{
  "title": "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",
  "publication": "IMF Staff Country Reports, November 6, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/11/06/central-african-republic-first-review-under-the-extended-credit-facility-requests-for-541206",
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  "summary": "This paper presents Central African Republic’s First Review under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, Modification of Quantitative Performance Criteria, Rephasing of Access, and Financing Assurances Review.",
  "sections": [
    {
      "heading": "Program implementation and macroeconomic context",
      "content": "- Program implementation has been mixed for the first review, against a challenging macroeconomic backdrop in the first half of the year.\n- The authorities are taking measures to ensure that end-December 2023 targets are met, including by shoring up revenue collection.\n- The authorities remain committed to strong policies."
    },
    {
      "heading": "Fiscal policy, revenue, and spending priorities",
      "content": "- The authorities should step up social spending while prioritizing investment in additional fuel storage capacity and infrastructure to overcome revenue volatility.\n- The increase in revenues should be met by a spending structure that prioritizes social-related outlays and thus equitable growth."
    },
    {
      "heading": "Public debt management and financing",
      "content": "- Strengthening public debt management would alleviate rollover risks, including by lengthening the tenor of new issuances and building cash buffers.\n- In parallel, the authorities should adopt a more proactive debt management approach and build cash buffers to mitigate rollover risks.\n- Improving debt statistics is important."
    },
    {
      "heading": "Governance, transparency, and donor engagement",
      "content": "- Fostering good governance, anti-corruption efforts, transparency and financial integrity will be critical to catalyze donor support.\n\n---\n\n Content in this bundle\n\n- 1cafea2023003\n  - 1cafea2023003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1cafea2023003 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 6, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400258664.002",
    "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.",
    "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.",
    "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.",
    "Fostering good governance, anti-corruption efforts, transparency and financial integrity will be critical to catalyze donor support.",
    "**1cafea2023003**"
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