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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Benin: Fifth Review under the Extended Fund Facility and the Extended Credit Facility Arrangements, and the Second Review under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Benin
International Monetary Fund. African Dept.
This paper presents IMF’s Fifth Review under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) Arrangements, and the Second Review under the Resilience and Sustainability Facility (RSF) for Benin. New industries are emerging in Benin, with higher value-added goods’ exports and momentum in information technology and tourism. The 2025 budget recently adopted by Parliament targets compliance with the West African Economic and Monetary Union (WAEMU) fiscal deficit norm of 3 percent of gross domestic product, supported by sustained domestic revenue mobilization and scaling up social spending. The adoption of a predictable mechanism for fuel products that accounts for the specificities of Benin’s local fuel market as well as the related compensatory mechanism is welcome. Early implementation of those schemes will be important. A key challenge ahead for Benin is to further strengthen inclusive policies for an economic transformation that generates jobs and benefits all Beninese.
Keywords:
deficit norm; spending restraint; staff appraisal; services deficit; reform effort; RSF arrangement; Debt sustainability analysis; Capital spending; West Africa; Global; Africa
Cover IMF Staff Country Reports
Benin: Technical Assistance Report-Public Investment Management Assessment–PIMA and C-PIMA
International Monetary Fund. Fiscal Affairs Dept.
This technical report discusses the results of the Public Investment Management Assessment (PIMA) of Benin, undertaken in March 2023 to update a previous assessment based on an October 2017 mission. The mission found out that public investment in Benin has significantly increased from its 2019 low and should help sustain progress in terms of physical access to infrastructure. The assessment highlighted progress since the late 2017 PIMA with respect to the institutional framework for public investment management, facilitated by the adoption of a comprehensive PIM legal framework. It also identified areas where effectiveness is still lagging, notably in terms of project appraisal and selection, maintenance and for PIMA institutions related to the execution of public investment. The report also includes the results of the climate module of the PIMA evaluation, which reflect that Benin’s long-lasting commitment in the fight against climate change, captured in a 2018 national law against climate change, are starting to feed into some public investment management practices. On the basis of this assessment, the report proposes seven high-priority recommendations that could greatly improve public investment management in the short to medium term.
Keywords:
Public Investment Management; Climate Change; Public financial management; Budget planning and preparation; Budget execution; Expenditure; Infrastructure; public investment spending.; investment project; investment expenditure; draft budget law; government action program; State investment choice; WAEMU budget rule; Public investment spending; West Africa; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Benin: First Reviews under the Extended Fund Facility and the Extended Credit Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for Benin
International Monetary Fund. African Dept.
On July 8, 2022, the IMF Executive Board approved 42-month Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements under High Combined Credit Exposure (HCCE) (391 percent of quota, about US$650 million) to help Benin meet pressing financing needs and support the country’s National Development Plan centered on achieving SDGs. The program is off to a strong start notwithstanding elevated uncertainty. While there is broad consensus that sound macroeconomic management in recent years is generating tangible dividends for the economy as a whole, the public is frustrated over the fact that this is taking time to translate into improved socioeconomic conditions for all. This sentiment has been compounded by temporary import price pressures since Russia’s invasion of Ukraine. Legislative elections will be held in early January 2023, with related risks to the program expected to be limited.
Keywords:
draft budget law; staff appraisal; program conditionality; deficit of CFAF; financing needs; authorities endeavor; Debt sustainability analysis; Capital spending; Global; West Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Benin: Technical Assistance Report—Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
This report provides an evaluation of fiscal transparency practices (FTE) in Benin according to the standards defined by the IMF’s Fiscal Transparency Code. The evaluation focuses on 36 principles covering three pillars of the Code: (I) fiscal reporting; (II) fiscal forecasting and budgeting; and (III) fiscal risk analysis and management. To take account of different levels of institutional capacity in each country, the Code distinguishes three levels of practices for each principle: basic, good, and advanced. A practice is considered “not met” if it has not met the Code’s requirements for basic level.
Keywords:
government budget control; programming paper; budget law; IMF resident Representative; authorities of Benin; Subnational government; du Bénin; quantitative analysis; government action program; Budget planning and preparation; Fiscal risks; Fiscal law; Budget execution and treasury management; West Africa; Global
Cover IMF Working Papers
Managing Fiscal Risks from State-Owned Enterprises
Ms. Anja Baum
,
Mr. Paulo A Medas
,
Alberto Soler
, and
Mouhamadou Sy
Ensuring that state-owned enterprises (SOEs) are efficient and managed prudently is important for economic and social reasons. It is also crucial to contain fiscal risks and reduce the burden on taxpayers from recurrent and large bailouts. Governments need to develop stronger capacity to monitor and mitigate the risks from SOEs. We present a risk tool to benchmark the performance of SOEs relative to their peers and assess their vulnerabilities, including through stress tests. A strategy to mitigate risks requires the right incentives for managers to perform and for government agencies to conduct effective oversight. Incorporating SOEs in overall fiscal targets would promote greater fiscal discipline and transparency.
Keywords:
State-owned enterprises; contingent liabilities; fiscal risks; company c; financial support; SOEs manager; electricity company; negative equity; oversight unit; company level; sectoral strategy; SOEs financials; line ministry; company C; return on assets; Public enterprises; Budget planning and preparation; Public sector; Global
Cover IMF Staff Country Reports
Benin: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
The Public Investment Management Assessment (PIMA) of Benin has brought to light an institutional framework of high quality but ineffective implementation. In accordance with the PIMA methodology applied in several countries, the mission focused on assessing the institutional strengths (such as the legal framework and organization) for each institution in the analytical framework, as well as its effective implementation. Benin was found to have a high-quality, relatively complete institutional framework. The country outperforms its peers in this regard, not only compared with the average for the countries of the subregion (the West African Economic and Monetary Union—WAEMU), but also the Sub-Saharan African countries that have already conducted a PIMA exercise (Figure 1). The effectiveness of the framework, however, is weak.
Keywords:
ISCR; CR; commitment authorization; government action program; investment project; payment appropriation; executive authorities
Cover IMF Staff Country Reports
Benin: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
The Public Investment Management Assessment (PIMA) of Benin has brought to light an institutional framework of high quality but ineffective implementation. In accordance with the PIMA methodology applied in several countries, the mission focused on assessing the institutional strengths for each institution in the analytical framework, as well as its effective implementation. The authorities in 2016 adopted an ambitious investment plan, the government action program (PAG), which is designed to stimulate Benin's economic and social development. Investments in flagship sectors have been identified as means to support this development; the PAG provides recourse primarily to new financing mechanisms, such as public-private partnerships, to ensure the realization of these investments. In connection with the implementation of the PAG, the financial incidences of selected projects should be fully accounted for and reflected in the budget documentation to ensure their sustainability. Enhanced coordination of planning and budget exercises would encourage a better consideration of recurrent expenditure.
Keywords:
ISCR; CR; commitment authorization; government action program; investment project; payment appropriation; executive authorities; central government; cash resource; PPP support unit; public investment; local government; decision-making authorities; Public investment and public-private partnerships (PPP); Public investment spending; Budget planning and preparation; Capital spending; West Africa; Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Niger: Third Review Under the Extended Credit Facility Arrangement, Request for Waiver of Nonobservance of Performance Criterion, and Request for Augmentation of Access-Press Release; Staff Statement; and Statement by the Executive Director for Niger
International Monetary Fund. African Dept.
Niger faces daunting development challenges, aggravated by terrorist incursions, low uranium export prices, and climate change. Nonetheless, GDP grew by a respectable 5 percent in the past two years. It should average 7 percent over the next five years thanks to reforms, substantial donor support, several large-scale projects, and a one-time boost from the projected commencement of crude oil exports in 2022.
Keywords:
ISCR; CR; government; Nigerien authorities; authority; criterion; debt; Executive Board's discussion; borrowing policy; Niger quota; state-owned enterprise reform; Stress testing; Debt sustainability analysis; West Africa
Cover IMF Staff Country Reports
Bénin: DEMANDE d'un ACCORD TRIENNAL AU TITRE DE LA FACILITÉ ÉLARGIE DE CRÉDIT — communiqué de presse, rapport des services du FMI et déclaration de l’administrateur pour le Bénin
International Monetary Fund. African Dept.
Ce rapport porte sur la demande d'accord triennal entre le Bénin et le FMI au titre de la facilité élargie de crédit. Le nouveau programme a pour objectif de créer un espace budgétaire en accroissant les recettes intérieures et en renforçant l’efficience des dépenses publiques, en augmentant progressivement les capacités d’absorption pour accroître l’investissement, en renforçant la gestion de la dette publique et en encourageant l’investissement du secteur privé en renforçant les institutions et en améliorant le climat des affaires, tout en préservant la viabilité de la dette. Le programme veillera surtout à ce que l’augmentation de l’investissement public soit compatible avec la viabilité de la dette. C'est particulièrement important pour le Bénin, ou des emprunts récents ont réduit sensiblement l'espace budgétaire disponible et où des risques potentiels se sont matérialisés du fait d'une croissance inférieure aux prévisions, de dérapages budgétaires et de passifs conditionnels liés aux entreprises publiques.
Keywords:
ISCR; CR; authority; financing; authorities' intention; Benin's economy; debt
Cover IMF Staff Country Reports
Benin: Request for a Three-year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Benin
International Monetary Fund. African Dept.
This paper discusses Benin’s Request for a Three-Year Arrangement under the Extended Credit Facility. The new program aims to create fiscal space by stepping up domestic revenue mobilization and enhancing the efficiency of government spending; gradually increasing absorptive capacity to scale up investment; strengthening public debt management; and promoting private sector investment through stronger institutions and a better business environment while keeping debt sustainable. It will also aim to ensure that scaled-up public investment is consistent with debt sustainability. This is particularly important for Benin: recent borrowing has significantly reduced available fiscal space, and potential risks have materialized as a result of growth shortfalls, fiscal slippages, and contingent liabilities from state-owned enterprises.
Keywords:
ISCR; CR; authority; financing; authorities' intention; Benin's economy; debt; convergence criteria; protracted balance of payments; ECF arrangement; sustainability framework program scenario; Public investment and public-private partnerships (PPP); Capital spending; West Africa; Global