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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
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Book Synopsis Central African Economic and Monetary Community by : International Monetary Fund. African Dept.
Download or read book Central African Economic and Monetary Community written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-01-06 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: CEMAC is broadly benefiting from the positive terms of trade shock amidst the fallout from Russia’s war in Ukraine. Post-pandemic economic recovery is taking hold, albeit slowly, supported by high oil prices and the lifting of COVID-19 containment measures. External reserves have started to build up, though still short of the desired level, owing in part to costly untargeted energy and food subsidies. Global inflation pressures have passed through to domestic prices, putting pressure on real incomes. Rebuilding buffers and sustaining a recovery that protects the most vulnerable will require stricter adherence to budget and reform plans consistent with Fund-supported programs and policy advice; this will ensure that part of the oil windfall is saved. Implementation of these policies in current favorable conditions is critical to strengthening resilience in the face of rising risks, including most notably to food security, debt vulnerabilities, and tightening of global financial conditions.
Book Synopsis 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.
Download or read book 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 written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2022-08-11 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis 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
Download or read book 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 written by International Monetary and published by . This book was released on 2022-01-21 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis Central African Economic and Monetary Community (CEMAC) by : International Monetary Fund. African Dept.
Download or read book Central African Economic and Monetary Community (CEMAC) written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2021-01-22 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Central African Economic and Monetary Community (CEMAC) by : International Monetary Fund. African Dept.
Download or read book Central African Economic and Monetary Community (CEMAC) written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2019-12-20 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Staff Report; and Statement by the Executive Director by : International Monetary
Download or read book Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Staff Report; and Statement by the Executive Director written by International Monetary and published by International Monetary Fund. This book was released on 2021-07-07 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Context and risks. The pandemic may have a long-lasting impact on CEMAC’s growth potential, which is already curtailed by structural, governance, and transparency issues. The policy response from national and regional authorities in 2020 helped mitigate the economic fallout. CEMAC, however, experienced a severe recession in 2020, fiscal and external deficits increased, and public debt rose with some countries having debt sustainability issues. The region is facing an increasing dilemma between internal and external stability, as external reserves fell sharply between mid-2020 and March 2021. A moderate recovery in economic growth is expected from 2021. Supported by lower than previously projected total external financing of €4.8 billion over 2021–23, international reserves build-up would be slower than pre-pandemic. This outlook is highly uncertain and contingent on the evolution of the pandemic and the vaccination program. Other significant risks include delayed implementation of the ongoing or possible new Fund-supported programs, uncertainties in filling large external financing needs, oil prices, and a possible deterioration in the security situation.
Book Synopsis Central African Economic and Monetary Community by : International Monetary Fund. African Dept.
Download or read book Central African Economic and Monetary Community written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-07-05 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Department Publisher :International Monetary Fund ISBN 13 :1498300898 Total Pages :73 pages Book Rating :4.4/5 (983 download)
Book Synopsis Central African Economic and Monetary Community (CEMAC) by : International Monetary Fund. African Department
Download or read book Central African Economic and Monetary Community (CEMAC) written by International Monetary Fund. African Department and published by International Monetary Fund. This book was released on 2019 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Central African Economic and Monetary Community (CEMAC) by :
Download or read book Central African Economic and Monetary Community (CEMAC) written by and published by . This book was released on 2015 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: CEMAC's economic outlook has changed dramatically since the last discussions because of the significant decline in international oil prices. The financial sector is shallow, and financial intermediation and inclusion are limited. The regional institutions face considerable challenges, including from political interference and capacity constraints. Downside risks are important, as CEMAC is vulnerable to protracted low oil prices and a possible relapse in regional security crises.
Book Synopsis Central African Economic and Monetary Community by : International Monetary Fund
Download or read book Central African Economic and Monetary Community written by International Monetary Fund and published by International Monetary Fund. This book was released on 2006-08-22 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomic developments benefited from oil windfalls, but structural problems still impede non-oil growth. Fiscal and external balances improved in the Central African Economic and Monetary Community (CEMAC) because of the surge in oil prices and better fiscal management. Oil-related reserve inflows also helped accelerate regional broad money, leading to somewhat higher inflation and a small further appreciation of the real effective exchange rate (REER). Macroeconomic prospects for 2006 are positive, despite persistent structural challenges. Higher oil income offers CEMAC members economic opportunities but also challenges.
Book Synopsis Central African Economic and Monetary Community by : International Monetary Fund
Download or read book Central African Economic and Monetary Community written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-08-14 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the common policies adopted by the members of the Central African Economic and Monetary Community (CEMAC). The macroeconomic performance was good in 2011 with improved fiscal balances, public investment programs, and higher reserves. However, CEMAC is facing challenges from deep-seated structural problems, including uncoordinated fiscal policy, financial sector weaknesses, and obstacles to growth and competitiveness. The Executive Board recommends monetary policies for financial stability and suggest making monetary policies an efficient tool of macroeconomic management. Also, the Board recommends strengthening of governance of CEMAC’s common institutions.
Book Synopsis Central African Economic and Monetary Community (CEMAC) by : International Monetary Fund
Download or read book Central African Economic and Monetary Community (CEMAC) written by International Monetary Fund and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Central African Economic and Monetary Community (CEMAC) by : International Monetary Fund. African Dept.
Download or read book Central African Economic and Monetary Community (CEMAC) written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2014-08-27 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Central African Economic and Monetary Community by : International Monetary Fund. African Dept.
Download or read book Central African Economic and Monetary Community written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-12-21 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Central African Economic and Monetary Community by : International Monetary Fund
Download or read book Central African Economic and Monetary Community written by International Monetary Fund and published by International Monetary Fund. This book was released on 2002-09-24 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines recent developments and regional policy issues for the Central African Economic and Monetary Community (CEMAC). The CEMAC region benefited in 2000–01 from favorable world oil prices. This helped to improve the public finances and to strengthen the reserve position of the Central Bank of Central African States. But inflation increased to 4 percent in 2001, owing to pressures from high domestic demand growth, which rose by 12 percent in real terms, and was fed by growth in credit to governments. Prospects for 2002 are for continued strong growth in domestic demand.
Book Synopsis Central African Economic and Monetary Community (CEMAC) by : International Monetary Fund. African Dept.
Download or read book Central African Economic and Monetary Community (CEMAC) written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2015-08-04 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Central African Economic and Monetary Community (CEMAC) by : International Monetary Fund. African Dept.
Download or read book Central African Economic and Monetary Community (CEMAC) written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2014-08-26 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
