{ "title": "IMF Staff Team Concludes Visit to the Central African Republic", "publication": "IMF News, September 13, 2016", "sourceUrl": "https://www.imf.org/en/news/articles/2016/09/13/pr16404-central-african-republic-imf-staff-team-concludes-visit", "canonical": "https://www.imf.org/en/news/articles/2016/09/13/pr16404-central-african-republic-imf-staff-team-concludes-visit", "overlayPath": "/en/news/articles/2016/09/13/pr16404-central-african-republic-imf-staff-team-concludes-visit/index.md", "summary": "IMF staff team visited Bangui from September 6-13, 2016.", "publishDate": "2016-09-13", "sections": [ { "heading": "Visit details", "content": "- IMF staff team visited Bangui from September 6-13, 2016.\n- Mission led by Samir Jahjah, IMF Mission Chief for Central African Republic (CAR).\n- Purpose: assess economic and financial developments through end-August, review early progress under the program supported by the Extended Credit Facility (ECF), and discuss progress in preparing for the Brussels Donors Conference in November 2016." }, { "heading": "Economic assessment and projections", "content": "- Since the beginning of the year, the economy has been on a strong recovery path.\n- Economic activity is picking up in the coffee, cotton and forestry sectors.\n- Trade and transport show better performance than projected.\n- Constraints to growth:\n - Low public investment spending.\n - Weak infrastructure.\n - Continued weaknesses in the banking sector.\n- Food prices trajectory:\n - Declined in the first six months of the year.\n - Picked-up during the summer due to returning refugees and heavy rains that negatively affected the manioc crop.\n- Projections:\n - Economic growth is projected at 5.2 percent.\n - Inflation is projected at 4 percent.\n - Downside risks if recent inflationary pressures observed in Bangui persist through the year." }, { "heading": "Fiscal position, program performance, and reforms", "content": "- Fiscal revenue and public expenditure are broadly in line with projections.\n- Arrears clearance has been higher than projected.\n- Overall fiscal balance:\n - Expected to be in line with the program objective of a primary deficit of 3.3 percent of GDP in 2016.\n- Revised budget for 2016:\n - Submitted to parliament.\n - Includes additional measures to improve domestic revenue mobilization, including a new price structure for oil products.\n- Current expenditure is contained.\n- Planned spending:\n - New demobilization-related spending that has received financial support from members of the Central African Economic and Monetary Community.\n- Budget support:\n - Government is on track to receive the projected budget support through the end of the year, which will allow the build-up of a fiscal buffer and help prevent domestic payments arrears accumulation, including to pensions.\n- Structural reform agenda:\n - Implementation appears broadly on track.\n - Barring unforeseen events, the government is on track to meet its revenue target for 2016.\n- Policy guidance / expectations for 2017:\n - Economy expected to further improve in 2017, supported by:\n - Peace and reconciliation efforts underway.\n - Continued implementation of appropriate macroeconomic and structural policies.\n - An investment plan with a clear set of priorities.\n - Possible significant assistance from development partners who are expected to meet in Brussels on November 17, 2016.\n- Other welcome development:\n - Efforts by the government toward a total lifting of the export suspension of diamond in the context of the Kimberley Process." }, { "heading": "Meetings and stakeholder engagement", "content": "- The IMF staff team met with:\n - President Faustin Archange Touadera.\n - Prime Minister Simplice Mathien Sarandji.\n - Minister of Economy and Plan and International Cooperation Felix Moloua.\n - Minister of State for Security Sacko.\n - Minister of Finance and Budget Henri-Marie Dondra.\n - Vice-President of the National Assembly Aurelien Simplice Zingas.\n - President of the Finance and Budget Committee Martin Ziguele.\n - National Director of the Banque des Etats d’Afrique Centrale Ali Chaibou.\n - Other senior government officials, representatives of the private sector, representatives of the retirees, and development partners.\n- The mission thanked the CAR authorities for the fruitful discussions and their warm hospitality." }, { "heading": "ECF arrangement note", "content": "- The ECF is a lending arrangement that provides sustained program engagement over the medium to long term in case of protracted balance of payments problems.\n- The arrangement for Central African Republic is in an amount equivalent to SDR 83.55 million (about US$115.8 million or 75 percent of quota) and was approved on July 21, 2016 (see Press Release No.16/352).\n\nIMF Press Release No. 16/404 — September 13, 2016\n\n---\n\n\n References\n\n- PRESS CENTER\n- Press Release No.16/352\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2016/09/13/pr16404-central-african-republic-imf-staff-team-concludes-visit" } ], "bullets": [ "[Markdown version](/en/news/articles/2016/09/13/pr16404-central-african-republic-imf-staff-team-concludes-visit/index.md)", "[Structured JSON version](/en/news/articles/2016/09/13/pr16404-central-african-republic-imf-staff-team-concludes-visit/index.json)", "[Bundle manifest](/en/news/articles/2016/09/13/pr16404-central-african-republic-imf-staff-team-concludes-visit/bundle-manifest.json)", "Published: September 13, 2016", "IMF staff team visited Bangui from September 6-13, 2016.", "Mission led by Samir Jahjah, IMF Mission Chief for Central African Republic (CAR).", "Purpose: assess economic and financial developments through end-August, review early progress under the program supported by the Extended Credit Facility (ECF), and discuss progress in preparing for the Brussels Donors Conference in November 2016.", "Since the beginning of the year, the economy has been on a strong recovery path.", "Economic activity is picking up in the coffee, cotton and forestry sectors.", "Trade and transport show better performance than projected.", "Constraints to growth:", "Food prices trajectory:", "Projections:", "Fiscal revenue and public expenditure are broadly in line with projections.", "Arrears clearance has been higher than projected.", "Overall fiscal balance:", "Revised budget for 2016:", "Current expenditure is contained.", "Planned spending:", "Budget support:", "Structural reform agenda:", "Policy guidance / expectations for 2017:", "Other welcome development:", "The IMF staff team met with:", "The mission thanked the CAR authorities for the fruitful discussions and their warm hospitality.", "The ECF is a lending arrangement that provides sustained program engagement over the medium to long term in case of protracted balance of payments problems.", "The arrangement for Central African Republic is in an amount equivalent to SDR 83.55 million (about US$115.8 million or 75 percent of quota) and was approved on July 21, 2016 (see Press Release No.16/352).", "[PRESS CENTER](http://presscenter.imf.org/)", "[Press Release No.16/352](http://www.imf.org/en/News/Articles/2016/07/21/20/54/PR16352-Central-African-Republic-IMF-Executive-Board-Approves-Three-Year-Arrangement-Under-the-ECF)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2016/09/13/pr16404-central-african-republic-imf-staff-team-concludes-visit/index.md", "json": "/en/news/articles/2016/09/13/pr16404-central-african-republic-imf-staff-team-concludes-visit/index.json", "bundleManifest": "/en/news/articles/2016/09/13/pr16404-central-african-republic-imf-staff-team-concludes-visit/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T20:09:34.060Z" }