[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108215-en":3,"doc-seo-108215-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},108215,962075006959,"Anda","https://ap-avatar.wpscdn.com/avatar/e0002397efbe92a78e?_k=1776741047341049297",8,"Research & Report","Creating Fiscal Space to Build Human Capital - Public Finance Review - Benin - Structure of the report","Creating Fiscal Space to Build Human Capital presents Benin’s fiscal constraints and the policy options needed to sustain growth and poverty reduction. The report outlines macroeconomic dynamics, showing how procyclical fiscal policy and tightening financing conditions have increased short-term vulnerabilities and debt risks. It highlights the limited role of automatic stabilizers and the low growth contribution of social and infrastructure spending, then frames rebuilding fiscal space through stronger revenue mobilization and more efficient, equitable spending in health, education, and social protection.","Pub lic Disclosure Authorized Pub lic Disclosure Authorized  \nCREATING FISCAL SPACE TO BUILD HUMAN CAPITAL  \nPublic Finance Review  \nBenin  \n2  \nStructure of the report  \n •  Macroeconomic trends  01  \n\n| •  Revenue mobilization | 02 |\n| --- | --- |\n| •  Expenditure | 03 |\n| • Education | 04 |\n| • Health | 05 |\n\n• Social Protection 06  \nPart I Macroeconomic dynamics: Drivers of fiscal space  \nPart II Spending better to fulfil the potential of human capital  \n01 Rebuilding fiscal space is necessary to sustain growth and poverty reduction in a context of tightening financing conditions  \n\n|  | Benin’s development challenges are sizable and require sustained high growth and poverty reduction; creating fiscal space to achieve this goal is a precondition. In 2020, Benin officially transitioned to a lower middle-income country. Sustaining this path going forward requires strengthening the foundations to support the structural transformation of its economy and a more inclusive growth process. Poverty is still high : in 2019 38. 5% of the population was living below the national poverty line; human development outcomes are low: in 2020 the Human Capital Index (HCI) was among the lowest globally.\u003Cbr>In the current global context (post COVID-19, war in Ukraine), sustaining human capital-oriented public spending (in health, education and social protection) without jeopardizing access to markets or the sustainability of its debt, will require rebuilding it fiscal space by addressing structural fragilities mostly through (1) greater revenue mobilization; (2) more efficient spending in social sectors that represent one third of total public expenditure (through both allocative and technical efficiency gains, and greater equity considerations) . The PFR discusses these challenges and opportunities. |\n| --- | --- |\n\nThe PFR compares Benin to structural and other peers chosen through a data-driven process. Structural peers are Togo, Rwanda and Senegal; while other peers include Morocco, Ghana, Sri Lanka and Tunisia. Benin will also be compared to WAEMU and ECOWAS regional peers and to the broader LMIC and SSA country groupings.  \n3  \nVulnerabilities have risen in the short-term due to the fiscal impact of procyclical fiscal policy and tightening financing conditions  \n\n| The authorities continue to adhere to a sound macroeconomic policy framework, but vulnerabilities have risen in the short term |  |  |  |\n| --- | --- | --- | --- |\n| Prudent fiscal policy before the COVID-19 crisis gave authorities significant space to increase spending: the fiscal deficit (incl. grants) was 0.5% of GDP in 2019, with the primary balance reaching-0. 1% of GDP. An expansionary fiscal policy in 2020-21 prevented the pervasive effects of stronger economic deceleration. But short-term vulnerabilities have consequently increased: since 2019 the fiscal deficit has increased by 5.2 ppts and PPG debt by 8.6 ppts of GDP to reach 52.3 percent of GDP in 2022. According to the November 2022 DSA, Benin is currently at moderate risk of external and overall debt distress. However, the space to absorb shocks is limited, with external debt burden indicators breaching high-risk thresholds in selected stress scenarios related to exports and commodity prices. This highlights the importance of creating fiscal space to ensure debt sustainability in a context of increasing borrowing costs since the onset of the war in Ukraine and the tightening of monetary policy in the EU and US. |  |  |  |\n| \u003Cbr>Fiscal and primary balances (% of GDP) | Debt service to revenue ratio | \u003Cbr>PPG and external debt (% of GDP) |  |\n\n3 2  \n1 0  \n-1  \n-2  \n-3  \n-4  \n-5  \n-6  \nFiscal balance (incl. grants)  Primary balance (incl. grants)  \n2010  \n2011  \n2012  \n2013  \n2014  \n2015  \n2016  \n2017  \n2018  \n2019  \n2020  \n2021  \n2022e  \n25  \n20  \n15  \n10  \n5  \n0  \n2022 2024 2026 2028 2030 2032  \n60.0  \n50.0  \n40.0  \n30.0  \n20.0  \n10.0  \n0.0  \n4  \nFiscal policy will need to play a greater role in promoting inclusive","cbCaijsiSLYi6pTQ","https://ap.wps.com/l/cbCaijsiSLYi6pTQ","pdf",1191967,3,1,31,"English","en",105,"# Structure of the report\n## Macroeconomic trends\n## Revenue mobilization\n## Expenditure\n## Education\n## Health\n## Social Protection\n# Part I Macroeconomic dynamics: Drivers of fiscal space\n## Rebuilding fiscal space is necessary to sustain growth and poverty reduction\n## Vulnerabilities have risen in the short-term due to procyclical fiscal policy and tightening financing conditions\n## Fiscal policy will need to play a greater role in promoting inclusive growth\n# Part II Spending better to fulfil the potential of human capital\n## Revenue mobilization remains the inevitable instrument for larger fiscal 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