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International Monetary Fund

This report evaluates the Observance of Standards and Codes on the Fiscal Transparency Module for Benin. The assessment reveals that significant progress has been made in improving fiscal transparency in Benin in recent years. The budget execution accounts for fiscal year 1998 were submitted to parliament at end-1999 for the first time in more than 30 years. Fiscal transparency has improved in a number of other areas with the introduction of new budget and account classifications. Program budgets have been introduced since fiscal year 2000, and a computer-based expenditure management system has been implemented.

International Monetary Fund

The Joint Staff Advisory Note (JSAN) of the Poverty Reduction Strategy Paper Annual Progress Report on Benin highlights the progress in implementing the strategy. As evaluated by Benin’s first annual progress report (APR), the PRS remains a sound strategy for poverty reduction in Benin. The authorities intend to shorten the preparation time of the APR and to achieve a closer integration of the PRS monitoring and evaluation process with the policy cycle. The APR process has been an effective instrument for improving donors’ coordination and harmonization.

International Monetary Fund. African Dept.

This 2015 Article IV Consultation highlights that for the third consecutive year, Benin is expected to reach solid economic growth in 2015 at about 5 percent, despite recent headwinds from the economic slowdown in Nigeria-Benin's major trading partner. In 2016, increased public investment is expected to keep real GDP growth at about 5.2 percent, with inflation to remain subdued. The medium-term outlook is also positive overall, but subject to significant risks, including a further slowdown in Nigeria and delays of structural reforms that could weaken growth dynamics. Low debt levels help accommodate the government's ambitious plans to further scale-up investment over the medium term.

Mr. Kevin Fletcher, Mr. Sanjeev Gupta, Mr. Duncan P Last, Mr. Gerd Schwartz, Mr. Shamsuddin Tareq, Mr. Richard I Allen, and Ms. Isabell Adenauer

Abstract

The international community has committed to scaling up aid and improving aid delivery to low-income countries to help them meet the Millennium Development Goals. Other "emerging" donors, public and private, are increasing their assistance, and debt-relief initiatives are creating space for new borrowing. Remittances to low-income countries have been on a precipitous rise, and many countries are benefiting from high commodity prices. Fiscal Management of Scaled-Up Aid explores approaches to the sound fiscal management that will be required to ensure effective and sustainable use of these flows. With a medium-term perspective and efficient use of resources in mind, this paper addresses questions that shape fiscal policy response to scaled-up aid. Drawing on IMF Fiscal Affairs Department technical assistance to member countries, it outlines factors that should be taken into account in preparing an action plan for public financial management reform and proposes specific measures that will assist countries in strengthening fiscal institutions.

International Monetary Fund. African Dept.

2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Benin

International Monetary Fund
Benin’s economic and financial performance under the first-year program supported by the poverty reduction and growth facility was satisfactory. The resumption of structural reform implementation is essential for the authorities to improve resource allocation and meet their objective of accelerating growth to 7 percent over the medium term. To accelerate economic growth and improve service delivery, a broad consensus is emerging on the need to draw private expertise and capital into key public enterprises, either through privatization or different forms of public–private partnerships.
International Monetary Fund
The Second Poverty Reduction Strategy Paper (SCRP) for Benin explains growth strategy for poverty reduction. The SCRP emphasizes the importance of addressing governance, transparency, and corruption. Capacity for budget management will also have to be improved at the level of sectoral ministries. The SCRP could be strengthened in future progress reports. To facilitate the achievement of key objectives, the authorities should establish appropriate institutions that implement, monitor, and evaluate progress under the strategy.
International Monetary Fund
The Joint Staff Advisory Note (JSAN) of the Poverty Reduction Strategy Paper Annual Progress Report on Benin highlights the progress in implementing the strategy. As evaluated by Benin’s first annual progress report (APR), the PRS remains a sound strategy for poverty reduction in Benin. The authorities intend to shorten the preparation time of the APR and to achieve a closer integration of the PRS monitoring and evaluation process with the policy cycle. The APR process has been an effective instrument for improving donors’ coordination and harmonization.
International Monetary Fund
This report evaluates the Observance of Standards and Codes on the Fiscal Transparency Module for Benin. The assessment reveals that significant progress has been made in improving fiscal transparency in Benin in recent years. The budget execution accounts for fiscal year 1998 were submitted to parliament at end-1999 for the first time in more than 30 years. Fiscal transparency has improved in a number of other areas with the introduction of new budget and account classifications. Program budgets have been introduced since fiscal year 2000, and a computer-based expenditure management system has been implemented.
International Monetary Fund
The economic recovery in Côte d’Ivoire is crucial to growth throughout the subregion. The fiscal results and mobilized domestic financing enabled the authorities to make payments to the World Bank and AfDB and reduce domestic arrears. Reporting on quasi-fiscal cocoa levies has improved. Energy sector audits are being finalized, and reporting on financial flows has improved. In view of the efforts made at both political and economic management fronts, authorities appreciated the Executive Board’s support for an additional assistance under the IMF’s Emergency Post-Conflict Assistance (EPCA) program.