IMF Staff Country Reports

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

Publication Date:

June 28, 2024

Electronic Access:

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Summary:

The CEMAC’s economy lost some momentum in 2023 and the external position deteriorated somewhat, while inflation cooled but remained high. Updated statistics revealed a much more deteriorated fiscal situation than originally estimated. The near-term outlook is one of continued recovery, with growth projected at 3.6 percent in 2024, reflecting still-high oil prices and a strong rebound in oil output. In the medium term, however, sustained growth projected at the regional level masks divergences across the region, with weaker economic performance in countries with no program or off-track Fund-supported programs. In the absence of decisive corrective actions, and with current policies unchanged, fiscal and external imbalances are set to widen in the medium term, threatening to reverse reserve accumulation and add to financial stability risks.

Series:

Country Report No. 2024/193

Subject:

Anti-money laundering and combating the financing of terrorism (AML/CFT) Arrears Asset and liability management Commercial banks Crime External debt Financial institutions Financial sector policy and analysis Financial sector stability Fiscal policy Fiscal stance Government securities Liquidity Oil prices Prices Public debt

Frequency:

regular