Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Staff Report; and Statement by the Executive Director
Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Staff Report; and Statement by the Executive Director

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-07-07

Total Pages: 58

ISBN-13: 1513577573

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Context and risks. The pandemic may have a long-lasting impact on CEMAC’s growth potential, which is already curtailed by structural, governance, and transparency issues. The policy response from national and regional authorities in 2020 helped mitigate the economic fallout. CEMAC, however, experienced a severe recession in 2020, fiscal and external deficits increased, and public debt rose with some countries having debt sustainability issues. The region is facing an increasing dilemma between internal and external stability, as external reserves fell sharply between mid-2020 and March 2021. A moderate recovery in economic growth is expected from 2021. Supported by lower than previously projected total external financing of €4.8 billion over 2021–23, international reserves build-up would be slower than pre-pandemic. This outlook is highly uncertain and contingent on the evolution of the pandemic and the vaccination program. Other significant risks include delayed implementation of the ongoing or possible new Fund-supported programs, uncertainties in filling large external financing needs, oil prices, and a possible deterioration in the security situation.

International Monetary Fund Annual Report 2021
International Monetary Fund Annual Report 2021

Author: International Monetary Fund. Secretary's Department

Publisher: International Monetary Fund

Published: 2021-10-04

Total Pages: 74

ISBN-13: 1513568817

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A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.

Central African Economic and Monetary Community
Central African Economic and Monetary Community

Author: International Monetary Fund. African Dept.

Publisher: International Monetary Fund

Published: 2024-06-28

Total Pages: 59

ISBN-13:

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The CEMAC’s economy lost some momentum in 2023 and the external position deteriorated somewhat, while inflation cooled but remained high. Updated statistics revealed a much more deteriorated fiscal situation than originally estimated. The near-term outlook is one of continued recovery, with growth projected at 3.6 percent in 2024, reflecting still-high oil prices and a strong rebound in oil output. In the medium term, however, sustained growth projected at the regional level masks divergences across the region, with weaker economic performance in countries with no program or off-track Fund-supported programs. In the absence of decisive corrective actions, and with current policies unchanged, fiscal and external imbalances are set to widen in the medium term, threatening to reverse reserve accumulation and add to financial stability risks.

Central African Economic and Monetary Community
Central African Economic and Monetary Community

Author: International Monetary Fund. African Dept.

Publisher: International Monetary Fund

Published: 2023-01-06

Total Pages: 68

ISBN-13:

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CEMAC is broadly benefiting from the positive terms of trade shock amidst the fallout from Russia’s war in Ukraine. Post-pandemic economic recovery is taking hold, albeit slowly, supported by high oil prices and the lifting of COVID-19 containment measures. External reserves have started to build up, though still short of the desired level, owing in part to costly untargeted energy and food subsidies. Global inflation pressures have passed through to domestic prices, putting pressure on real incomes. Rebuilding buffers and sustaining a recovery that protects the most vulnerable will require stricter adherence to budget and reform plans consistent with Fund-supported programs and policy advice; this will ensure that part of the oil windfall is saved. Implementation of these policies in current favorable conditions is critical to strengthening resilience in the face of rising risks, including most notably to food security, debt vulnerabilities, and tightening of global financial conditions.

Central African Economic and Monetary Community (CEMAC)
Central African Economic and Monetary Community (CEMAC)

Author: International Monetary Fund. African Dept.

Publisher: International Monetary Fund

Published: 2019-01-03

Total Pages: 67

ISBN-13: 1484392795

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The regional strategy has helped to avert an immediate crisis but continues to face headwinds: two countries have yet to enter financing arrangements with the Fund: regional reserves have underperformed despite higher-than-projected oil prices; the projected recovery of non-oil growth has still to materialize; and the security, social, and political context remains challenging. Consistent with the policy assurances it had provided, the BEAC has taken corrective actions, including an increase in its policy rate, to address the NFA underperformance and has made substantial progress toward finalizing by end-year the modernization of the monetary policy operational framework and the drafting of new foreign exchange regulations. A follow-up letter of support provides updated policy assurances on the NFA path. The medium-term outlook continues to see a gradual improvement in the economic and financial situation but is subject to substantial downside risks, including further delays in the approval of financial arrangements with Congo and Equatorial Guinea, lower oil prices, and tighter global financial conditions. The region continues to face daunting challenges to diversify its economy, with a poor business environment and high perception of corruption.

The Revised EBA-Lite Methodology
The Revised EBA-Lite Methodology

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2019-07-03

Total Pages: 58

ISBN-13: 1498324371

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The Methodology review identified three broad areas for improving the EBA-Lite methodology: (1) expanding the fundamentals and policy determinants in the CA and REER regressions to better capture the external balance of EBA-Lite countries; (2) identifying alternatives to regression models for external assessments of large exporters of exhaustible commodities; and (3) a revised approach for the assessment of external sustainability in highly indebted economies. Accordingly, the revised methodology consists of three modules: 1) Regression Module 2) Module for External Assessments of Exporters of Exhaustible Commodities 3) Module for the Assessment of External Sustainability

Review of the IMF's Communications Strategy
Review of the IMF's Communications Strategy

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2014-06-30

Total Pages: 44

ISBN-13: 1498343155

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The framework guiding the IMF’s communications—established by the Executive Board in 2007—has enabled the institution to respond flexibly to the changing global context. The framework is based on four guiding principles: (i) deepening understanding and support for the Fund’s role and policies; (ii) better integrating communications into the IMF’s daily operations; (iii) raising the impact of new communications materials and technologies; and (iv) rebalancing outreach efforts to take account of different audiences. In addition, greater emphasis has been placed on strengthening internal communications to help ensure institutional coherence in the Fund’s outreach activities. Continued efforts are needed to strengthen communications going forward. Several issues deserve particular attention. First, taking further steps to ensure clarity and consistency in communication in a world where demand for Fund services continues to rise. Second, doing more to assess the impact of IMF communications and thus better inform efforts going forward. Third, engaging strategically and prudently with new media—including social media.

Gabon
Gabon

Author: International Monetary Fund. African Dept.

Publisher: International Monetary Fund

Published: 2017-07-11

Total Pages: 104

ISBN-13: 1484309162

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This paper discusses Gabon’s Request for an Extended Arrangement Under the Extended Fund Facility (EFF). The main goal of the program is to ensure macroeconomic stability and lay the basis for sustainable and equitable growth. To this end, the program seeks to ensure debt sustainability at the national level and help restore and preserve external stability at the regional level. It is built upon three pillars: (1) well-balanced fiscal consolidation that minimizes the impact on growth and protects vulnerable groups; (2) structural fiscal reforms to improve the efficiency and transparency of public spending; and (3) policies to enhance financial sector stability and economic diversification. The IMF staff supports the authorities’ request for an extended arrangement under the EFF.

Chad
Chad

Author: International Monetary Fund. African Dept.

Publisher: International Monetary Fund

Published: 2013-09-09

Total Pages: 42

ISBN-13: 1484324072

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This paper analyzes the effect of an IMF Staff-Monitored Program for Chad to enhance economic development. Weak institutional capacity and governance concerns have limited economic development and donor support in Chad. It is highlighted that the reduction in the nonoil primary deficit envisaged in the 2013 budget appears appropriate, but expenditures linked to the regional security situation and lower than anticipated oil revenues imply large financing needs. There are significant economic and political risks to program implementation,; the regional security situation remains volatile, and the economy is highly dependent on volatile oil revenue.