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    Home » IMF disburses $144m to Benin, completes review of loan program

    IMF disburses $144m to Benin, completes review of loan program

    December 15, 2022
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    *The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas

    Washington — The executive board of the International Monetary Fund on Wednesday said it had completed the first review under a 42-month financing program for Benin, giving the country immediate access to about $144 million.

    “The program is off to a strong start, with all end-June 2022 performance criteria and indicative targets met and all structural benchmarks implemented,” the global lender said in a statement.

    The board’s move brings total disbursements under the blended Extended Fund Facility and Extended Credit Facility arrangements approved in July to about $287 million.

    The IMF said Benin’s economy was gaining strength despite heightened global uncertainty and increasing regional security risks, with economic output to grow by 6% this year.

    High fuel and food prices, and the strong U.S. dollar, are expected to widen the country’s current account deficit to 6.1% of gross domestic product, the IMF said. It noted that inflation had remained subdued given a strong harvest season and subsidy measures adopted after Russia’s invasion of Ukraine on Feb. 24.

    *Andrea Shalal, Editing: Chris Reese – Reuters

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