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

June 28, 2024

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International Monetary Fund. African Dept. "Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Staff Report; and Statement by the Executive Director", IMF Staff Country Reports 2024, 193 (2024), accessed November 14, 2024, https://doi.org/10.5089/9798400280054.002

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Summary

This paper presents a report on the common policies in support of member countries reform programs in the Central African Economic and Monetary Community (CEMAC). 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. 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. Decisive corrective policies are warranted to address the sustained fiscal slippages and return to fiscal prudence. In order to boost potential output, faster progress is needed on strengthening anti-money laundering and combating the financing of terrorism, governance, and regulatory policies, as well as improving human capital, the business climate, the rule of law, financial inclusion, and regional infrastructure.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Arrears, Crime, External debt, Financial sector policy and analysis, Financial sector stability, Fiscal policy, Fiscal stance, Public debt

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Arrears, CEMAC authorities, CEMAC member country, Financial sector stability, Fiscal stance, Global, IMF's transparency policy, Policy rate hike, Policy recommendation

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