IMF approves US$ 638 mn for Benin

Washington, DC: On July 8, 2022, the Executive Board of the International Monetary Fund has approved 42-month arrangements under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) for Benin in the amount of SDR 484.058 million (equivalent of 391 percent of quota or US$638 million).

The program seeks to help address pressing financing needs (related to security, COVID-19 scars, and the war in Ukraine), support the implementation of the country’s National Development Plan centered on achieving Sustainable Development Goals (SDGs) and catalyze donor support. The new program is the first case under High Combined Credit Exposure (HCCE) since the IMF adopted the policy in 2020 to support member countries experiencing exceptional balance of payment needs and with institutional capacity to implement a program in amounts exceeding the normal combined access limit for a blended EFF/ECF arrangement.

by Daily News Sri Lanka

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