2010年-IMF国际货币组织全球_Benin_4页_326kb

Benin—Assessment Letter for the World Bank Summary

Core Content

This document outlines the recent macroeconomic developments in Benin and the ongoing discussions with the Beninese authorities regarding the potential request for a new arrangement under the Extended Credit Facility (ECF). It provides an update on the country's fiscal and structural reform efforts following the expiration of the last PRGF arrangement in June 2009.

Recent Economic Developments and Near-Term Prospects

• Economic Growth: Real GDP growth was estimated at 2.7 percent in 2009 and projected at 3.2 percent in 2010, a significant decline from 5.0 percent in 2008.
• Global Economic Crisis Impact: The slowdown was primarily driven by weak cotton production and exports, as well as trade with neighboring countries, despite fiscal expansion.
• Inflation: Inflation declined to an average of 2.2 percent in 2009 due to lower agricultural and fuel prices.
• External Deficit: The external current account deficit (excluding grants) widened to 10.8 percent of GDP in 2009, mainly due to a decline in cotton exports and an increase in the fiscal deficit.
• Fiscal Situation: The fiscal deficit increased to 7.3 percent of GDP in 2009, with a significant rise in the wage bill and domestic capital spending.

Government Adjustments in 2009

• Bonus and Benefits: Limited bonuses and other benefits to civil servants.
• Payment Procedures: Regularized exceptional payment procedures for 2006–2008 and restricted their future use.
• Budget Monitoring: Strengthened the monitoring of budget execution through the Treasury Committee.
• Tax Revenue: Adopted an emergency plan to improve tax revenue.
• Capital Spending: Postponed CFAF 50 billion in capital spending to the 2010 budget.

Additional Resources Mobilized

The authorities mobilized CFAF 108.6 billion (3.5 percent of GDP) to finance the deficit, including:

• Domestic counterpart of SDR allocation (CFAF 32.8 billion)
• Bond refinancing (CFAF 36.5 billion)
• Sale of 17.5 percent of SODECO shares
• Reimbursement of unused grants
• Compensation from ECOWAS for customs revenue losses
• Grants from the African Development Bank and the European Union

Structural Reforms

• Tax and Customs: Extended TIN usage to all importers, exporters, and large enterprises. Appointed a unit for reform management at the Ministry of Finance.
• Pension Fund Audit: Completed a financial audit of the FNRB and identified options to strengthen its actuarial balance.
• Port Operations: Awarded the container terminal concession to an international operator.
• State-Owned Enterprises: Sold 65 percent of Office National du Bois to a private company and 51 percent of Société des Ciments d'Onigbolo to an international investor.
• Electricity Sector: Improved financial operations by increasing electricity tariffs, converting debt to capital, rescheduling debt service, and securitizing debt.
• Telecom Sector: Launched the sale of a majority stake in Benin Telecom.

Discussions on a New ECF Arrangement

• March 2010 Mission: Broad understandings were reached on a new program for a potential ECF arrangement, pending internal review by IMF staff and management.
• Fiscal Policy for 2010: The 2010 budget was adopted without prior consultation with the Fund. It projected a 37 percent increase in revenues, with tax revenue up 33 percent and non-tax revenue up 65 percent.
• Revised Fiscal Policy: After consultations, the fiscal policy was revised to a more prudent 18 percent revenue increase and a limited expenditure envelope of CFAF 876.0 billion (26.5 percent of GDP), including CFAF 50 billion in carryover from 2009.
• Deficit Reduction: The overall cash deficit (excluding grants) is projected to decline to 5.9 percent of GDP from 7.3 percent in 2009.
• Financing Needs: The budget shows a financing need of CFAF 165 billion (5 percent of GDP), with expected support from the African Development Bank, the EU, the IMF, the World Bank, and other donors.

Medium-Term Fiscal Adjustments

• Gradual Adjustment: The authorities and IMF staff have agreed on a gradual fiscal adjustment for the medium term.
• Fiscal Sustainability: The plan aims to preserve fiscal and debt sustainability while allowing for fiscal space for priority spending.

Education Sector Adjustments

• Wage Concessions: Additional wage concessions were granted to the education sector in the first quarter of 2010, including salary increases for professors and housing allowances for teachers.
• Commitment to Cuts: The authorities committed to making necessary cuts (CFAF 3.4 billion for 2010) to other expenditure items to maintain the agreed expenditure envelope.
• Capital Projects: They intend to complete ongoing capital projects in 2010 before initiating new ones.

Structural Reforms for the Future

• Single Stop Window: Launching bids for the implementation of the single stop window at the Port of Cotonou.
• Public Procurement Law: Decrees to implement the new 2009 public procurement law will be adopted by September 2010.
• Customs and Tax Reforms: Completion of two outstanding structural benchmarks by end-2010.
• Electricity Sector Regulation: Intending to establish a transparent regulatory system by June 2011 to open up the state-owned electricity company to private sector participation.
• Civil Service Reform: Planning to adopt a global strategy for civil service reform by June 2011.

Key Information

• The global economic crisis significantly impacted Benin's economy, leading to a slowdown in growth and an increase in fiscal and external deficits.
• The government took measures to address the fiscal situation, including reducing public spending and mobilizing additional resources.
• Structural reforms were progressing, with notable steps in tax and customs administration, state-owned enterprise privatization, and financial restructuring.
• A new ECF arrangement is under discussion, with revised fiscal targets and a focus on sustainability and priority spending.