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Benin: Selected Issues and Statistical Appendix © 2004 International Monetary Fund November 2004 IMF Country Report No. 04/370 Benin: Selected Issues and Statistical Appendix This Selected Issues paper and Statistical Appendix for Benin was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on September 7, 2004. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Benin or the Executive Board of the IMF. The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information. To assist the IMF in evaluating the publication policy, reader comments are invited and may be sent by e-mail to [email protected]. Copies of this report are available to the public from International Monetary Fund Ɣ Publication Services 700 19th Street, N.W. Ɣ Washington, D.C. 20431 Telephone: (202) 623 7430 Ɣ Telefax: (202) 623 7201 E-mail: [email protected] Ɣ Internet: http://www.imf.org Price: $15.00 a copy International Monetary Fund Washington, D.C. ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution INTERNATIONAL MONETARY FUND BENIN Selected Issues and Statistical Appendix Prepared by a staff team consisting of Mr. Ewenczyk (head), Mr. Harmsen (Resident Representative), Mr. Nsengiyumva, Mr. Yulek, and Ms. Babihuga (all AFR) Approved by African Department September 7, 2004 Contents Page Selected Issues I. Sources of Economic Growth in Benin.........................................................................4 A Background..............................................................................................................4 B. Growth Accounting..................................................................................................5 C. Conclusion...............................................................................................................8 II. The Cotton Sector Reform in Benin and the Subsidies by Major Producing Countries................................................................................................................12 A. The Cotton Sector Reform In Benin......................................................................13 B. Subsidies by Major Producing Countries and its Impact on Benin.......................16 III. The Microfinance Sector in Benin...............................................................................22 A. Size and Penetration of the Microfinance Sector...................................................22 B. The Different Types of Microfinance Institutions.................................................25 C. Regulation and Supervision...................................................................................26 D Challenges Ahead..................................................................................................27 IV. Developments in the External Competitiveness of Benin...........................................29 A. Evolution of Real Exchange Rates........................................................................29 B. Estimating the Equilibrium Real Exchange Rate...................................................30 C. Other Competitiveness Indicators..........................................................................33 D. Conclusion.............................................................................................................34 ©International Monetary Fund. Not for Redistribution - 2 - Figures III.1. Membership, Deposits, and Credits of Microfinance Institutions (MFIs)...............23 IV.1. Effective Exchange Rates, January 1993–April 2004.............................................36 IV.2. Real Effective Exchange Rates for Selected WAEMU Countries...........................37 IV.3. Benin Price Index (CPI) Relative to Selected WAEMU Countries.........................38 IV.4. Bilateral Real Exchange Rates (RER) with France and the U.S.A..........................39 IV.5. Internal Real Exchange Rate....................................................................................40 IV.6. Actual and Estimated Equilibrium Real Effective Exchange Rates (REER)..........41 IV.7. Europe-West Africa Trade Agreement (EWATA) Congestion Surchages for Cotonou, Lomé, and Lagos ports.......................................................................42 Text Tables I.1. Decomposition of Benin Growth by Sector During 1970–2003...............................9 I.2. Sources of Economic Growth During 1970–2003 (with D=0.5).............................10 I.3. Sources of Economic Growth During 1970–2003 (with D=0.35)...........................10 II.1. Cotton Prices and Production, 1990–2004...............................................................20 II.2. Cotton Fiber: World Production, Exports, and Imports, 2001–03...........................21 III.1. Indicators of the Microfinance Sector, 2003............................................................24 III.2. Indicators of Geographical Penetration of the MFIs in 2000..................................25 IV.1. Factor Costs in Different WAEMU Countries, 2002...............................................43 IV.2. Evolution of Factor Costs, 1997–2003.....................................................................44 IV.3. Cotton Production Costs, 2000/01...........................................................................45 IV.4. Governance and Business Environment Indicators for Selected Countries (2002)................................................................................................46 Basic Data................................................................................................................................51 Statistical Appendix Tables 1. Gross Domestic Product by Sector of Origin at Current Prices, 1996-2003...........53 2. Gross Domestic Product by Sector of Origin at Constant Prices 1985 Prices, 1996-2003.......................................................................................54 3. Supply and Use of Resources at Current Prices, 1996-2003 (In billions of CFA francs)...................................................................................55 4. Supply and Use of Resources at Current Prices 1996-2003 (In percent of GDP)...........................................................................56 5. Production and Producer Prices of Cotton Products, 1995/96-2002/03..................57 6. Production and Cultivated Area of Principal Food Crops, 1995/96-2002/03..........58 7. Production and Exports of Palm Products, 1996-2003............................................59 ©International Monetary Fund. Not for Redistribution - 3 - 8. SONAPRA’s Cost Structure, 1995/96-2002/03......................................................60 9. Retail Price of Major Petroleum Products, 1996-2003............................................61 10 Production and Cost of Electricity, 1996-2003........................................................62 11. Transportation Activity, 1996-2003.........................................................................63 12. Retail Prices of Selected Products, 1996-2003........................................................64 13. Consumer Price Index in Urban Areas, 1997-2003.................................................65 14. Industrial Minimum Legal Wage, 1996-2003.........................................................66 15. Consolidated Government Operations, 1996-2003..................................................67 16. Central Government Revenue, 1996-2003..............................................................68 17. Central Government Expenditure, 1996-2003.........................................................69 18. Central Government Investment Expenditure, 1996-2003......................................70 19. Operations of the Social Security Fund, 1996-2002................................................71 20. Monetary Survey, 1996-2003..................................................................................72 21. Summary Account of the Central Bank (BCEAO), 1996-2003..............................73 22. Summary Account of Commercial Banks, 1996-2003............................................74 23. Net Claims on the Central Government, 1996-2003...............................................75 24. Distribution of Credit to the Economy, 1996-2003.................................................76 25. Central Bank Lending Rates, January 1999-December 2003..................................77 26. Balance of Payments (In CFA francs), 1996-2003..................................................78 27. Balance of Payments (In U.S. dollars), 1996-2003.................................................79 28. External Trade Indices, 1996-2003..........................................................................80 29. Services, Income, and Private Transfers, 1996-2003..............................................81 30. Direction of Recorded Exports, 1996-2003.............................................................82 31. Origin of Recorded Imports, 1996-2003..................................................................83 32. Stock of Public and Guaranteed External Debt, 1996-2003....................................84 33. Debt-Service Obligations on Public and Publicly Guaranteed Debt, 1996-2003................................................................................................................85
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