Following a successful coup, Maj. Mathieu Kerekou implemented a program of scientific socialism in Dahomey. Key sectors of the economy were nationalized.
Presidential runoffs in Benin were won by former Marxist military ruler Mathieu Kerekou. At his inauguration (April 4), Kerekou pledged national reconciliation and appointed his rival, former president Nicéphore Soglo, as minister of finance.
The World Bank and the International Monetary Fund (IMF) qualified Benin for $460 million in debt relief under the Heavily Indebted Poor Countries Initiative, legitimating the loan by citing Benin's increased economic growth and stability.