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[Douglas]

Cotonou, Benin - The International Monetary Fund (IMF) has approved a loan of 55 billion FCFA for Benin as part of the extended credit Facility (FEC), according to a statement from Beninese Economy and Finance ministry.

The statement says that the agreement, which was signed this week, backs the programme submitted by Beninese government to increase economic growth by stimulating investment in infrastructure while implementing structural reforms in view of increasing competitiveness in the country.

The programme will contribute to increase equipment expenditures and social expenditures by extending the tax base, limit non-priority expenditures and improve efficiency of the public sector.

It will help preserve the macroeconomic stability and accelerate the structural reforms to limit the negative effects of the global economic crisis, in a bid to increase the country's growth.

Sources say that Benin will continue suffering the effects of the world economic crisis.

Cotonou - Pana 19/06/2010