IMF Staff Completes Visit to Central African Republic

IMF News, September 14, 2018

Source details

Press Release No. 18/348; September 14, 2018.
A staff team from the International Monetary Fund (IMF), led by Norbert Toé, visited Bangui during September 7–14, 2018 to review recent developments and program implementation.
The IMF supports the economic and financial program of the Central African Republic by an Extended Credit Facility (ECF) arrangement since 2016.
On July 2, 2018, the IMF Executive Board approved the fourth review under the ECF, bringing total disbursements under the arrangement to SDR 88 million (about US$ 123.7 million).
The mission will not result in a Board discussion; views expressed are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.

Economic recovery continues; growth projected to reach 4.3 percent in 2018.
The economic recovery is expected to accelerate in the medium term, predicated on:
- the restoration of peace,
- the extension of public services throughout the country,
- a steadfast implementation of reforms.
Strong and sustained growth is necessary to create jobs and reduce poverty.

Based on preliminary data and information collected during the mission, the economic program remains on track.
Quantitative monitoring indicators for end-June 2018 agreed with the authorities have been met.
Social spending underperformed relative to targets.
Structural reforms are advancing, although with some delays.

Strengthening government revenue mobilization remains a priority, including by taking decisive steps against fraud.
Accelerate domestic revenue mobilization.
Consolidate the single treasury account.
Strengthen public financial management.
Step up social spending to broaden public support for the reform program and to tackle poverty.
Given the impact of higher international oil prices on public finances, streamline the complex oil price structure.
Accelerate efforts to strengthen governance and transparency.
Sustain structural reforms aimed at improving the business environment.

The team and the authorities discussed broad outlines of the 2019 draft budget with a focus on the above priorities.
The team met with President Touadéra, Prime Minister Sarandji, President of the National Assembly Meckassoua, Minister of Finance Dondra, Minister of Economy Moloua, the National Director of BEAC Mr. Chaibou, senior government officials, as well as donor representatives.
The team is expected to return later this year to conduct discussions for the fifth review under the ECF arrangement and the Article IV consultation.

IMF Communications Department, MEDIA RELATIONS; Press Officer: Ismaila Dieng; Phone: +1 202 623-7100; Email: MEDIA@IMF.org