## Central African Economic and Monetary Community: Recent Developments and Regional Policy Issues

_IMF Staff Country Reports, December 31, 2003_

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**Canonical URL:** [Central African Economic and Monetary Community: Recent Developments and Regional Policy Issues](https://www.imf.org/en/publications/cr/issues/2016/12/30/central-african-economic-and-monetary-community-recent-developments-and-regional-policy-17100)

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## Bibliographic details
- Published: December 31, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451806502.002

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### Overview
- Macroeconomic developments in the Central African Economic and Monetary Community (CEMAC) region have been satisfactory, but risks to macroeconomic stability persist.
- The process of convergence remains slow and needs strengthening.

### Macroeconomic risks and outlook
- Persistent risks to macroeconomic stability despite satisfactory recent developments.
- Specific vulnerabilities highlighted:
  - Dependence on oil-sector performance, including "lower-than-expected oil-sector growth" as a risk theme.
  - Need to limit monetary financing of fiscal deficits.

### Convergence and fiscal policy
- Convergence process is slow and requires reinforcement.
- Key policy actions recommended:
  - Adoption of a fiscal rule.
  - Elimination of bank financing of fiscal deficits.

### Banking sector and regulation
- Continued efforts by the banking regulator are needed to strengthen the banking sector.
- Emphasis on regulatory action to improve financial stability across member countries.

### Structural reforms and diversification
- Need to accelerate structural reforms.
- Priority areas:
  - Strengthening basic infrastructure.
  - Adoption of common sectoral policies aimed at diversifying the regional economy away from oil dependence.

### Thematic coverage and keywords (as presented)
- Subject areas: Banking, Fiscal policy, Fiscal stance, Monetary base, Monetary policy, Monetary policy instruments, Oil prices, Oil, gas and mining taxes, Public debt, Taxes.
- Keywords: Africa, CEMAC, CEMAC authorities, CEMAC country, Central Africa, CFA franc, CR, Fiscal stance, gas and mining taxes, ISCR, lower-than-expected oil-sector growth, member countries of the CEMAC, Monetary policy instruments, nominal GDP growth, Oil, oil GDP, Sub-Saharan Africa, West Africa.

*International Monetary Fund. "Central African Economic and Monetary Community: Recent Developments and Regional Policy Issues", IMF Staff Country Reports 2003, 398 (2003), accessed 9/11/2026, https://doi.org/10.5089/9781451806502.002*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/30/central-african-economic-and-monetary-community-recent-developments-and-regional-policy-17100_