IMF Frees More Funds to Benin

Benin may access USD1.3 million from the International Monetary Fund following the review of the country’s performance under a three-year USD21.3 million poverty reduction arrangement. The deal, approved on Aug. 5, 2005, was extended until Aug. 4, 2009. Funding under the arrangement increased by 150 percent in June 2008 to help the nation cope with surging food and oil prices. (“IMF Executive Board Completes Fifth Review Under PRGF Arrangement with Benin and Approves USD1.3 Million Disbursement” - International Monetary Fund, Dec. 15, 2008)