Benin: Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waiver of Nonobservance of a Performance Criterion, and Request for Extension of the Arrangement: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Benin
International Monetary Fund, Jan 16, 2008 - Business & Economics - 82 pages
Benin showed good macroeconomic performance under the Poverty Reduction and Growth Facility (PRGF) program. Executive Directors agreed that strong revenue performance helped to underpin improvement in public finances and economic growth while keeping inflation low. They stressed the need to adhere to prudent fiscal and monetary policies and also to build a sound banking system. They welcomed reforms to enhance the efficiency and competitiveness of the Port of Cotonou. They emphasized the need for the implementation of structural reforms, the improvement of the land tenure system, and the judiciary for growth and economic diversification.
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African Development Bank Alternative Scenarios A1 baseline scenario BCEAO Benin Beninese authorities billions of CFA Bound Tests B1 budget CFA francs CFAF completion point contracted or guaranteed cotton production criterion current account debt ratio debt relief Debt Sustainability debt-creating flows debt-to-GDP ratio deﬁcit deﬁned disbursement Domestic debt domestic payments arrears economic economy of Benin end-December 2007 end-June end-March end-September 2007 estimates and projections excl excluding grants exports external debt ﬁnancial ﬁnancing ﬁscal ﬂnancing GDP deflator ginning govemment growth at historical HIPC historical average minus IMF staff estimates implementation Indicative targets Intemational interest rate International Monetary Fund loans MDRI Memorandum items minus one standard Ofwhich One-time 30 percent order basis Overall balance percent of GDP Primary balance Proj public sector quantitative performance criteria real GDP growth reﬂects revenue SDR Million standard deviation shocks strengthening structural reforms U.S. dollar WAEMU World Bank