News - Information mission of the IMF to MCA-Benin: the Program's performance reviewed

The Benin Program for the Millennium Challenge Account (MCA-Benin) hosted Monday, March 15, 2010 a mission from the International Monetary Fund (IMF) in Benin. The objective of this mission, which follows a first meeting held in September 2009, is to ascertain the practical evolution of this structuring Program funded by the extensive Compact signed between Benin and the U.S. Government.

With a total 307,298,040 U.S. dollars, this Compact - the largest development funding ever received by our country the past 5 years- is aligned with the Millennium Development Goals and is fit with the Benin strategy for economic growth and poverty reduction.

As a major funding partner of Benin, the International Monetary Fund, in order to assess the latest progress and development initiatives in Benin, has found it relevant to commission a fact-finding visit to MCA-Benin.

Composed of ten staff members of the IMF and some representatives from the Ministry of Economy and Finance, the mission was received on Monday by the acting National Coordinator and the team of Directors of MCA-Benin aimed to assess the results achieved and made possible thank to the Program as part of the acceleration of economic growth and poverty alleviation in Benin, a goal shared by both institutions. To this end, the delegation was presented a PowerPoint report of performance by MCA-Benin to the date of September 30, 2009.

This presentation given by the Director of Monitoring and Evaluation at MCA-Benin, Mr. Latifou SOUMANOU, with contributions from the acting National Coordinator and the various Directors, enabled IMF envoys not only to be updated about performances recorded over the top three years of the Program but, as well, to understand the difficulties encountered and the prospects and challenges for the remainder of the Program.

The mission members placed particular emphasis on ''Access to Markets'' and ‘Access to Financial Services'' projects. In the course of the discussion, special explanations were provided to highlight efforts incepted by MCA-Benin for achieving the Centralized Agency (Guichet Unique) for easing foreign trade and the customs reforms undertaken by the Program. The mission also asked about the reasons for the decline in deposits and loans in the microfinance institutions in Benin. To all these questions, MCA-Benin management team provided comprehensive answers to the great satisfaction of the members of the IMF delegation.