The international financial rating agency Standard & Poor’s has maintained the B + rating assigned to the Republic of Benin with a stable outlook despite the Covid-19 crisis. This decision confirms the resilience of the country’s economic fundamentals, already recognized by the agency in June 2020. The maintenance of Benin’s rating also attests to the good management of the Covid-19 crisis by the authorities, while several African countries have seen their rating downgraded since the start of the pandemic. Benin thus remains among the African countries benefiting from the best credit rating, thus rewarding the economic reforms undertaken by the Government since 2016.

Confirming the country’s positive outlook, with real GDP growth estimated at 6.3% on average over the period 2021-2023, the agency recognizes that the measures implemented by the Government, with the support of multilateral and bilateral partners , helped limit the health and economic repercussions of the pandemic. Standard & Poor’s also welcomes the economic dynamism brought about by the reforms undertaken by the government and by the investments made in the context of the Government’s Action Program.

Standard & Poor’s anticipates a relatively contained increase in public debt in 2020, to 43% of GDP. Welcoming the improvement in Benin’s fiscal trajectory in recent years, Standard & Poor’s anticipates a resumption of fiscal consolidation from 2021 and a reduction in the level of public debt from 2022, driven by the rebound in economic growth and a public deficit contained.

The rating agency finally recalls the government’s decision not to participate in the debt service suspension initiative set up by the G20, thus helping to reassure Benin investors.

Done in Cotonou, on October 23, 2020,