Central African Economic and Monetary Community (CEMAC) : Staff Report on the Common Policies in Support of Member Countries Reform Programs

Author/Editor:

International Monetary Fund. African Dept.

Publication Date:

July 12, 2017

Electronic Access:

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Summary:

The sharp decline in oil prices has profoundly impaired the region’s external and fiscal balances. Oil export proceeds and budget oil revenues have plummeted between 2014 and 2016. The oil revenue shock and accommodative fiscal policy by member countries supported by expansionary regional monetary policies contributed to a fall in international reserves to a near critical point, despite initial spending cuts by some member countries. As a result of widening fiscal deficits and accommodative monetary policy, the current account deficit also widened substantially. International reserves reached the equivalent of 2.3 months of imports in December 2016.

Series:

Country Report No. 17/176

Subject:

English

Publication Date:

July 12, 2017

ISBN/ISSN:

9781484305775/1934-7685

Stock No:

1CAEEA2017001

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

47

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