The International Financial Crisis and Global Recession: Impact on the CEMAC Region and Policy Considerations

ByDimitre Milkov, Rafael A Portillo, Plamen K Iossifov, John Wakeman-Linn

July 22, 2009

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Summary

The financial sector of the Central African Economic and Monetary Community (CEMAC) has been seriously affected by the global financial crisis and resulting global recession. This note assesses the response of CEMAC governments to the global financial crisis and recession, with particular focus on the impact of current policies on each country’s fiscal sustainability as well as the region’s external sustainability and reserve coverage. The note then provides general policy advice to CEMAC governments as they refine their response to the global crisis.

Subject: Fiscal policy, Fiscal stance, Fiscal sustainability, Oil prices, Oil, gas and mining taxes, Prices, Taxes

Keywords: CEMAC, CEMAC bank, CEMAC country, CEMAC finance ministers, CEMAC region, deficit, financial crisis, Fiscal stance, Fiscal sustainability, gas and mining taxes, Global, Oil, Oil prices, price, SPN, WEO projection

Pages:
17
Volume:
2009
DOI:
https://doi.org/10.5089/9781455255252.004
Issue:
020
Series:
Staff Position Note No. 2009/020
Stock No:
SPNEA2009020
ISBN:
9781455255252
ISSN:
2617-6742

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Notes

Full text also available in French.

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