Benin - State Budget 2020: what about tax exemptions? Photo: internet

As a prelude to a financial rating of the Blessed, the WARA Agency exchanges with WADAGNI and its collaborators.

On Tuesday, 12 November 2019, the Minister of Economy and Finance Romuald WADAGNI, assisted by his staff, received a mission from the Regional Financial Rating Agency (WARA) in Sèmè City. The latter is visiting Benin as part of a process of financial rating of the country. Thus, just like the International Monetary Fund (IMF), which carries out its seasonal reviews, Benin practises being assessed by financial rating agencies that are totally independent structures. It is within this framework that the approach with the WARA agency, which works on Benin after other international and regional agencies, is being implemented. This is a field visit to review the macroeconomic aggregates and structural fundamentals of the Beninese economy.

This review will result in a report that will be published on the agency’s websites and on Benin’s official channels and can be consulted by all. The session consisted of officials from various departments of the Ministry of Economy and Finance under the dome of Romuald Wadagni providing information on Benin’s economic and financial health. In fact, this action is part of the executive’s desire for transparency in governance towards its fellow citizens and regional and international financial partners. “This financial rating is very important because it allows investors to invest in Benin on the basis of criteria that are defined, framed and the same for all countries,” said Maryse Lokossou, Technical Advisor for International Financing at the Ministry of Economy and Finance. She recalled that Benin has already done this kind of exercise several times, placing it among the top three countries of the West African Economic and Monetary Union (WAEMU), at the same level as Ivory Coast and Senegal.

At the end of the discussion session, Mohamed Amine Sabibi, considered that there were grounds for satisfaction with Benin. “We have learned a lot from this meeting, many points that we are very happy about. First, there is the progress that the State of Benin has made on its macroeconomic fundamentals, particularly on its investment projects and on inclusive development that puts the human being at the centre of State development,” he said.

The next step for WARA is to finish the management meeting and then write this year’s note based on its model and the information gathered in the process. Then the agency will come back next year for an annual review of Benin’s rating.

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