Republic of Congo: Staff Report for the 2003 Article IV Consultation and a New Staff-Monitored Program

June 30, 2003

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Republic of Congo: Staff Report for the 2003 Article IV Consultation and a New Staff-Monitored Program, (USA: International Monetary Fund, 2003) accessed November 21, 2024

Summary

This paper examines the Republic of Congo’s 2003 Article IV Consultation and a New Staff-Monitored Program (SMP). Performance under IMF-supported programs and recent SMPs was disappointing. Major progress has been made in consolidating security and peace, and in establishing democratic institutions. The public finances deteriorated in 2002, reflecting a combination of expenditure overruns and a drop in non-oil revenue collection. The drop in non-oil revenue was more pronounced at customs, owing to large-scale fraud and widespread use of ad hoc exemptions. As a result, most targets under the 2002 SMP were missed.

Subject: Commodities, Economic sectors, Fiscal policy, Fiscal stance, Oil, Oil prices, Oil sector, Oil, gas and mining taxes, Prices, Taxes

Keywords: Africa, Concessional debt, CR, Debt, Debt obligations vis-à-vis, Debt service, Fiscal stance, Gas and mining taxes, Government, ISCR, Obligations vis-à-vis, Oil, Oil prices, Oil sector, Petroleum price Brent, Société Nationale des Pétroles du Congo

Publication Details

Pages:

82
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2003/193
Stock No:

1COGEA0022003
ISBN:

9781451808537
ISSN:

1934-7685

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