Central African Economic and Monetary Community (CEMAC): Common Policies in Support of Member Countries Reform Programs
IMF Staff Country Reports, July 9, 2019
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- Central African Economic and Monetary Community (CEMAC): Common Policies in Support of Member Countries Reform Programs
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Bibliographic details
- Published: July 9, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498324755.002
Regional economic stabilization: findings
- The regional strategy helped stabilize the regional economic position through:
- large fiscal consolidation efforts,
- a tighter monetary policy,
- external financial assistance.
- The external position improved, and external reserves picked up.
- The region remains dependent on oil revenues.
- There has been little progress in economic diversification.
- Budget non-oil revenues are under-performing.
- Weaknesses persist in the financial sector.
Policy implementation and authorities' commitments
- The policy assurances included in BEAC’s letter of December 2018 were implemented as planned.
- The CEMAC authorities reiterated their full commitment to the strategy.
- Authorities signaled readiness to implement additional corrective measures if needed.
IMF engagement and program development
- Progress was made towards new IMF-supported programs in Congo and Equatorial Guinea.
Thematic areas covered
- Asset and liability management
- Banking
- Excess liquidity
- Fiscal policy and fiscal stance
- Foreign exchange regulations
- Liquidity
- Oil prices
- Prices
- Public debt
Keywords and institutional actors
- bank, BEAC, CEMAC authorities, CEMAC Commission, CEMAC country, Central Africa, CR, Excess liquidity, Fiscal stance, IMF staff estimate, ISCR, Liquidity, liquidity-stressed bank, Oil prices, policy assurance
Source: Central African Economic and Monetary Community (CEMAC): Common Policies in Support of Member Countries Reform Programs (IMF Staff Country Report, July 9, 2019).
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