Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Press Release, Staff Report, and Statement by the Executive Director for the Central African Economic and Monetary Community
IMF Staff Country Reports, January 21, 2022
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- Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Press Release, Staff Report, and Statement by the Executive Director for the Central African Economic and Monetary Community
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Bibliographic details
- Published: January 21, 2022
- Series: IMF Staff Country Reports
Summary findings
- Despite a more favorable external environment, marked by the rebound in global growth, fast-increasing oil prices, and unprecedented Fund financial support, CEMAC is ending 2021 in a fragile external position.
- Net external reserves fell throughout 2021 to reach their lowest level in decades.
- Gross reserves are just above three months of imports of goods and services.
- The launch of a second phase of the regional strategy at the August 2021 CEMAC Heads of States summit saw renewed commitments to accelerate structural, transparency, and governance reforms.
- The resumption of program engagements with the Fund, combined with high oil prices and significant fiscal adjustments in 2022, should allow for a turnaround.
- The build-up in external reserves is expected to resume in 2022.
Risks and vulnerabilities
- Possible adverse pandemic developments.
- Oil price volatility.
- Possible fiscal slippages.
- Shortfall in external financing.
- Security issues.
Policy actions and reform agenda
- Renewed commitments to accelerate structural reforms.
- Focus on transparency and governance reforms under the second phase of the regional strategy initiated at the August 2021 CEMAC Heads of States summit.
- Resumption of program engagements with the Fund to support fiscal adjustment measures in 2022 and external reserve rebuilding.
Key publication metadata and particulars
- Pages: 68
- Volume: 2022
- Issue: 013
- Series: Country Report No. 2022/013
- Stock No: 1CAEEA2022001
- ISBN: 9798400200069
- ISSN: 1934-7685
International Monetary Fund. African Dept. "Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Press Release, Staff Report, and Statement by the Executive Director for the Central African Economic and Monetary Community", January 21, 2022.
Content in this bundle
- Central African Economic and Monetary Community