Our Beninese authorities are thankful to Management and staff for the constructive policy dialogue that paved the way for their current request for an ECF arrangement.
Following the 2016 presidential elections, the authorities promptly took a series of urgent measures aimed at addressing growing macroeconomic imbalances facing the country, including a significant increase in the fiscal deficit and public debt. In the context of the Government’s Action Program (GAP) for 2016–21, a comprehensive strategy was developed to promote structural transformation through the consolidation of democracy, the rule of law, and good governance; launch the structural transformation of the economy; and improve living standards. The focus of the GAP is in line with the 2030 Agenda for Sustainable Development and the 2015 Paris Climate Conference (COP21).
With the aim at implementing successfully the GAP, the authorities are seeking a three-year arrangement under the Extended Credit Facility (ECF). This arrangement will serve as an anchor for the government’s macroeconomic policies and as a catalyst for financial assistance from Benin’s technical and financial partners.