Republic of Congo: Staff Report for the 2003 Article IV Consultation and a New Staff-Monitored Program

June 30, 2003

Preview Citation

Format: Chicago

Republic of Congo: Staff Report for the 2003 Article IV Consultation and a New Staff-Monitored Program, (USA: International Monetary Fund, 2003) accessed September 20, 2024

Summary

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

Publication Details

Pages:

82
Volume:

---
DOI:

---
Issue:

---
Series:

Country Report No. 2003/193
Stock No:

1COGEA0022003
ISBN:

9781451808537
ISSN:

1934-7685

FACTSHEETS

RESOURCES

TOPICS

Flagship Publications

Other Publications

IMF reports and publications by country

Regional Offices

All News

See Also

For Journalists

Press Center

RESOURCES

FLAGSHIPS

KEY SERIES

IMF NOTES

IMF Staff Country Reports