Benin

On July 8, 2022, the IMF Executive Board approved 42-month Extended Fund Facility (EFF) and Credit (ECF) arrangements under High Combined Exposure (HCCE) (391 percent of quota, about US$650 million) to help Benin meet pressing financing needs support country’s National Development Plan centered on achieving SDGs. The program is off a strong start notwithstanding elevated uncertainty. While there broad consensus that sound macroeconomic management in recent years generating tangible dividends for economy as whole, public frustrated over fact this taking time translate into improved socioeconomic conditions all. This sentiment has been compounded by temporary import price pressures since Russia’s invasion Ukraine. Legislative elections will be held early January 2023, with related risks expected limited.