IMF agrees to $149 million extended credit facility for Benin

Photo: lonely planet.com
Photo: lonely planet.com

The International Monetary Fund (IMF) has agreed to lend Benin Republic 93 billion CFA francs ($149 million) to help the government implement a macro-economic reform programme, the country’s presidency and the IMF said.

The three-year Extended Credit Facility programme should help it meet balance of payments commitments, achieve sustained Gross Domestic Product, GDP, growth and improve the business climate, said Norbert Toe, Head of IMF mission that visited the country this week.

The deal must be ratified by the IMF board.

The West African country has a population of 10.9 million and a GDP of around $8.3 billion.

GDP grew at an estimated 4.6 per cent in 2016, and is expected to rise to 5.2 per cent this year, according to World Bank figures.

Benin exports cotton and its ports are a key route for imports for its eastern neighbour, Nigeria, and Sahelian nations to the north. ($1 is equivalent to 622.4500 CFAfrancs).#

(Reuters/NAN)


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