(Washington) The board of directors of the IMF announced on Friday that it had approved a plan of 638 million US dollars to help Benin, a country in West Africa affected in particular by the war in Ukraine and the coronavirus pandemic.
Posted at 8:02 p.m.
This decision by the International Monetary Fund (IMF) allows an immediate disbursement of approximately US$143 million, “which the Beninese authorities intend to use for budget support purposes”, specifies the institution in its press release. .
This programme, which is part of the Extended Credit Facility (MEDC) and the Extended Credit Facility (ECF), spans a total of 42 months.
“Benin faces significant challenges due to the deterioration of the security situation in the north of the country, the repercussions induced by the COVID-19 pandemic and the war in Ukraine, which could erode the hard-won economic gains of recent years. said Kenji Okamura, Deputy Managing Director and Acting President of the IMF.
This aid plan must “address urgent financing needs, further mobilize resources from donors, and anchor the country’s national development plan focused on achieving the Sustainable Development Goals”, he adds in the press release. .
Benin “has made significant progress in terms of macroeconomic management and budgetary transparency, thus strengthening investor confidence as evidenced by access to international capital markets since 2019”, notes the institution, citing in particular “the digitization of the tax system as well as far-reaching institutional reforms. »