Benin to release more than 74 billion CFA francs to mitigate socio-economic effects of COVID-19

13 Juin 2020

Cotonou, Benin, June 13  (Infosplusgabon) -  Benin will soon release some 74.12 billion CFA francs for a series of measures to mitigate the socio-economic effects of the COVID-19 pandemic, an official source said here Saturday.

The decision, taken at the weekly meeting of the Council of Ministers, is meant to support the productive sectors of the economy.

The measures, which will benefit formal companies, craftsmen and small informal service occupations, vulnerable people, the poor and extreme poor, is divided into three main components.

These are support for companies, craftsmen and people in small trades and a general subsidy on electricity and water tariffs.

The 63.38 billion CFA Francs support for businesses is intended to cover, as the case may be, 70 percent of the gross salary of employees declared over a three-month period, refund of VAT credits, and exempt from payment of motor vehicle tax for those who have not yet paid for the year 2020 or to convert it into a tax credit 2021 in for those who have already paid for it.

This subsidy will also be used to cover commercial rents over three months for the benefit of declared travel agencies.

The support for companies is also intended to fully cover electricity bills for three months for hotels and travel agencies amounting to 4.1 billion CFA francs.

To relieve craftsmen and people in small trades, the support of 4.98 billion FCFA takes into account 55,000 people in hairdressing, sewing, welding, carpentry, and small sellers who have registered on the digital platform opened for this purpose, as well as town halls and social promotion centers.

The general subsidy of 5.76 billion CFA francs applies to all citizens on electricity and water tariff.

A special subsidy is also provided for the poor and extreme poor as soon as the operation of their identification is completed.

Benin, which recorded its first case of infection on 16 March, has a total of 388 confirmed cases as of 10 June 2020 with 166 people on treatment, 217 people cured and five deaths related to coronavirus.

FIN/ INFOSPLUSGABON/BNK/GABON2020

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