PRESS RELEASE COMMUNIQUE (Version Française)
Benin is leading the way in the ranking list of IDA countries in terms of debt data transparency
Benin’s impressive results in terms of debt management have once again been recognized and commended. After obtaining the award for best public debt manager in 2019, Benin has once again been cited as an example for the effective management of its debt, which complies with international standards in the field. Over the course of the second quarter of 2020, the World Bank has updated its transparency monitoring platform in terms of debt management and has awarded Benin first place among 76 eligible countries for funding from the International Development Association (IDA).
Spurred on by the President of the Republic, His Excellency Patrice TALON, Benin is firmly committed to a better management of its public debt. This commitment was reflected in the continuous improvement in terms of generation and dissemination practices of public debt data in a timely manner and acknowledged under the assessment on transparency of the public debt management by the World Bank.
The assessment on transparency of the public debt management, which is updated on a semi-annual basis covers three major dimensions:
- Dissemination practices of statistics on public debt
- Publication of key documents on debt management
- Identification of fiscal risks arising from contingent liabilities
These three dimensions rely on 9 indicators, namely:
- Data availability
- Debt instruments
- Scope of the debt
- Accessibility of information on new commitments
- Frequency of data release
- Timetable for data release
- Publication of a debt strategy
- Availability of an annual debt plan
- Availability of information on contingent liabilities
Our country received the maximum possible score for 7 out of 9 indicators.
This new feature rewards Benin’s efforts to maintain and strengthen best practices and international standards in all areas of public management, especially in terms of public debt management. This confirms the findings of the IMF which welcomed Benin’ sound management of its public debt during the six reviews of the three-year program (2017-2020) under the Extended Credit Facility (ECF). This is also the result of the economic reforms and structural changes undertaken by the government and spearheaded by His Excellency, President Patrice Talon.
Done in Cotonou, on August 11, 2020
The Ministry of Economy and Finance