IMF disburses $16mn for Benin to develop 5th review of 3-year program of ECF

The International Monetary Fund has recently approved an immediate disbursement of USD 15.917 million (over 12 billion CFA francs) for the benefit of the fifth review of the three-year program of the Republic of Benin supported by the Extended Credit Facility.

"The Board of Directors of the International Monetary Fund concluded favorably this Friday, December 13, 2019, following the procedure for failure to oppose, that is to say, without a formal meeting of the Board, the fifth review of the three-year program of the Republic of Benin supported by the Extended Credit Facility (ECF)," the Beninese Minister of Economy and Finance, Romuald Wadagni cited said in a press release.

Through correspondence dated December 13, 2019, the International Monetary Fund administrator informed of the successful conclusion of the fifth review of the program supported by the Extended Credit Facility.

According to the International Monetary Fund (IMF) administrator, Mohamed-Lemine Raghani, representing Benin, 'the conclusion of the review following the procedure of failure to oppose is a signal of the satisfactory implementation of the program by the Beninese authorities.'

He also specified that the Council also approved 'the request of the Beninese authorities for the technical extension of four months of the program as well as the modifications of performance criteria'.