Central African Economic and Monetary Community (CEMAC): Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director

August 24, 2016

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Central African Economic and Monetary Community (CEMAC): Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director, (USA: International Monetary Fund, 2016) accessed September 19, 2024

Also available in: français

Summary

This paper discusses the common policies needed for the member countries of the Central African Economic and Monetary Community (CEMAC). CEMAC growth was subdued in 2015. It slowed to 1.6 percent, from 4.9 percent in 2014, because of reduced public investment and lower oil production. Policies to counter the oil-price shock need to focus on fiscal consolidation and real-economy reforms. In the wake of the oil-price shock, monetary financing has been the primary response tool. Fiscal policy coordination among members should be strengthened, and fiscal discipline enforcement is needed. Real-economy reforms, focusing on improving the business climate and boosting private investment, are also needed to preserve macroeconomic stability.

Subject: Banking, Fiscal consolidation, Fiscal policy, Fiscal stance, Foreign exchange, Oil prices, Prices, Public debt, Purchasing power parity

Keywords: Authority, CEMAC authority, CEMAC Commission, CEMAC country, Central Africa, CR, Envisaged policy, FAD CEMAC, Fiscal consolidation, Fiscal stance, ISCR, Oil prices, Oil-price shock, Purchasing power parity, Weaker-than-expected oil price recovery

Publication Details

Pages:

63
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2016/277
Stock No:

1CAFEA2016003
ISBN:

9781475529685
ISSN:

1934-7685

Notes

Also Available in French

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