Benin: Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Nonobservance of Performance Criteria-Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Benin
International Monetary Fund, Dec 22, 2008 - Business & Economics - 76 pages
Benin’s Fifth Review under the Poverty Reduction and Growth Facility and request for waiver of Nonobservance of Performance Criteria are discussed. The main challenge ahead is to limit inflation pressures from higher food and fuel prices while sustaining medium-term fiscal consolidation and accelerating structural reforms to increase the sustainable growth rate. The authorities have taken actions to address the food and fuel crisis and accelerate structural reforms. They have allowed the full pass-through of higher international food and fuel prices and tightened fiscal policy while putting in place measures to protect the poor.
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accelerated authorities and Fund average balance of payments baseline scenario BCEAO benchmarks Benin Beninese authorities billion borrowing ceiling CFA franc CFAF cotton sector criterion debt distress debt ratios debt relief debt sustainability analysis debt—to—export ratio deﬁned Deﬁnition development partners disbursement domestic ﬁnancing economic economy of Benin end—December 2008 end—June estimates and projections expenditure extemal external debt Fifth Review ﬁnancial financing ﬁscal food and fuel framework fuel crisis fuel prices Fund staff estimates Gleneagles global govemment grant element Growth Facility higher highly concessional HIPC IFAD IMF staff estimates implementation improve increase inﬂation inﬂationary pressures International Monetary Fund loans macroeconomic medium—term Millennium Development Goals monitoring Nigeria nonconcessional percent in 2008 percent of GDP Poverty Reduction PRGF arrangement Reduction and Growth reﬂecting Report revenue risk of debt Source strategy strengthen structural reforms threshold U.S. dollar WAEMU World Bank