Central African Economic And Monetary Community Cemac

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 84 pages
File Size : 55,6 Mb
Release : 2023-12-21
Category : Business & Economics
ISBN : 9798400264450

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Central African Economic and Monetary Community by International Monetary Fund. African Dept. Pdf

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.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 60 pages
File Size : 49,9 Mb
Release : 2019-01-03
Category : Business & Economics
ISBN : 9781484392843

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Central African Economic and Monetary Community (CEMAC) by International Monetary Fund. African Dept. Pdf

This Selected Issues paper looks at some Central African Economic and Monetary Community (CEMAC) specific regional dimensions of a possible strategy to enhance governance, which would support specific reforms in this area at the country level. The paper describes the specific dimensions of governance covered in the note. The paper also analyzes governance and corruption in the areas of public financial management, anti-money laundering, and the link between the oil sector and public resources. The CEMAC regional institutions will have to play a central role to lead progress in these areas, and support member countries’ own efforts. Due to such actions result in giving a coherent framework to actions conducted at the country level, the synergic dimension can spur a virtuous circle, key to earn the benefit of an economic and monetary union. The success of the regional strategy that CEMAC member countries and regional institutions are implementing to exit the severe crisis they are facing depends critically on creating the conditions for laying the ground for a diversified economy, within a well-functioning regional market and an environment that provides opportunities for all and where public resources are geared to most productive use.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 71 pages
File Size : 42,6 Mb
Release : 2019-12-20
Category : Business & Economics
ISBN : 9781513523996

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Central African Economic and Monetary Community (CEMAC) by International Monetary Fund. African Dept. Pdf

This paper highlights annual discussions on Central African Economic and Monetary Community’s (CEMAC) Common Policies in Support of Member Countries Reform Programs. Tighter macroeconomic and financial policies helped to avert a deeper crisis, and gross external reserves increased more rapidly in recent months, also helped by a stronger implementation of CEMAC foreign exchange regulations. Reforms to support a more diversified and inclusive growth, including by improving governance and the business climate, should gain momentum to make current efforts to buttress the external position of the region sustainable. The outlook for 2019 and beyond foresees further improvement in regional reserves assuming CEMAC countries remain committed to their program objectives and new programs with Cameroon, Central African Republic and Equatorial Guinea could start around end-2019.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 46 pages
File Size : 51,6 Mb
Release : 2019-07-09
Category : Business & Economics
ISBN : 9781498324762

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Central African Economic and Monetary Community (CEMAC) by International Monetary Fund. African Dept. Pdf

The regional strategy has helped stabilize the regional economic position thanks to large fiscal consolidation efforts, a tighter monetary policy, and external financial assistance. The external position improved, and external reserves picked up. However, the region remains dependent on oil revenues, with little progress in economic diversification, under-performing budget non-oil revenues and weaknesses in the financial sector. The policy assurances included in BEAC’s letter of December 2018 were implemented as planned and the CEMAC authorities reiterated their full commitment to the strategy and their readiness to implement additional corrective measures if needed. Progress was made towards new IMF-supported program in Congo and Equatorial Guinea.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 68 pages
File Size : 43,6 Mb
Release : 2014-08-27
Category : Business & Economics
ISBN : 9781498374323

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Central African Economic and Monetary Community (CEMAC) by International Monetary Fund. African Dept. Pdf

Regional growth weakened in 2013 due to a fall in oil production in most countries. GDP growth is expected to pick-up in 2014 due to the recovery of oil production and the continuation of the implementation of public investment plans in most of CEMAC countries. Despite large spending of oil wealth during the last years, poverty, income inequality and unemployment remain high. The business climate is one of the most challenging in Africa. The region’s most pressing challenge is to implement structural reforms to promote sustainable and inclusive growth while adopting macro policies to preserve financial stability, ensure an efficient use of oil revenues and increase resilience to shocks.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 68 pages
File Size : 54,6 Mb
Release : 2014-08-26
Category : Business & Economics
ISBN : 9781498315685

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Central African Economic and Monetary Community (CEMAC) by International Monetary Fund. African Dept. Pdf

Regional growth weakened in 2013 due to a fall in oil production in most countries. GDP growth is expected to pick-up in 2014 due to the recovery of oil production and the continuation of the implementation of public investment plans in most of CEMAC countries. Despite large spending of oil wealth during the last years, poverty, income inequality and unemployment remain high. The business climate is one of the most challenging in Africa. The region’s most pressing challenge is to implement structural reforms to promote sustainable and inclusive growth while adopting macro policies to preserve financial stability, ensure an efficient use of oil revenues and increase resilience to shocks.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 85 pages
File Size : 54,5 Mb
Release : 2021-01-22
Category : Health & Fitness
ISBN : 9781513567136

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Central African Economic and Monetary Community (CEMAC) by International Monetary Fund. African Dept. Pdf

The economic shock associated with the COVID-19 pandemic is set to have long-lasting effects on the economic outlook for CEMAC. The pandemic itself seems to be now broadly under control in the region, and the policy response from national and regional authorities, supported by significant emergency financing by the Fund, helped mitigate the initial economic fallout. With lower medium-term oil prices, the outlook projects that CEMAC’s fiscal and external adjustments will be slower than previously envisaged, entailing large external financing needs (around €6.6 billion for 2021–23). Gross international reserves will now reach the equivalent of 5 months of imports by 2025 vs. 2022 pre-pandemic, while net foreign assets (NFA) will be below previous expectations. Public debt would remain at elevated levels, albeit on a declining trend after the increase in 2020. This outlook is highly uncertain and contingent on the evolution of the pandemic and its impact on oil prices. Other significant risks include: delayed implementation of the ongoing or a second phase of new Fund-supported programs, difficulties in filling large external financing needs, and a deterioration in the security situation.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 61 pages
File Size : 45,5 Mb
Release : 2015-08-04
Category : Business & Economics
ISBN : 9781513561851

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Central African Economic and Monetary Community (CEMAC) by International Monetary Fund. African Dept. Pdf

This paper discusses common policies of the member countries of the Central African Economic and Monetary Community (CEMAC). Medium-term prospects for CEMAC are uncertain. Despite their recent stabilization, oil prices are projected to remain well below pre-shock levels in the medium term. In addition, oil production is projected to start falling after 2017. The Executive Directors have encouraged the authorities to accelerate the reform of the monetary policy framework to improve transmission channels and better manage systemic liquidity. They have also stressed the importance of full compliance with the pooling of foreign exchange earnings with the regional central bank, and called for stepped-up efforts to implement outstanding safeguards recommendations.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 47 pages
File Size : 55,9 Mb
Release : 2017-07-12
Category : Business & Economics
ISBN : 9781484305782

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Central African Economic and Monetary Community (CEMAC) by International Monetary Fund. African Dept. Pdf

This paper examines common policies supporting reform programs in member countries of the Central African Economic and Monetary Community. The sharp decline in oil prices has profoundly impaired the region’s external and fiscal balances. Oil export proceeds and budget oil revenues have plummeted between 2014 and 2016. Several measures have been taken or are planned by the Bank of Central African States (BEAC) to support countries’ adjustment programs and help re-build reserves. BEAC has started to tighten the monetary policy stance with a first increase in its policy rate. The BEAC will also gradually eliminate its statutory advances to member countries, and will ensure implementation of strict limits aimed at restricting bank refinancing using government securities as collateral.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 62 pages
File Size : 45,7 Mb
Release : 2016-09-08
Category : Business & Economics
ISBN : 9781475535464

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Central African Economic and Monetary Community by International Monetary Fund. African Dept. Pdf

This Selected Issues paper assesses the appropriate level of international reserves for the Economic and Monetary Community of Central Africa. The management of the regional central bank’s (BEAC’s) international reserves is governed by monetary cooperation agreements with France. In view of current risks, it is suggested that the BEAC should define its target level of international reserves. The BEAC should have a framework that reflects fairly each member state’s contribution to the pooled reserves. The enforcement of the surrender requirement should be based on a finding of noncompliance even if the target level is achieved. The institutional framework for reserve management should also provide for the achievement of the target level.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 54 pages
File Size : 40,9 Mb
Release : 2023-07-05
Category : Business & Economics
ISBN : 9798400247378

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Central African Economic and Monetary Community by International Monetary Fund. African Dept. Pdf

CEMAC benefited from favorable hydrocarbon prices in 2022. Economic recovery firmed up and the external position strengthened, with external reserves building up faster in recent months, although still below adequate levels. Monetary policy was tightened to stem rising inflation, and fiscal positions improved owing to higher oil revenues. However, underlying non-oil fiscal positions deteriorated, highlighting the necessity of accelerating reforms and tackling recent fiscal slippages, to help save part of the oil windfalls and bring polices back in line with Fund-supported program objectives and staff advice. This will help cope more effectively with downside risks, including hydrocarbon prices volatility, food insecurity, financial stability risks, higher inflation, funding squeeze, and debt vulnerabilities.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 60 pages
File Size : 45,9 Mb
Release : 2016-04-22
Category : Business & Economics
ISBN : 9781484338964

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Central African Economic and Monetary Community (CEMAC) by International Monetary Fund. African Dept. Pdf

This paper provides detailed assessment of the Central African Economic and Monetary Community's (CEMAC’s) financial system. Over the past decade, primarily as a result of high oil prices, CEMAC achieved robust economic growth, although lower than the SSA average, but insufficient to significantly reduce poverty. A poor business climate and weak governance are hampering financial sector development and its contribution to financing investments. The weakness of regional integration also limits the growth potential. The drop in oil prices by about 60 percent between June 2014 and January 2015 has had a large impact on CEMAC countries’ macroeconomic performance.

Author : International Monetary Fund. African Department
Publisher : International Monetary Fund
Page : 73 pages
File Size : 45,8 Mb
Release : 2019
Category : Electronic
ISBN : 9781498300896

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Central African Economic and Monetary Community (CEMAC) by International Monetary Fund. African Department Pdf

The regional strategy has helped to avert an immediate crisis but continues to face headwinds : two countries have yet to enter financing arrangements with the Fund : regional reserves have underperformed despite higher-than-projected oil prices; the projected recovery of non-oil growth has still to materialize; and the security, social, and political context remains challenging. Consistent with the policy assurances it had provided, the BEAC has taken corrective actions, including an increase in its policy rate, to address the NFA underperformance and has made substantial progress toward finalizing by end-year the modernization of the monetary policy operational framework and the drafting of new foreign exchange regulations. A follow-up letter of support provides updated policy assurances on the NFA path. The medium-term outlook continues to see a gradual improvement in the economic and financial situation but is subject to substantial downside risks, including further delays in the approval of financial arrangements with Congo and Equatorial Guinea, lower oil prices, and tighter global financial conditions. The region continues to face daunting challenges to diversify its economy, with a poor business environment and high perception of corruption.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 71 pages
File Size : 44,8 Mb
Release : 2022-08-11
Category : Business & Economics
ISBN : 9798400218781

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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 by International Monetary Fund. African Dept. Pdf

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.

Author : Anonim
Publisher : Unknown
Page : 128 pages
File Size : 46,6 Mb
Release : 2024-06-28
Category : Electronic
ISBN : 1484339355

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Central African Economic and Monetary Community (CEMAC) by Anonim Pdf