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IMF to offer funds to support Benin's economic development

Xinhua, February 23, 2017 Adjust font size:

Benin will receive 150 million U.S. dollars from the International Monetary Fund (IMF) for a three-year economic program designed to enhance development in the country.

The program will create more budgetary margin, refocus policies on sustainable and inclusive growth and improve the business environment, said Norbert Toe, chief of the IMF economic evaluation mission, on Wednesday.

"In terms of financial resources mobilization, Benin's government plans to broaden taxation base so as to increase own funds ratio in gross domestic product from 14.7 percent in 2016 to 17.4 percent by the end of the program," Toe explained.

Romuald Wadagni, Benin's economy and finance minister, welcomed the financial support, saying the program will help establish the credibility of Benin. Endi