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

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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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Contents

EXECUTIVE SUMMARY
I SUMMARY OF RECENT ECONOMIC DEVELOPMENTS AND PROGRAM PERFORMANCE
II REPORT ON THE DISCUSSIONS
III STAFF APPRAISAL
BENINMemorandum of Economic and Financial Policies for 200708
II RECENT ECONOMIC DEVELOPMENTS AND PROGRAM PERFORMANCE
Program implementation
III ECONOMIC AND FINANCIAL POLICIES IN 2008
II QUANTITATIVE INDICATORS
B Ceiling on the Wage Bill
IV STRUCTURAL BENCHMARKS
VII OTHER DATA REQUIREMENTS FOR PROGRAM MONITORING
E External Sector
G Structural Reforms and Other Data Requirements
I INTRODUCTION
II EXTERNAL DEBT SUSTAINABILITY ANALYSIS

B Budget Policy
C Monetary Policy
IV STRUCTURAL POLICIES
V MONITORING OF PROGRAM IMPLEMENTATION
TECHNICAL MEMORANDUM OF UNDERSTANDING
II QUANTITATIVE PERFORMANCE CRITERIA
Performance criteria and indicators
Reporting requirement
Reporting requirement
Performance criterion
Performance criterion
Performance criterion
III FISCAL SUSTAINABILITY ANALYSIS5
IV CONCLUSION
Figures
Methodological Approach Used to Calculating the Primary Surplus to Stabilize the Debt Ratio and Endogenous Primary Balance in Response to Shocks
Contents
I RELATIONS WITH THE FUND
II RELATIONS WITH THE WORLD BANK GROUP
STATISTICAL ISSUES
IMF Executive Board Completes Third Review Under PRGF Arrangement with Benin and Approves US14 Million Disbursement
Statement by Laurean W Rutayisire Executive Director for BeninJanuary 9 2008
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