Central African Economic and Monetary Community (CEMAC): Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director
IMF Staff Country Reports, August 24, 2016
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- Central African Economic and Monetary Community (CEMAC): Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director
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Bibliographic details
- Published: August 24, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475529685.002
Growth performance and drivers
- CEMAC growth slowed to 1.6 percent in 2015, down from 4.9 percent in 2014.
- Primary drivers of the slowdown: reduced public investment and lower oil production.
- The region faced an oil-price shock, and recovery of oil prices was described as weaker-than-expected.
Macroeconomic policy responses observed
- Monetary financing has been the primary response tool in the wake of the oil-price shock.
- Fiscal policy coordination among members was identified as needing strengthening.
- Enforcement of fiscal discipline across member countries was emphasized as necessary.
Policy priorities and recommendations
- Fiscal consolidation should be a central policy focus to counter the oil-price shock.
- Strengthen fiscal policy coordination mechanisms among CEMAC member countries.
- Enforce fiscal discipline to preserve macroeconomic stability.
- Implement real-economy reforms to:
- Improve the business climate.
- Boost private investment.
- Support macroeconomic stability beyond reliance on monetary financing.
Thematic focus areas
- Banking
- Fiscal consolidation and fiscal stance
- Fiscal policy coordination and public debt
- Foreign exchange and prices
- Oil prices and oil-price shock impacts
- Purchasing power parity considerations
Source: Central African Economic and Monetary Community (CEMAC): Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director, August 24, 2016.
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