IMF executive board approves $638 million for Benin

International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S. REUTERS/Yuri Gripas

DAKAR (Reuters) - The International Monetary Fund's (IMF) executive board has approved a $638 million extended fund and extended credit facility for Benin under a 42-month arrangement to help the West African nation address pressing financing needs, the IMF said in a statement late on Friday.

The decision will enable an immediate disbursement of $143 million, which Benin authorities intend to use for budget support, the IMF said.