IMF Staff Country Reports

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

Publication Date:

December 21, 2023

Electronic Access:

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Summary:

The CEMAC’s recovery gained momentum in 2022, supported by higher hydrocarbon prices. The external position strengthened, with a rapid foreign reserve build-up, though still below adequate levels. The recent weakening in external buffers will require more forceful action to tighten liquidity conditions, greater compliance of member countries with foreign exchange regulations and stronger fiscal discipline. Underlying non-oil fiscal positions, however, also deteriorated, stressing the need for accelerating structural reforms, addressing recent fiscal slippages, and bringing polices back in line with Fund-supported program objectives and staff advice. This will be critical to strengthen the region’s resilience to hydrocarbon prices volatility, financial instability, entrenched inflation, tighter financial conditions, food insecurity, domestic conflicts and insecurity, and climate-related events.

Series:

Country Report No. 2023/440

Subject:

Anti-money laundering and combating the financing of terrorism (AML/CFT) Asset and liability management Crime Fiscal policy Fiscal stance Foreign exchange Foreign exchange regulations International organization Liquidity Monetary policy Oil prices Prices

Frequency:

regular