Republic of Congo: Staff Report for the 2003 Article IV Consultation and a New Staff-Monitored Program
June 30, 2003
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This paper examines the Republic of Congo’s 2003 Article IV Consultation and a New Staff-Monitored Program (SMP). Performance under IMF-supported programs and recent SMPs was disappointing. Major progress has been made in consolidating security and peace, and in establishing democratic institutions. The public finances deteriorated in 2002, reflecting a combination of expenditure overruns and a drop in non-oil revenue collection. The drop in non-oil revenue was more pronounced at customs, owing to large-scale fraud and widespread use of ad hoc exemptions. As a result, most targets under the 2002 SMP were missed.
Subject: Commodities, Economic sectors, Fiscal policy, Fiscal stance, Oil, Oil prices, Oil sector, Oil, gas and mining taxes, Prices, Taxes
Keywords: Africa, concessional debt, CR, debt, debt obligations vis-à-vis, debt service, Fiscal stance, gas and mining taxes, government, ISCR, obligations vis-à-vis, Oil, Oil prices, Oil sector, petroleum price Brent, Société Nationale des Pétroles du Congo
Pages:
82
Volume:
2003
DOI:
Issue:
193
Series:
Country Report No. 2003/193
Stock No:
1COGEA0022003
ISBN:
9781451808537
ISSN:
1934-7685
