On August 05, 2019, the regional financial rating agency Bloomfield assigned the Republic of Benin ratings of A- stable perspective and A2 stable perspective, respectively long and short term.

It supports its rating through the dynamism and favorable outlook of the Beninese economy, the improvement of the business environment, the effectiveness of the reforms implemented to strengthen the consolidation of public finances and the prudent management of the debt. public.

Indeed, the agency notes that the economic growth rate of Benin, which stands at 6.7% in 2018, could progress in the medium term with regard to the realization of several projects (electricity, roads …) and especially with the realization of the construction and operation project of the Niger-Benin Export Pipeline (PEB) for the export of oil from Niger.

In addition, Bloomfield notes that important reforms have been carried out in Benin since 2016 to improve the business environment, in particular the creation of companies, the promotion of private investments, the security and access to land, access labor and contract performance. These reforms favored a 66.9% increase in newly created businesses between 2015 and 2018.

In terms of public finances, the agency’s positive assessments were motivated by the major reforms implemented to improve the public finance management framework through, among other things, the development and execution of the Global Reform Plan. of Public Finance Management (PGRGFP), the modernization of the administration (in particular customs and tax), the good capacity to carry out expenditure forecasts and budgetary consolidation.

Finally, the agency highlights the innovative nature of the reprofiling operation (which consisted in replacing local debts with a high exit rate and short maturity, by an international debt at a lower rate and with a long maturity) implemented. by Benin in September 2018, and the relevance of the issuance of international bonds in euros, rather than dollars, carried out in March 2019, which demonstrates the willingness of the State to diversify its sources of financing and adopt prudent management of its debt.