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Mr. Mario de Zamaroczy, Mr. Vincent Fleuriet, and Mr. Jose G Gijon
This paper discusses possible reserve management approaches in the Central African Economic and Monetary Community (CEMAC). The paper looks beyond the region’s current oil crisis and proposes a new approach to international reserve management in the medium term.
Ms. Dalia S Hakura, Mr. Adrian Alter, Matteo Ghilardi, Mr. Rodolfo Maino, Mr. Cameron McLoughlin, and Mr. Maximilien Queyranne
La situation d'endettement de la république du Congo s'est considérablement améliorée depuis 2010, grâce à l'allégement de la dette obtenu dans le cadre de l’initiative en faveur des pays pauvres très endettés et de l’initiative d’allégement de la dette multilatérale engagées par le FMI et la Banque mondiale. D'importantes recettes pétrolières ont permis au pays d'accroître ses dépenses et ses réserves de change. Cependant, la pauvreté et l’inégalité restent comparativement élevées. Ce document examine les défis que doit relever le Congo pour gérer les recettes qu’il tire des ressources naturelles et assurer une croissance soutenue et inclusive.
Mrs. Joslin Landell-Mills

Abstract

Helping the Poor: the IMF's New Facilities for Structural Adjustment

International Monetary Fund. African Dept.
While the number of detected cases has so far been limited, the COVID-19 pandemic, if not contained, could have a considerable economic and social impact in C.A.R. and could exacerbate tensions in an already volatile environment. The security situation remains precarious, with sporadic outbreaks of violence in the regions, while political tensions could flare up in the run-up to the December presidential and legislative elections. In this context, the authorities have adopted a comprehensive response plan aimed at containing the spread of the virus and at increasing state capacity to assist infected people.
International Monetary Fund. African Dept.
république du Congo
International Monetary Fund
Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.
International Monetary Fund. African Dept.
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.