The Executive Board of the International Monetary Fund (IMF) has approved a 42-month arrangement for Benin under the EFF and the ECF. The $638 million support is intended to help the country meet its urgent financing needs, support the National Development Plan (2018-25) focused on achieving the Sustainable Development Goals (SDGs) and further mobilize resources from donors.

Five years ago, Benin set out to modernize its economy and improve the well-being of its people. The country has made significant progress in macroeconomic management and fiscal transparency, increasing investor confidence as evidenced by access to international capital markets since 2019. Throughout the COVID-19 pandemic, the authorities have continued their reform agenda, including the digitization of the tax system as well as wide-ranging institutional reforms.

Thus, the Board's decision allows for an immediate disbursement of SDR 108.3 million (about $143 million), which the Beninese authorities intend to use for budget support. According to the statement by Okamura, Deputy Managing Director and Acting President, Benin is facing significant challenges due to the deteriorating security situation in the north of the country, which has led to a deterioration of the security situation in the country.The Board of Directors also completed its review of the country's economic situation, including the impact of the COVID-19 pandemic and the war in Ukraine, which could erode the hard-won economic gains of the past few years.

The Board also completed Article IV consultations with Benin for the year 2022. Ongoing efforts to build resilience to climate change are also important. The rigorous implementation of the recently adopted action plan to strengthen the AML/CFT framework, coupled with the improvement of governance and the consolidation of the financial system, are also important.The rigorous implementation of the recently adopted action plan to strengthen the anti-money laundering and counterterrorism financing framework, coupled with improved governance and consolidation of the rule of law, will strengthen the foundations for sustained and inclusive growth driven by the private sector and benefiting all Beninese people.