Central African Economic and Monetary Community: Common Policies of Member Countries, and Common Policies in Support of Member Countries Reform Programs-Press Release; Staff Report; and Statement by the Executive Director

December 21, 2023

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Central African Economic and Monetary Community: Common Policies of Member Countries, and Common Policies in Support of Member Countries Reform Programs-Press Release; Staff Report; and Statement by the Executive Director, (USA: International Monetary Fund, 2023) accessed November 8, 2024

Also available in: français

Summary

The CEMAC’s recovery gained momentum in 2022, supported by higher hydrocarbon prices. The external position strengthened, with a rapid foreign reserve build-up, though still below adequate levels. The recent weakening in external buffers will require more forceful action to tighten liquidity conditions, greater compliance of member countries with foreign exchange regulations and stronger fiscal discipline. Underlying non-oil fiscal positions, however, also deteriorated, stressing the need for accelerating structural reforms, addressing recent fiscal slippages, and bringing polices back in line with Fund-supported program objectives and staff advice. This will be critical to strengthen the region’s resilience to hydrocarbon prices volatility, financial instability, entrenched inflation, tighter financial conditions, food insecurity, domestic conflicts and insecurity, and climate-related events.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Asset and liability management, Crime, Fiscal policy, Fiscal stance, Foreign exchange, Foreign exchange regulations, International organization, Liquidity, Monetary policy, Oil prices, Prices

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), CEMAC authorities, CEMAC authority, CEMAC country authorities, CEMAC economy, CEMAC member country, Central Africa, Fiscal stance, Foreign exchange regulations, Global, Liquidity, Oil prices

Publication Details

Pages:

84
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2023/440
Stock No:

1CAEEA2023003
ISBN:

9798400264450
ISSN:

1934-7685

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