Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Staff Report, and Statement by the Executive Director
IMF Staff Country Reports, July 5, 2022
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- Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Staff Report, and Statement by the Executive Director
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Bibliographic details
- Published: July 5, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400211942.002
Overview and context
- Paper discusses Central African Economic and Monetary Community’s (CEMAC) Common Policies in Support of Member Countries Reform Programs.
- CEMAC ended 2021 in a fragile external position, despite availability of Fund financing, the SDR allocation, and monetary policy tightening.
Key findings and statistics
- Gross reserves at only 2.7 months of prospective imports.
- Net foreign assets at their lowest level in decades.
- Pages: 53
- Volume: 2022
- Issue: 208
- Series: Country Report No. 2022/208
- DOI: https://doi.org/10.5089/9798400211942.002
- Stock No: 1CAEEA2022002
- ISBN: 9798400211942
- ISSN: 1934-7685
Risks, outlook, and scenarios
- The terms of trade shock this year is expected to be broadly positive for CEMAC.
- The more favorable outlook is subject to heightened external uncertainties associated with:
- fallout from the war in Ukraine,
- faster-than-anticipated global financial tightening,
- possible emergence of new coronavirus disease strains,
- risks from crypto-assets.
Policy recommendations and priorities
- Seize the opportunity offered by high oil prices to rebuild both fiscal and external buffers.
- Strengthen social safety nets to protect vulnerable populations from the effects of soaring energy, food, and fertilizer prices.
- Normalize the prudential framework by end-June 2022 as planned.
- Ensure that banks account for sovereign risk adequately.
Thematic subjects and keywords
- Subjects: Asset and liability management, Fiscal policy, International organization, Monetary policy, Prices, Public debt
- Keywords: CEMAC authorities, CEMAC member states, Fiscal stance, Global, Inflation, Liquidity, liquidity management framework, monetary policy tightening, Oil prices, Policy recommendation, recapitalization procedure
Source: Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Staff Report, and Statement by the Executive Director; July 5, 2022; IMF Staff Country Reports No. 2022/208; DOI: https://doi.org/10.5089/9798400211942.002
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- 1caeea2022002