After the review of its program … The IMF notes progress for the Beninese economy For two weeks, a mission of the International Monetary Fund (IMF) led by Mr. Luc Eyraud stayed in Cotonou for the fifth review of the economic and financial program concluded in April 2017 with Benin as part of the Extended Credit Facility (ECF) agreements. This Tuesday, November 05, 2019 at the Presidency of the Republic, a joint press briefing was held by the Head of Mission and the Minister of Economy and Finance Romuald Wadagni. Read the full statements of the two personalities below. Luc Eyraud, Head of the IMF Mission for Benin: “The IMF program in Benin is globally a success” “We have just completed the fifth review of the three-year program between Benin and the IMF. We have reached an agreement on the main lines of economic policy. The results of the Program are and continue to be very satisfactory. All performance indicators for the first half of 2019 were met. The deficit in the first half of the year was lower than expected. The mobilization of tax revenues has been excellent. As for the economy, we note a growth in 2019 which is 6.4%. This is strong growth driven in particular by agriculture and services. Part of our discussions have been on the 2020 draft budget and the policy measures underlying this draft budget. We congratulate the Beninese authorities who have decided to target a deficit of 1.8% in 2020. A low deficit which is well below the regional ceiling of 3%. We also commend the revenue mobilization reforms that are being made for next year. Revenue mobilization efforts will help finance development projects and also improve the ability to repay debt. It was also noted that the debt to GDP ratio will be constant next year. That’s very good news. This is a very good measure of fiscal prudence and a good macroeconomic condition.