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

January 21, 2022

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Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Press Release, Staff Report, and Statement by the Executive Director for the Central African Economic and Monetary Community, (USA: International Monetary Fund, 2022) accessed November 21, 2024

Also available in: français

Summary

Despite a more favorable external environment, marked by the rebound in global growth, fast-increasing oil prices, and unprecedented Fund financial support, CEMAC is ending 2021 in a fragile external position. Net external reserves fell throughout 2021 to reach their lowest level in decades, and gross reserves are just above three months of imports of goods and services. The launch of a second phase of the regional strategy at the August 2021 CEMAC Heads of States summit saw renewed commitments to accelerate structural, transparency, and governance reforms. The resumption of program engagements with the Fund, combined with high oil prices and significant fiscal adjustments in 2022, should allow for a turnaround, and the build-up in external reserves is expected to resume in 2022. Risks include possible adverse pandemic developments, oil price volatility, possible fiscal slippages, shortfall in external financing, and security issues.

Subject: Asset and liability management, Fiscal policy, Fiscal stance, International organization, Liquidity, Monetary base, Monetary policy, Money, Oil prices, Prices, Public debt

Keywords: CEMAC authorities, CEMAC country, CEMAC member country, Fiscal consolidation policy, Fiscal stance, Further policy commitment, Global, Liquidity, Monetary base, Oil prices, Policy measure

Publication Details

Pages:

68
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2022/013
Stock No:

1CAEEA2022001
ISBN:

9798400200069
ISSN:

1934-7685

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