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Fundamental Rating Strengths and Weaknesses: Benin’s ‘B+’ rating reflects strong trend growth, a recent record of economic reforms, prudent fiscal policies and proactive debt management. This is balanced by low - although rising - government revenues, a relatively undiversified economy heavily exposed to Nigeria and reliant on agriculture, and low development indicators compared to rating peers. Budget Consolidation to Resume: Benin is committed to a consolidation plan, anchored by the IMF programme, to reduce its budget deficit to 3% of GDP by 2025, from 5.5% in 2022. ���������ֳ� forecasts the deficit will narrow to 4.7% of GDP in 2023, 4.1% in 2024 and 3.3% in 2025, mostly due to better revenue mobilisation (from a low level) and a re-prioritisation of expenditures. We expect capex to moderate to 7% of GDP by 2025 from a record 8.8% in 2022.