Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Staff Report; and Statement by the Executive Director

July 7, 2021

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Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Staff Report; and Statement by the Executive Director, (USA: International Monetary Fund, 2021) accessed November 21, 2024

Also available in: français

Summary

Context and risks. The pandemic may have a long-lasting impact on CEMAC’s growth potential, which is already curtailed by structural, governance, and transparency issues. The policy response from national and regional authorities in 2020 helped mitigate the economic fallout. CEMAC, however, experienced a severe recession in 2020, fiscal and external deficits increased, and public debt rose with some countries having debt sustainability issues. The region is facing an increasing dilemma between internal and external stability, as external reserves fell sharply between mid-2020 and March 2021. A moderate recovery in economic growth is expected from 2021. Supported by lower than previously projected total external financing of €4.8 billion over 2021–23, international reserves build-up would be slower than pre-pandemic. This outlook is highly uncertain and contingent on the evolution of the pandemic and the vaccination program. Other significant risks include delayed implementation of the ongoing or possible new Fund-supported programs, uncertainties in filling large external financing needs, oil prices, and a possible deterioration in the security situation.

Subject: COVID-19, External position, Fiscal policy, Fiscal stance, Health, International organization, Monetary base, Monetary policy, Money, Public debt

Keywords: CEMAC authorities, CEMAC member country, Central Africa, COVID-19, Fiscal stance, Fund emergency assistance, Global, IMF's transparency policy, Monetary base, Policy recommendation

Publication Details

Pages:

58
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/148
Stock No:

1CAEEA2021002
ISBN:

9781513577579
ISSN:

1934-7685

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