Washington: The Executive Board of the International Monetary Fund has approved a request from the Beninese authorities for an extension of the country's Extended Fund Facility (EFF), Extended Credit Facility (ECF), and Resilience and Sustainability Facility (RSF) arrangements until February 28, 2026. This extension is aimed at providing adequate time for the completion of the seventh and final review of the EFF-ECF arrangements and the fourth and final review of the RSF arrangement, as well as to lay the groundwork for future program engagements.

According to International Monetary Fund, the EFF-ECF arrangements were originally approved on July 8, 2022, with a total amount of SDR 484.058 million, accounting for 391 percent of the country's quota, over a period of 42 months. Additionally, the RSF arrangement was approved on December 14, 2023, with an allocation of SDR 148.56 million, which is 120 percent of the quota, over a 24-month period. The extension of the RSF was further prolonged until January 7, 2026, on December 11, 2025.

The decision to extend these facilities underscores the commitment of both the IMF and Benin to ensuring the successful completion of the ongoing program reviews and to strengthening the foundations for further engagement. The extended timeline will allow Benin to continue to work closely with the IMF to achieve its economic objectives and maintain financial stability.