Central African Republic: First Review Under the Extended Credit Facility, Requests for Waivers of Nonobservance of Performance Criteria, Modification of Quantitative Performance Criteria, Rephasing of Access, and Financing Assurance Review-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic
IMF Staff Country Reports, November 6, 2023
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- Central African Republic: First Review Under the Extended Credit Facility, Requests for Waivers of Nonobservance of Performance Criteria, Modification of Quantitative Performance Criteria, Rephasing of Access, and Financing Assurance Review-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic
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Bibliographic details
- Published: November 6, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400258664.002
Program implementation and macroeconomic context
- Program implementation has been mixed for the first review, against a challenging macroeconomic backdrop in the first half of the year.
- The authorities are taking measures to ensure that end-December 2023 targets are met, including by shoring up revenue collection.
- The authorities remain committed to strong policies.
Fiscal policy, revenue, and spending priorities
- The authorities should step up social spending while prioritizing investment in additional fuel storage capacity and infrastructure to overcome revenue volatility.
- The increase in revenues should be met by a spending structure that prioritizes social-related outlays and thus equitable growth.
Public debt management and financing
- Strengthening public debt management would alleviate rollover risks, including by lengthening the tenor of new issuances and building cash buffers.
- In parallel, the authorities should adopt a more proactive debt management approach and build cash buffers to mitigate rollover risks.
- Improving debt statistics is important.
Governance, transparency, and donor engagement
- Fostering good governance, anti-corruption efforts, transparency and financial integrity will be critical to catalyze donor support.
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