arrears
E Ceiling on Nonconcessional External Debt with a Maturity of OneYear or More Newly Contracted or Guaranteed by the Government
F Ceiling on ShortTerm External Debt Newly Contracted or Guaranteed by the Government
III QUANTITATIVE INDICATORS
B Ceiling on the Wage Bill
IV STRUCTURAL BENCHMARKS
VII OTHER DATA REQUIREMENTS FOR PROGRAM MONITORING

VI STAFF APPRAISAL
APPENDIX ILETTER OF INTENT
APPENDIX I ATTACHMENT IMemorandum on Economic and Financial Policies for 200708
II PROGRAM IMPLEMENTATION
B Fiscal Policy
C Money and Credit
D Balance of Payments and External Debt
E Structural Policies
F Growth and Poverty Reduction Strategy Paper GPRSP
IV MONITORING OF PROGRAM IMPLEMENTATION
TECHNICAL MEMORANDUM OF UNDERSTANDING
I DEFINITIONS
II QUANTITATIVE PERFORMANCE CRITERIA
B Narrow Primary Fiscal Balance
E External Sector
G Structural Reforms and Other Data Requirements
Contents
APPENDIX IRELATIONS WITH THE FUND
APPENDIX IIRELATIONS WITH THE WORLD BANK GROUP
APPENDIX IIISTATISTICAL ISSUES
IMF Executive Board Concludes 2008 Article IV Consultation with Benin
IMF Executive Board Completes Fourth Review Under the PRGF Arrangement with Benin Increases Financial Assistance by 150 Percent to Mitigate ...
Statement by Laurean W Rutayisire Executive Director for Benin June 12 2008
I Recent Developments
II Policy and Structural Reforms Agenda for 2008 and beyond
Conclusion
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