Benin and the International Monetary Fund (IMF) have reached a staff-level agreement on a new 42-month extended credit facility.

The international money lender in a statement said the over three years credit facility is worth 658 million US dollars.

IMF said the program is intended to help Benin address pressing financing needs related to security, the impact of the COVID-19 pandemic and the war in Ukraine, as well as anchor its national development plan.

The agreement which is subject to approval by the IMF Management and the Executive Board around mid-June 2022, captured an innovative program – the first case under the IMF's High Combined Credit Exposure policy to support the economy in the near term.

The second program oversees advanced policies and reforms to foster sustained private sector growth in the long term.