RELATIONS WITH THE FUND

(As of February 29, 2012)

I. Membership Status: Joined: July 10, 1963 Article VIII

II. General Resources Account:

		SDR Million	%Quota
	Quota	61.90	100.00
	Fund holdings of currency	59.67	96.40
	Reserve Tranche Position	2.24	3.62
	Notes Issuance
	Holdings Exchange Rate

View Table

		SDR Million	%Quota
	Quota	61.90	100.00
	Fund holdings of currency	59.67	96.40
	Reserve Tranche Position	2.24	3.62
	Notes Issuance
	Holdings Exchange Rate

III. SDR Department:

		SDR Million	%Allocation
	Net cumulative allocation	59.17	100.00
	Holdings	49.71	84.01

View Table

		SDR Million	%Allocation
	Net cumulative allocation	59.17	100.00
	Holdings	49.71	84.01

IV. Outstanding Purchases and Loans:

		SDR Million	%Quota
	ECF Arrangements	56.35	91.03

View Table

		SDR Million	%Quota
	ECF Arrangements	56.35	91.03

V. Latest Financial Arrangements:

	Date of	Expiration	Amount Approved	Amount Drawn
Type	Arrangement	Date	(SDR Million)	(SDR Million)
ECF	Jun 14, 2010	Sept 13, 2013	74.28	31.84
ECF 1/	Aug 05, 2005	Jun 30, 2009	24.77	24.77
ECF 1/	Jul 17, 2000	Mar 31, 2004	27.00	27.00

View Table

	Date of	Expiration	Amount Approved	Amount Drawn
Type	Arrangement	Date	(SDR Million)	(SDR Million)
ECF	Jun 14, 2010	Sept 13, 2013	74.28	31.84
ECF 1/	Aug 05, 2005	Jun 30, 2009	24.77	24.77
ECF 1/	Jul 17, 2000	Mar 31, 2004	27.00	27.00

VI. Projected Payments to Fund ^2/

(SDR Million; based on existing use of resources and present holdings of SDRs):

		Forthcoming
	2012	2013	2014	2015	2016
Principal	0.35	0.62	3.93	6.02	7.96
Charges/Interest	0.01	0.01	0.15	0.14	0.12
Total	0.36	0.63	4.08	6.15	8.08

View Table

		Forthcoming
	2012	2013	2014	2015	2016
Principal	0.35	0.62	3.93	6.02	7.96
Charges/Interest	0.01	0.01	0.15	0.14	0.12
Total	0.36	0.63	4.08	6.15	8.08

VII. Implementation of HIPC Initiative:

^1/Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence, these two amounts cannot be added.

^2/Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.

				Enhanced
I. Commitment of HIPC assistance				Framework
	Decision point date			July 2000
	Assistance committed
		by all creditors (US$ million) 1/		265.00
		Of which: IMF assistance (US$ million)		24.30
		(SDR equivalent in millions)		18.40
	Completion point date			March 2003
II. Disbursement of IMF assistance (SDR million)
	Assistance disbursed to the member			18.40
		Interim assistance		11.04
		Completion point balance		7.36
	Additional disbursement of interest income 2/			1.66
			Total disbursements	20.06

^1/Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence, these two amounts cannot be added.

^2/Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.

View Table

				Enhanced
I. Commitment of HIPC assistance				Framework
	Decision point date			July 2000
	Assistance committed
		by all creditors (US$ million) 1/		265.00
		Of which: IMF assistance (US$ million)		24.30
		(SDR equivalent in millions)		18.40
	Completion point date			March 2003
II. Disbursement of IMF assistance (SDR million)
	Assistance disbursed to the member			18.40
		Interim assistance		11.04
		Completion point balance		7.36
	Additional disbursement of interest income 2/			1.66
			Total disbursements	20.06

^1/Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence, these two amounts cannot be added.

^2/Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.

VIII. Implementation of Multilateral Debt Relief Initiative (MDRI):

^1/The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.

I. MDRI-eligible debt (SDR million)1/				36.06
	Financed by: MDRI Trust			34.11
	Remaining HIPC resources			1.95
II. Debt Relief by Facility (SDR million)
		Eligible Debt
	Delivery
	Date	GRA	PRGT	Total
	January 2006	N/A	36.06	36.06

^1/The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.

View Table

I. MDRI-eligible debt (SDR million)1/				36.06
	Financed by: MDRI Trust			34.11
	Remaining HIPC resources			1.95
II. Debt Relief by Facility (SDR million)
		Eligible Debt
	Delivery
	Date	GRA	PRGT	Total
	January 2006	N/A	36.06	36.06

^1/The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.

Decision point - point at which the IMF and the World Bank determine whether a country qualifies for assistance under the HIPC Initiative and decide on the amount of assistance to be committed.

Interim assistance - amount disbursed to a country during the period between decision and completion points, up to 20 percent annually and 60 percent in total of the assistance committed at the decision point (or 25 percent and 75 percent, respectively, in exceptional circumstances).

Completion point - point at which a country receives the remaining balance of its assistance committed at the decision point, together with an additional disbursement of interest income as defined in footnote 2 above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).

IX. Implementation of Post-Catastrophe Debt Relief (PCDR):

Not Applicable.

X. Safeguards Assessments:

The Central Bank of West African States (BCEAO) is a common central bank of the countries of the West African Economic and Monetary Union (WAEMU). The most recent safeguards assessment of the BCEAO was completed on March 1, 2010. The 2010 update assessment found that the BCEAO has controls in place at the operational level. The overall governance framework should nonetheless be strengthened by the addition of an audit committee to ensure that the Board of Directors exercises appropriate oversight over the control structure, including the audit mechanisms and financial statements. The Institutional Reform of the WAEMU and the BCEAO completed after the approval of the safeguards report stipulated creation of the Audit Committee, which should now start working. Efforts to implement fully the International Financial Reporting Standards reporting framework should also be pursued.

XI. Exchange Arrangement:

Benin is a member of the WAEMU and has no separate legal tender. The union’s common currency, the CFA franc, is pegged to the Euro at a rate of CFAF 655.957 = EUR 1, consistent with the official conversions rate of the French franc to the Euro and the previous fixed rate of the CFA franc to the French franc of CFAF 100= F 1. Effective January 1, 2007, the exchange arrangement of the WAEMU countries has been reclassified to the category of conventional pegged arrangement from the category of exchange arrangement with no separate legal tender. The new classification is based on the behavior of the common currency, whereas the previous classification was based on the lack of a separate legal tender. The new classification thus only reflects a definitional change, and is not based on a judgment that there has been a substantive change in the exchange regime or other policies of the currency union or its members. The exchange system common to all member countries of the WAEMU is free of restrictions on payments and transfers for current international transactions subject to Fund jurisdiction.

XII. Article IV Consultations:

The last Article IV consultation discussions were held in Cotonou during March 10–26, 2010. The staff report (Country Report No. 10/195; 5/27/10) and selected issues paper were discussed by the Executive Board, and the 2010 Article IV consultation concluded, on June 14, 2010.

XIII. ROSC Assessment:

A Fiscal Affairs Department (FAD) mission conducted the fiscal module of a Report on Observance of Standards and Codes (ROSC) in May 2001. The mission recommended the adoption of a three-year action plan containing measures to improve expenditure management. The mission also identified a list of actions to be taken quickly to ensure that the authorities were able to monitor budget execution. The ROSC fiscal transparency module for Benin was circulated to the Board on June 6, 2002 (Country Report No. 02/217). In 2009, the World Bank conducted an Accounting and Auditing ROSC, for which the report was published on April 18, 2009.

XIV. Technical Assistance for the Last Five Years:

		A. HEADQUARTERS
Department	Type of Assistance	Time of Delivery	Purpose
FAD	Technical assistance	June 16–30, 2008	Conducting a diagnostic of the tax system and preparing a tax policy reform.
FAD	Technical assistance	June 15–26, 2009	Assessing progress in modernizing the tax and customs administration and identifying reform priorities.
MCM	Technical assistance	September 10–24, 2010	Conducting a crisis resolution and financial systems vulnerability assessment.
FAD	Technical assistance	December 1–12, 2011	Improving the tax system and reviewing the modernization reforms of the tax and customs administrations.
MCM	Technical assistance	December 8–21, 2011	Conducting a diagnostic of the financial system.

View Table

		A. HEADQUARTERS
Department	Type of Assistance	Time of Delivery	Purpose
FAD	Technical assistance	June 16–30, 2008	Conducting a diagnostic of the tax system and preparing a tax policy reform.
FAD	Technical assistance	June 15–26, 2009	Assessing progress in modernizing the tax and customs administration and identifying reform priorities.
MCM	Technical assistance	September 10–24, 2010	Conducting a crisis resolution and financial systems vulnerability assessment.
FAD	Technical assistance	December 1–12, 2011	Improving the tax system and reviewing the modernization reforms of the tax and customs administrations.
MCM	Technical assistance	December 8–21, 2011	Conducting a diagnostic of the financial system.

		B. AFRITAC WEST
Department	Type of Assistance	Time of Delivery	Purpose
FAD	Technical assistance	2007	Customs Administration
FAD	Technical assistance	2007	Public Expenditure Management
FAD	Technical assistance	2007, 2008	Tax Administration
FAD	Technical Assistance	2009	Public Expenditure Management
FAD	Technical Assistance	2010	Tax administration
FAD	Technical Assistance	2010	Customs Administration
FAD	Technical Assistance	2010	Tax administration
FAD	Technical assistance	2011	Customs Administration
FAD	Technical assistance	2011	Customs Administration (2)
FAD	Technical assistance	2011	Customs Administration (3)
FAD	Technical Assistance	2011	Tax Administration
FAD	Technical assistance	2011	Public Expenditure Management
FAD	Technical Assistance	2012	Public Expenditure Management
MCM	Technical assistance	2007	Bank Supervision and Regulation
MCM	Technical assistance	2007, 2008	Public Debt and Debt Sustainability
MCM	Technical assistance	2010	Public Debt and Debt Sustainability
MCM	Technical assistance	2010	Bank Supervision and Regulation
MCM	Technical assistance	2011	Public Debt and Debt Sustainability
STA	Technical assistance	2007, 2008	Multisector Statistics
STA	Technical assistance	2009	National Accounts Statistics
STA	Technical assistance	2008	Real Sector Statistics
STA	Technical Assistance	2009	National Accounts Statistics
STA	Technical assistance	2010	Government Finance Statistics
STA	Technical Assistance	2011	Government Finance Statistics
STA	Technical Assistance	2011	Real Sector Statistics
STA	Technical Assistance	2011	Real Sector Statistics (2)

View Table

		B. AFRITAC WEST
Department	Type of Assistance	Time of Delivery	Purpose
FAD	Technical assistance	2007	Customs Administration
FAD	Technical assistance	2007	Public Expenditure Management
FAD	Technical assistance	2007, 2008	Tax Administration
FAD	Technical Assistance	2009	Public Expenditure Management
FAD	Technical Assistance	2010	Tax administration
FAD	Technical Assistance	2010	Customs Administration
FAD	Technical Assistance	2010	Tax administration
FAD	Technical assistance	2011	Customs Administration
FAD	Technical assistance	2011	Customs Administration (2)
FAD	Technical assistance	2011	Customs Administration (3)
FAD	Technical Assistance	2011	Tax Administration
FAD	Technical assistance	2011	Public Expenditure Management
FAD	Technical Assistance	2012	Public Expenditure Management
MCM	Technical assistance	2007	Bank Supervision and Regulation
MCM	Technical assistance	2007, 2008	Public Debt and Debt Sustainability
MCM	Technical assistance	2010	Public Debt and Debt Sustainability
MCM	Technical assistance	2010	Bank Supervision and Regulation
MCM	Technical assistance	2011	Public Debt and Debt Sustainability
STA	Technical assistance	2007, 2008	Multisector Statistics
STA	Technical assistance	2009	National Accounts Statistics
STA	Technical assistance	2008	Real Sector Statistics
STA	Technical Assistance	2009	National Accounts Statistics
STA	Technical assistance	2010	Government Finance Statistics
STA	Technical Assistance	2011	Government Finance Statistics
STA	Technical Assistance	2011	Real Sector Statistics
STA	Technical Assistance	2011	Real Sector Statistics (2)

XV. Resident Representative:

Mr. Farah assumed his position in Cotonou as Resident Representative on June 20, 2011.

JOINT WORLD BANK-IMF WORK PROGRAM, 2011–12

Title	Products	Timing of mission	Expected delivery date
	A. Mutual information on relevant work programs
Bank work	1. Poverty/Gender Assessment		June/July 2012
program in the next	2. PRSC-7		December 2011
12 months	3. Debt Management Performance Assessment (DeMPA)		September 2011
	4. Review of Central Financial Agencies		September 2011
	5. The Political Economy of Public Finances in Benin		October 2011
	6. Technical assistance in HR and payroll system integration	October 2011	December 2011
	7. Customs performance assessment		May 2012
IMF work program in	1. Second ECF review	July 2011	September 2011
the next 12 months	2. Third ECF review	January 2012	March 2012
	B. Requests for work program inputs
Fund request to Bank	Draft technical assistance report on establishing an energy regulatory framework		September 2011
Bank request to Fund	Regular updates on macroeconomic performance and assessment letters for PRSC operations		Ongoing
	C. Agreement on joint products and missions
Joint products in the next	JSAN on new GPRS-III	July 2011	September 2011
12 months	Debt Sustainability Analysis	July 2011	September 2011

View Table

Title	Products	Timing of mission	Expected delivery date
	A. Mutual information on relevant work programs
Bank work	1. Poverty/Gender Assessment		June/July 2012
program in the next	2. PRSC-7		December 2011
12 months	3. Debt Management Performance Assessment (DeMPA)		September 2011
	4. Review of Central Financial Agencies		September 2011
	5. The Political Economy of Public Finances in Benin		October 2011
	6. Technical assistance in HR and payroll system integration	October 2011	December 2011
	7. Customs performance assessment		May 2012
IMF work program in	1. Second ECF review	July 2011	September 2011
the next 12 months	2. Third ECF review	January 2012	March 2012
	B. Requests for work program inputs
Fund request to Bank	Draft technical assistance report on establishing an energy regulatory framework		September 2011
Bank request to Fund	Regular updates on macroeconomic performance and assessment letters for PRSC operations		Ongoing
	C. Agreement on joint products and missions
Joint products in the next	JSAN on new GPRS-III	July 2011	September 2011
12 months	Debt Sustainability Analysis	July 2011	September 2011

STATISTICAL ISSUES

A. Assessment of Data Adequacy for Surveillance
General: Data provision has some shortcomings, but is broadly adequate for surveillance. Weaknesses exist in the areas of national accounts, public finance, monetary statistics, financial sector prudential indicators, and balance of payments.
Real sector statistics: Inadequate resources and weaknesses in data documentation and methodology hamper the accuracy and reliability of the national accounts. Efforts to address these shortcomings are ongoing. Benin participates in WAEMU’s harmonization of statistical methodologies and in the GDDS project for AFRITAC West countries to implement the 1993 SNA. Progress has been slow and the accounts for a few years still need to be converted. The West AFRITAC missions in 2008, 2009, 2010 and 2011 sought to accelerate the process and support the compilation of the revised accounts. A statistical register and an industrial production index are being developed, but the implementation has been slower than expected. Consumer price data, measured using the WAEMU harmonized consumer price index, are adequate for surveillance. The methodology for the WAEMU harmonized consumer price index has been updated.
Government finance statistics: The quality of fiscal data is broadly adequate for surveillance, but has some shortcomings in coverage, periodicity, timeliness, and accessibility. The authorities report budgetary central government’s “statement of sources and uses of cash” for publication in the Government Finance Statistics Yearbook, one year after the reference year. The October 2008 and July 2009 STA-GFS missions found that the authorities had yet to compile general government GFS to broaden coverage of nonmarket activities controlled by the government, disseminate the GFS within one quarter after the reference quarter, and present the other major GFS reports to facilitate linkages to other macroeconomic datasets (e.g., the balance sheet).
Monetary and financial statistics: Monetary and financial statistics, compiled and disseminated by the BCEAO, are broadly adequate and their institutional coverage is comprehensive, but timeliness of reporting is weak. Accuracy is somewhat hampered by the use of 1990 sorting coefficients to estimate cross border amounts of banknotes among BCEAO countries, which in turn, are used to estimate currency in circulation and to adjust the net foreign assets of each member country.
Balance of payments: External statistics are still affected by shortcomings that prevent an accurate and timely assessment of current account transactions and capital and financial flows. Recent improvements in applying the guidelines of the Balance of Payments Manual, Fifth Edition, have not solved the problem. In November 2004, a STA technical assistance mission noted that the human resources devoted to balance of payments statistics by the national agency of the BCEAO were inadequate, and highlighted a series of methodological problems including the use of untested hypotheses and reference bases, the limited coverage of direct investment, and shortcomings in the compilation of net external assets and international investment position. Balance of payments statistics are also disseminated with a lag of almost one year and the international investment position data with a lag of 18 months. Some progress has been achieved in the reconciliation of regional trade data with those of regional partners, and the compilation of trade statistics has been enhanced by the installation of the ASYCUDA++ customs computer system in all main border customs houses, the port, the airport, and some regional offices. Further improvements will require the interconnection between the computer systems of the main customs departments and their integration with the other revenue collecting agencies. Progress is also needed in improving contacts with reporting bodies and enhancing the management of human and technical resources. Financial account data can be improved by extending the coverage of foreign assets of the private non-banking sector, expanding the surveys of residents’ foreign assets, and using other data source, such as Bank of International Settlements (BIS) statistics. The BCEAO has updated the compilation of commercial bank data on payments involving nonresidents; however, these data are not used to produce annual balance of payments statistics.
External debt data are broadly adequate for surveillance, but are comprehensive only for public and publicly guaranteed debt. Data are collected by the Caisse Autonome d’Amortissement (CAA), which is responsible for signing international loan agreements and servicing the government’s external debt obligations. The CAA’s database is fairly comprehensive and up-to-date, and contains accurate stock data, and produces projected debt-service flows on a loan-by-loan basis, but regular statements are not received from creditors.
B. Data Standards and Quality
Benin commenced its participation in the General Data Dissemination System (GDDS) in 2001; but since then has not updated much of its metadata.	An FAD mission conducted the fiscal module of a Report on Observance of Standards and Codes (ROSC) in May 2001.
C. Reporting to STA
Standardized Report Forms (in line with the Monetary and Financial Statistical Manual) are still not regularly used to report monetary data to the IMF. Annual data for balance of payments and international investment position are reported to STA with a lag of about one and a half years.

View Table

A. Assessment of Data Adequacy for Surveillance
General: Data provision has some shortcomings, but is broadly adequate for surveillance. Weaknesses exist in the areas of national accounts, public finance, monetary statistics, financial sector prudential indicators, and balance of payments.
Real sector statistics: Inadequate resources and weaknesses in data documentation and methodology hamper the accuracy and reliability of the national accounts. Efforts to address these shortcomings are ongoing. Benin participates in WAEMU’s harmonization of statistical methodologies and in the GDDS project for AFRITAC West countries to implement the 1993 SNA. Progress has been slow and the accounts for a few years still need to be converted. The West AFRITAC missions in 2008, 2009, 2010 and 2011 sought to accelerate the process and support the compilation of the revised accounts. A statistical register and an industrial production index are being developed, but the implementation has been slower than expected. Consumer price data, measured using the WAEMU harmonized consumer price index, are adequate for surveillance. The methodology for the WAEMU harmonized consumer price index has been updated.
Government finance statistics: The quality of fiscal data is broadly adequate for surveillance, but has some shortcomings in coverage, periodicity, timeliness, and accessibility. The authorities report budgetary central government’s “statement of sources and uses of cash” for publication in the Government Finance Statistics Yearbook, one year after the reference year. The October 2008 and July 2009 STA-GFS missions found that the authorities had yet to compile general government GFS to broaden coverage of nonmarket activities controlled by the government, disseminate the GFS within one quarter after the reference quarter, and present the other major GFS reports to facilitate linkages to other macroeconomic datasets (e.g., the balance sheet).
Monetary and financial statistics: Monetary and financial statistics, compiled and disseminated by the BCEAO, are broadly adequate and their institutional coverage is comprehensive, but timeliness of reporting is weak. Accuracy is somewhat hampered by the use of 1990 sorting coefficients to estimate cross border amounts of banknotes among BCEAO countries, which in turn, are used to estimate currency in circulation and to adjust the net foreign assets of each member country.
Balance of payments: External statistics are still affected by shortcomings that prevent an accurate and timely assessment of current account transactions and capital and financial flows. Recent improvements in applying the guidelines of the Balance of Payments Manual, Fifth Edition, have not solved the problem. In November 2004, a STA technical assistance mission noted that the human resources devoted to balance of payments statistics by the national agency of the BCEAO were inadequate, and highlighted a series of methodological problems including the use of untested hypotheses and reference bases, the limited coverage of direct investment, and shortcomings in the compilation of net external assets and international investment position. Balance of payments statistics are also disseminated with a lag of almost one year and the international investment position data with a lag of 18 months. Some progress has been achieved in the reconciliation of regional trade data with those of regional partners, and the compilation of trade statistics has been enhanced by the installation of the ASYCUDA++ customs computer system in all main border customs houses, the port, the airport, and some regional offices. Further improvements will require the interconnection between the computer systems of the main customs departments and their integration with the other revenue collecting agencies. Progress is also needed in improving contacts with reporting bodies and enhancing the management of human and technical resources. Financial account data can be improved by extending the coverage of foreign assets of the private non-banking sector, expanding the surveys of residents’ foreign assets, and using other data source, such as Bank of International Settlements (BIS) statistics. The BCEAO has updated the compilation of commercial bank data on payments involving nonresidents; however, these data are not used to produce annual balance of payments statistics.
External debt data are broadly adequate for surveillance, but are comprehensive only for public and publicly guaranteed debt. Data are collected by the Caisse Autonome d’Amortissement (CAA), which is responsible for signing international loan agreements and servicing the government’s external debt obligations. The CAA’s database is fairly comprehensive and up-to-date, and contains accurate stock data, and produces projected debt-service flows on a loan-by-loan basis, but regular statements are not received from creditors.
B. Data Standards and Quality
Benin commenced its participation in the General Data Dissemination System (GDDS) in 2001; but since then has not updated much of its metadata.	An FAD mission conducted the fiscal module of a Report on Observance of Standards and Codes (ROSC) in May 2001.
C. Reporting to STA
Standardized Report Forms (in line with the Monetary and Financial Statistical Manual) are still not regularly used to report monetary data to the IMF. Annual data for balance of payments and international investment position are reported to STA with a lag of about one and a half years.

Benin: Table of Common Indicators Required for Surveillance

(As of January 31, 2012)

¹Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

²Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Includes external gross financial asset and liability position vis-à-vis nonresidents.

⁷Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).

Benin: Table of Common Indicators Required for Surveillance

(As of January 31, 2012)

	Date of latest observation	Date received	Frequency of Data7	Frequency of Reporting7	Frequency of publication7
Exchange Rates	Current	Current	D	D	M
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	10/11	1/12	M	M	M
Reserve/Base Money	10/11	1/12	M	M	M
Broad Money	10/11	1/12	M	M	M
Central Bank Balance Sheet	10/11	1/12	M	M	M
Consolidated Balance Sheet of the Banking System	10/11	1/12	M	M	M
Interest Rates2	12/10	1/11	M	M	M
Consumer Price Index	1/12	2/12	M	M	M
Revenue, Expenditure, Balance and Composition of Financing3 – General Government4	NA	NA	NA	NA	NA
Revenue, Expenditure, Balance and Composition of Financing3 –Central Government	12/11	1/12	M	M	NA
Stocks of Central Government and Central Government-Guaranteed Debt5	2010	4/11	A	A	NA
External Current Account Balance	2010	7/11	A	A	A
Exports and Imports of Goods and Services	2010	7/11	A	Q	A
GDP/GNP	2010	4/11	A	A	A
Gross External Debt	2010	4/11	A	I	A
International Investment Position6	2008	9/10	A	A	A

¹Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

²Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Includes external gross financial asset and liability position vis-à-vis nonresidents.

⁷Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).

View Table

Benin: Table of Common Indicators Required for Surveillance

(As of January 31, 2012)

	Date of latest observation	Date received	Frequency of Data7	Frequency of Reporting7	Frequency of publication7
Exchange Rates	Current	Current	D	D	M
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	10/11	1/12	M	M	M
Reserve/Base Money	10/11	1/12	M	M	M
Broad Money	10/11	1/12	M	M	M
Central Bank Balance Sheet	10/11	1/12	M	M	M
Consolidated Balance Sheet of the Banking System	10/11	1/12	M	M	M
Interest Rates2	12/10	1/11	M	M	M
Consumer Price Index	1/12	2/12	M	M	M
Revenue, Expenditure, Balance and Composition of Financing3 – General Government4	NA	NA	NA	NA	NA
Revenue, Expenditure, Balance and Composition of Financing3 –Central Government	12/11	1/12	M	M	NA
Stocks of Central Government and Central Government-Guaranteed Debt5	2010	4/11	A	A	NA
External Current Account Balance	2010	7/11	A	A	A
Exports and Imports of Goods and Services	2010	7/11	A	Q	A
GDP/GNP	2010	4/11	A	A	A
Gross External Debt	2010	4/11	A	I	A
International Investment Position6	2008	9/10	A	A	A

¹Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

²Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Includes external gross financial asset and liability position vis-à-vis nonresidents.

⁷Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).