Benin: 2024 Article IV Consultation-Fourth Review under the Extended Fund Facility and the Extended Credit Facility Arrangements, and the First Review under the Resilience and Sustainability Facility, and Request for Modification of a Quantitative Per

Benin’s strong reform drive and sound macroeconomic management over the past several years have provided policy space to bolster resilience to repeated shocks. The authorities started rebuilding policy buffers last year and recently regained access to the international capital market after a two-year hiatus. Budget support has consistently exceeded expectations. While the country’s reform program—supported by the ECF (2017–20) and the ongoing EFF/ECF (2022–25)—has generated tangible macroeconomic dividends and improved aggregate social outcomes, large disparities have persisted across regions and income groups. A key challenge ahead is how to leverage the initial government’s impetus to pursue the transition to private sector-led growth that benefits all Beninese.