Central African Economic and Monetary Community (CEMAC): Staff Report on the Common Policies in Support of Member Countries Reform Programs
IMF Staff Country Reports, July 10, 2018
Source details
- Canonical URL
- Central African Economic and Monetary Community (CEMAC): Staff Report on the Common Policies in Support of Member Countries Reform Programs
Other formats
Bibliographic details
- Published: July 10, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484366486.002
Economic situation and recent developments
- While improving, CEMAC’s economic situation remains fragile.
- Growth picked up slightly but remains well below potential.
- Governments’ fiscal consolidation efforts, along with BEAC’s tighter monetary policy and stricter enforcement of foreign exchange regulations, have contributed to a significant reduction in the region’s fiscal and external imbalances.
- The regional central bank and banking supervisor continue to implement policies in support of the IMF-supported programs with CEMAC members.
- Fiscal slippages in some countries contributed to the underperformance of international reserve accumulation in early 2018.
Policy commitments and implementation
- All CEMAC countries are committed to macroeconomic policies agreed with IMF staff to support the economic recovery and financial sustainability of each country and of the region.
- BEAC has implemented tighter monetary policy and stricter enforcement of foreign exchange regulations as part of regional efforts.
- Regional institutions (the regional central bank and banking supervisor) continue policy implementation in support of IMF-supported programs.
Outlook and risks
- Looking ahead, a further improvement in the economic and financial situation is projected, assuming full implementation of policy commitments by CEMAC member states and regional institutions.
- This outlook remains subject to substantial risks from:
- possible weaker program implementation,
- lower oil prices,
- insufficient external financing.
Key topics covered
- Banking
- Credit
- External position
- Fiscal policy
- Fiscal stance
- Foreign assets
- Foreign exchange
- Foreign exchange regulations
- Money
- Oil prices
- Public debt
Source: Central African Economic and Monetary Community (CEMAC): Staff Report on the Common Policies in Support of Member Countries Reform Programs (July 10, 2018).
Content in this bundle
- Country Report