CHAPTER FOUR: ECONOMIC GOVERNANCE AND MANAGEMENT __________________________________________________________________________ Gross domestic savings 10.1 9.6 10.0 10.2 12.2 8.8 10.4 Total revenue 11.2 14.3 15.8 16.6 16.4 16.7 16.6 Tax revenue 9.2 12.2 14.0 14.9 14.6 14.5 14.7 Total expenditure 17.7 17.7 18.6 22.0 19.8 19.8 20.6 Wage bill 6.2 4.7 4.4 5.1 5.8 5.7 5.5 Primary basic balance 0.9 3.5 1.6 -1.4 -0.3 0.1 -0.5 Exports 16.3 17.6 15.8 15.2 14.0 13.0 14.1 Imports 24.7 24.2 22.7 23.0 20.8 19.9 21.2 Overall balance 6.9 -0.1 2.8 -1.2 -2.9 2.1 -0.7 Net external assets (in months of imports) 4 7 12 11 7 10 9 Outstanding debt 52.8 59.4 51.8 40.3 40.3 40.3 40.3 Debt service 1.8 2.0 1.3 0.8 0.7 0.6 0.7 Debt service (in % of exports) 11.9 8.6 5.9 3.8 3.6 3.1 3.5 Source: DSCRP MDEF. 390. Privatisation. Some new strategies have just been introduced to the cotton sector under the privatisation denationalisation policy. The government decided to transfer the industrial tool of SONAPRA28 partially to the Société Commune de Participation. It will hold 45% of the capital of SONAPRA. The state will hold 35% of the capital, while 20% of shares will be held by the producers, the staff of SONAPRA, and the Beninese and foreign public. The PAC and the Beninese Electricity and Water Company (SBEE – Société Béninoise d’énergie électrique et d’eau) have had their privatisation programme postponed several times. The cotton sector was given a new boost, thanks to the investment of a Beninese professional who already had three cotton spinning factories. Moreover, the government has initiated the privatisation of the Posts and Telecommunications Organisation (OPT – Office des postes et télécommunictions) and passed decrees29 creating the Poste du Bénin. In addition, the Société Béninoise d’électricité et d’eau (SBE) was divided into two entities: the Benin National Water Company (SONEB – Société nationale des eaux du Bénin) in June 2003; and the SBEE in March 2004. In 2007, the privatisation process concerned transferring the shares of the SBEE to the private sector and defining new privatisation options for the telecommunications and management of the Cotonou Port. 28 8 October 2007. La Nation, Number 4342. ‘Cabinet Meeting. Creation of a new company to develop the cotton sector’. 29 Decree 2004-260 of 5 May 2004 on the creation of Benin Telecom SA, and Decree 2004-365 of 28 June 2004. 145