Selected Decisions and Selected Documents of the IMF, Thirty- Eighth Issue -- Modalities for Surveillance over Central African Economic and Monetary Union Policies in Context of Article IV Consultations with Member Countries

Prepared by the Legal Department of the IMF
As updated as of February 29, 2016

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ARTICLE IV
Exchange Arrangements and Surveillance

MODALITIES FOR SURVEILLANCE OVER CENTRAL AFRICAN ECONOMIC AND MONETARY UNION POLICIES IN CONTEXT OF ARTICLE IV CONSULTATIONS WITH MEMBER COUNTRIES

Staff will hold annual discussions with the regional institutions responsible for common policies in the Central African Economic and Monetary Union (CEMAC). These discussions will be held separately from the discussions with individual CEMAC members.

There will be an annual staff report and Board discussion of the common policies of CEMAC. Both staff’s discussions with CEMAC institutions and the Board discussion of the annual staff report will be considered an integral part of the Article IV consultation with each member of CEMAC.

In addition to common policies in CEMAC that are relevant for surveillance, including monetary and exchange rate policies, the annual staff report will cover from a regional perspective other economic policies relevant for Fund surveillance for which responsibility remains at the national level. There will be a summing up of the conclusion of the Board’s annual discussion on CEMAC’s common policies. It will be incorporated by reference into the summings-up for the Article IV consultations with individual CEMAC members that take place before the next annual Board discussion of CEMAC’s common policies.1 The Board discussions for the Article IV consultations with individual CEMAC members will be clustered, to the extent possible, around the Board discussion on the common policies of CEMAC.

If considered necessary by the Managing Director, staff will hold a second round of discussions during the year with regional institutions and report to the Board informally on these discussions to provide adequate context for bilateral consultations with the individual CEMAC members that do not coincide broadly with the annual Board discussion on the CEMAC’s policies.

The frequency of Article IV consultations with individual CEMAC members shall be determined in accordance with the Board decisions on consultation cycles. (SM/05/429, 12/22/05)

Staff reports and related documents pertaining to Fund surveillance under Article IV concerning (i) the common monetary and exchange rate policies of CEMAC, and (ii) the policies of each individual Fund member that forms part of CEMAC, shall be communicated to the Bank of Central African States (BEAC) at the same time the relevant staff report is made available to the Executive Board, provided, however, that a staff report or related document concerning the policies of an individual Fund member will only be shared with BEAC with that member’s consent.2

Decision No. 13654-(06/1),

January 6, 2006,

as amended by Decision No. 14059-(08/15),

February 12, 2008

1 Ed. Note: Decision No. 14059-(08/15), February 12, 2008 provides that this sentence “shall become effective from the time of the next annual Board discussion of CEMAC’s common policies.”

2 Ed. Note: Decision No. 14059-(08/15), February 12, 2008 provides that this paragraph “shall become effective upon receipt by the Managing Director of a certification from the Governor of BEAC that it will, in the manner specified by the Fund, preserve the confidentiality of all information and documents communicated by the Fund to BEAC and that any such information and documents shall be solely for the internal use of BEAC. (SM/08/50, 2/5/08)”

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