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    IMF reaches agreement with Benin on $658m extended credit facility

    The International Monetary Fund (IMF) has reached a staff-level agreement with Benin on a new 42-month extended credit facility worth $658m, the IMF said in a statement.
    Source: IMF
    Source: IMF

    The programme is intended to help the West African country address pressing financing needs related to security, the impact of the Covid-19 pandemic and the war in Ukraine, as well as anchor its national development plan, the IMF said.

    "IMF staff and the Beninese authorities have reached agreement on an innovative programme - first case under the IMF's High Combined Credit Exposure (HCCE) policy - to support the economy in the near-term while advancing policies and reforms to foster sustained private-sector led growth," it said.

    The agreement is subject to approval by IMF Management and the Executive Board around mid-June 2022.

    Source: Reuters

    Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.

    Go to: https://www.reuters.com/
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