IMF Staff Country Reports

Central African Republic: 2023 Article IV Consultation and request for a 38-month arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic

Publication Date:

May 2, 2023

Electronic Access:

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Summary:

CAR is on the brink of a humanitarian crisis with acute food insecurity and access to health care drastically impaired. Social tensions have ratcheted up, including strikes in various sectors, on the back of a cost-of-living crisis triggered by the Russian invasion of Ukraine. Political tensions have also escalated from the President’s plans of a third mandate requiring revisions to the constitution. The 2021 suspension of budget support—which deprived the government of 5 percent of GDP in financing—is now constraining, following the erosion of buffers, including the 2021 SDR allocation. The protracted balance of payment need is preventing the authorities from delivering basic public services to an already afflicted population. Against this backdrop, the authorities have requested Fund financing assistance.

Series:

Country Report No. 2023/155

Subject:

International organization Monetary policy

Frequency:

regular