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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
Niger: Sixth Review Under the Extended Credit Facility and Request for Waiver for Nonobservance of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Niger
International Monetary Fund. African Dept.
With one of the world’s lowest levels of human development, Niger has enormous needs but only limited own resources to meet them. Insecurity in the Sahel, climate change, and low prices for its uranium exports are further challenges. Niger’s economy performed reasonably well before the outbreak of the COVID-19 pandemic. GDP growth exceeded 6 percent and large foreign projects were attracted, notably a pipeline for the export of crude oil. A new government will take office in April 2021.
Keywords:
ISCR; CR; authority; spending quality; ECF arrangement; disbursement of SDR; SDR
Cover IMF Staff Country Reports
Niger: Sixth Review Under the Extended Credit Facility and Request for Waiver for Nonobservance of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Niger
International Monetary Fund. African Dept.
With one of the world’s lowest levels of human development, Niger has enormous needs but only limited own resources to meet them. Insecurity in the Sahel, climate change, and low prices for its uranium exports are further challenges. Niger’s economy performed reasonably well before the outbreak of the COVID-19 pandemic. GDP growth exceeded 6 percent and large foreign projects were attracted, notably a pipeline for the export of crude oil. A new government will take office in April 2021.
Keywords:
ISCR; CR; authority; spending quality; ECF arrangement; disbursement of SDR; SDR; Nigerien authorities; program implementation; asset declaration; revenue collection; Budget planning and preparation; Debt sustainability analysis; Global; West Africa
Cover IMF Staff Country Reports
Nigeria: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria
International Monetary Fund. African Dept.
This 2018 Article IV Consultation highlights that the Nigerian economy is exiting recession but remains vulnerable. New foreign exchange measures, rising oil prices, attractive yields on government securities, and a tighter monetary policy have contributed to better foreign exchange availability, increased reserves to a four-year high, and contained inflationary pressures. Economic growth reached 0.8 percent in 2017, driven mainly by recovering oil production. Inflation declined to 15.4 percent year-over-year by end-December, from 18.5 percent at end-2016. Higher oil prices are supporting the near-term projections, but medium-term projections indicate that growth would remain relatively flat, with continuing declines in per capita real GDP under unchanged policies.
Keywords:
ISCR; CR; CBN purchase; Eurobond proceeds; central bank; food inflation; outturn; banking sector risk; Nigerian authorities; Oil prices; Global; Sub-Saharan Africa; West Africa
Cover IMF Staff Country Reports
Niger: First Review under the Extended Credit Facility Arrangement-Press Release and Staff Report
International Monetary Fund. African Dept.
This paper discusses Niger’s First Review Under the Extended Credit Facility Arrangement. Despite security challenges and unfavorable commodity prices, economic performance of Niger has been satisfactory against the backdrop of a good crop season, with real GDP growing by 5 percent in 2016 while inflation remained contained at 0.2 percent. Growth is expected to reach 5.2 percent in 2017, mainly on the back of strengthening hydrocarbon and services sectors, and robust credit growth. The current account deficit will likely decline to 13.4 percent of GDP, reflecting rising exports of oil products, a rebound in uranium exports, and the winding down of import-intensive infrastructure projects.
Keywords:
ISCR; CR; fiscal policy; government; deficit; spending allocation; disbursement; GDP; debt policy; expenditure restraint; ECF arrangement; prudent fiscal policy; Capital spending; Budget planning and preparation; Credit; Global
Cover IMF Staff Country Reports
Niger: First Review under the Extended Credit Facility Arrangement-Press Release and Staff Report
International Monetary Fund. African Dept.
With the second lowest Human Development Index and the highest population growth rate in the world, Niger is facing a daunting development agenda. Despite terrorist incursions from abroad and depressed prices for key uranium exports, the economy is expected to expand by 5.2 percent in both 2017 and 2018. Growth should rise to 5.5 percent thereafter as reform efforts trump continued headwinds and Niger benefits from substantial donor support. The government enjoys a comfortable political majority but capacity remains a bottleneck for reform implementation.
Keywords:
ISCR; CR; fiscal policy; government; deficit; spending allocation; disbursement; GDP
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
Cover IMF Staff Country Reports
Niger: Eighth Review Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria and for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the ED
International Monetary Fund. African Dept.
This paper discusses Niger’s Eighth Review Under the Extended Credit Facility (ECF) Arrangement and Request for Waivers of Nonobservance of Performance Criteria (PC) and for Modification of PCs. Niger’s medium-term prospects are closely linked to returns on major projects in oil and mineral extraction that are under way. Two of the end-2015 PC for the eighth ECF review were missed (on domestic financing and domestic arrears repayment), as were several indicative targets. The IMF staff supports the authorities’ request for waivers for the unmet PC on domestic financing and domestic arrears repayments at end-December 2015.
Keywords:
ISCR; CR; government; ECF arrangement; customs; procedure; economic development; resource revenue; resource sector downturn; customs revenue; macroeconomic objective; audit mining revenue; revenue collection; Budget planning and preparation; Capital spending; West Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Niger: Rapport des services du FMI pour les consultations de 2014 au titre de l’article IV et quatrième et cinquième revues combinées de l’accord au titre de la facilité élargie de crédit et demande de dérogation pour la non-observation de critères de réalisation et de modification de critères de réalisation
International Monetary Fund. African Dept.
Ce rapport pour les consultations de 2014 au titre de l'article IV indique que dans l’ensemble, les résultats macroéconomiques du Niger ont été globalement satisfaisants. Après le ralentissement économique enregistré en 2013 en raison de la situation sécuritaire dans la région et des conditions climatiques défavorables, la croissance a rebondi en 2014. L’inflation a été maîtrisée en partie grâce aux efforts consentis par le gouvernement pour améliorer la sécurité alimentaire et le fonctionnement des marchés. Cependant, le programme a affiché des résultats mitigés, l’effet conjugué de dépenses sécuritaires et alimentaires imprévues et d’un déficit de financement extérieur ayant mis à mal la gestion budgétaire. À court terme, pour assurer la viabilité des finances publiques, il est essentiel de maîtriser le déficit budgétaire, grâce à des mesures destinées à améliorer la politique et l’administration fiscales, à réformer l’administration douanière et à réduire les exonérations.
Keywords:
ISCR; CR; financing; debt; real GDP; deficit