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Benin: First Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of Performance Criterion, Request for Program Extension and Rephasing of Performance Criteria — Staff Report; Press Release; and Statement by the Executive Director for Benin
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2011: Issue 060
Language:
English
Publication Date:
02 Mar 2011
DOI:
https://doi.org/10.5089/9781455220014.002
ISBN:
9781455220014
ISSN:
1934-7685
Pages:
65
Keywords:
ISCR; CR; collection effort; authority; revenue; revenue agency; disbursement of SDR; program objective; discussion of Benin; revenue shortfall; Capital spending; Current spending; Fiscal stance; West Africa; Global
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Performance under the Extended Credit Facility (ECF) program has been mixed. The revenue slippage was addressed partially with corrective actions. IMF staff supports the authorities' request for a waiver of a missed performance criterion and recommends the completion of the first review. The collapse of a number of unauthorized microfinance institutions has not had a measurable impact on the financial sector. Ex post assessment of performance under the 2005–09 poverty reduction and growth facility program highlighted progress in macroeconomic stabilization but weaknesses in growth performance.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund