Horton, Brendan2017-08-172017-08-172010-09978-1-60244-155-2https://hdl.handle.net/10986/27927Benin experienced a long period of political instability and economic challenges after achieving its independence in August 1960. In 1991 a new government initiated far-reaching reforms aimed at the creation of a market-based economy, resulting in significant liberalization of Benin's political and economic system. Growth fluctuated in the range of 4-6 percent until 2000, after which it began to trend downwards, fluctuating largely in response to variation in the exchange rate as well as to movement in the prices of cotton, Benin's main export, and oil, a major import. Benin benefited from support under the Environmental and Social Assessment Framework (ESAF) and Poverty Reduction and Growth (PRGF) facilities, the latter continuously since 1993. According to an independent ex-post review (International Monetary Fund 2004), program implementation during 1993-2003 was broadly successful. Real economic growth averaged 5 percent and fiscal consolidation improved as key initial challenges arising from the Government's low revenue collection and high wage bill were addressed. But overall progress in structural reform was mixed. Initial efforts to liberalize the economy and reduce government intervention were successful, and there was progress in introducing far-reaching reforms in the cotton sector. A new poverty reduction growth facility was approved in August 2005.en-USCC BY 3.0 IGOACCOUNTABILITYACCOUNTINGACCOUNTING SYSTEMADJUSTMENT LENDINGALLOCATIONANNUAL PERFORMANCEANNUAL RATEARTICLEASSESSMENT OF PERFORMANCEBALANCE OF PAYMENTSBANK POLICYBASIC SERVICESBORROWERBUDGET CREDIBILITYBUDGET CYCLEBUDGET EXECUTIONBUDGET EXECUTION REPORTINGBUDGET FORMULATIONBUDGET INFORMATIONBUDGET LAWBUDGET MANAGEMENTBUDGET PREPARATIONBUDGET PREPARATION CYCLEBUDGET PREPARATION PROCESSBUDGET REFORMBUDGET REPORTINGBUDGET SUPPORT OPERATIONSBUDGET SYSTEMBUDGET YEARBUDGETARY EXPENDITURESBUDGETARY IMPLICATIONSBUDGETARY PROCEDURESCAPACITY BUILDINGCAPACITY CONSTRAINTSCAPITAL INVESTMENTCASH FLOWCIVIL SERVICECIVIL SERVICE REFORMCONDITIONALITIESCONDITIONALITYCONSENSUS BUILDINGCOUNTERPART FUNDSCOUNTRY PROCUREMENTCOUNTRY PROCUREMENT ASSESSMENTCURRENT ACCOUNT DEFICITDEBTDEBT RELIEFDEBT SUSTAINABILITYDECENTRALIZATIONDECENTRALIZATION PROCESSDECENTRALIZATION STRATEGYDEPOSITDEVALUATIONDEVELOPMENT BANKDIAGNOSTIC WORKDISBURSEMENTDISBURSEMENTSDONOR COORDINATIONECONOMIC GROWTHEVALUATION CAPACITYEVALUATION METHODOLOGYEXCHANGE RATEEXCHANGE RESERVESEXPENDITURE PRIORITIESEXPENDITURE PROGRAMEXPENDITURESEXTERNAL FINANCINGEXTERNAL SHOCKSFIDUCIARY ASSESSMENTFINANCESFINANCIAL ACCOUNTABILITYFINANCIAL ASSISTANCEFINANCIAL INFORMATIONFINANCIAL OPERATIONSFINANCIAL OVERSIGHTFINANCIAL SECTORFINANCIAL SUPPORTFINANCIAL TRANSFERSFISCAL AFFAIRSFISCAL BALANCEFISCAL CONSOLIDATIONFISCAL DECENTRALIZATIONFISCAL RISKSFISCAL YEARSFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESGENERAL BUDGET SUPPORTGOVERNMENT ACCOUNTSGOVERNMENT BUDGETGOVERNMENT FINANCEGOVERNMENT FINANCE STATISTICSGOVERNMENT INTERVENTIONGOVERNMENT POLICYGRANT PROGRAMGROWTH RATEHEALTH SERVICESHUMAN CAPITALHUMAN RESOURCESINDEPENDENT ASSESSMENTINFLATIONINFORMATION SYSTEMINSTITUTIONAL DEVELOPMENTINSTRUMENTINTERNAL AUDITINTERNAL CONTROLSINTERNATIONAL BANKINTERNATIONAL DEVELOPMENTINVESTMENT CLIMATEINVESTMENT PROJECTSJUDICIAL SYSTEMSLENDING INSTRUMENTSLOANMACROECONOMIC FRAMEWORKMACROECONOMIC POLICYMACROECONOMIC STABILITYMEDIUM-TERM EXPENDITUREMEDIUM-TERM EXPENDITURE FRAMEWORKMINISTRY OF ECONOMYMINISTRY OF FINANCEMONETARY FUNDNATIONAL BUDGETNATIONAL DEVELOPMENTOUTCOME INDICATORSPAYMENT DELAYSPERFORMANCE ASSESSMENTPERFORMANCE AUDITINGPERFORMANCE AUDITSPERFORMANCE INDICATORSPERFORMANCE MONITORINGPERFORMANCE REPORTSPERSONNEL MANAGEMENTPOLICY FORMULATIONPORTFOLIOPOVERTY ASSESSMENTPOVERTY REDUCINGPOVERTY REDUCTIONPOVERTY REDUCTION STRATEGIESPOVERTY REDUCTION STRATEGYPOVERTY REDUCTION SUPPORTPRICE MOVEMENTSPRIVATE INVESTMENTPRIVATE SECTORPRIVATE SECTOR GROWTHPROGRAM BUDGETINGPROGRAM BUDGETSPROGRAM IMPLEMENTATIONPROGRAMSPUBLIC ADMINISTRATIONPUBLIC AGENCIESPUBLIC EXPENDITUREPUBLIC EXPENDITURE MANAGEMENTPUBLIC EXPENDITURE MANAGEMENT REFORMPUBLIC EXPENDITURE REFORMPUBLIC EXPENDITURE REVIEWPUBLIC EXPENDITURE TRACKINGPUBLIC EXPENDITURESPUBLIC FINANCEPUBLIC FINANCIAL MANAGEMENTPUBLIC FINANCIAL MANAGEMENT SYSTEMSPUBLIC INVESTMENTPUBLIC SECTORPUBLIC SECTOR MANAGEMENTPUBLIC SECTOR REFORMPUBLIC UTILITIESQUALITY OF EDUCATIONREAL EXCHANGE RATEREFORM AGENDAREFORM OBJECTIVESREFORM PROGRAMREGULATORY FRAMEWORKRESOURCE AVAILABILITYRESOURCE FLOWSRESOURCE MANAGEMENTSANITATIONSCHOOL FEESSECTOR BUDGETSSECTOR MINISTRIESSECTOR MINISTRYSECTOR PROGRAMSSECTORAL OBJECTIVESSERVICE DELIVERYSHARE OF INVESTMENTSTRUCTURAL ADJUSTMENTSTRUCTURAL REFORMSTRUCTURAL REFORMSSUSTAINABILITY ANALYSISSWAPTOTAL EXPENDITURETOTAL EXPENDITURESTRADINGTRANCHETRANCHESTRANSPARENCYTRUST FUNDWAREHOUSEWorking PaperWorld Bank10.1596/978-1-60244-155-2