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Business and Economics > Banks and Banking

You are looking at 1 - 10 of 42 items for :

  • Type: Journal Issue x
  • Congo, Republic of x
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Cover IMF Staff Country Reports
Chad: Staff Report for the 2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Chad
International Monetary Fund. African Dept.
This paper discusses Chad’s 2019 Article IV Consultation, Fourth Review Under the Extended Credit Facility (ECF) Arrangement, Request for Modification of Performance Criteria, and Financing Assurances Review. Article IV discussions focused on policy priorities to deal with legacies from the crisis and the longstanding structural weaknesses. Reducing government domestic debt and domestic arrears would address key impediments to growth that persist from the crisis. Sustained efforts are needed to increase non-oil revenues, improve the efficiency and quality of public spending, and reduce the vulnerability of the fiscal position to oil price fluctuations. Performance under the ECF-supported program has been broadly satisfactory with continued improvement in the fiscal position and progress in implementing structural reforms in spite recent delays. Overall economic activity strengthened in 2018; however, further reform efforts are needed to support the recovery in the non-oil sector and improve social conditions. Chad’s program is supported by the implementation of policies and reforms by the regional institutions which are critical to its success.
Keywords:
ISCR; CR; Chad; Chadian authorities; authority; ECF arrangement
Cover IMF Staff Country Reports
Democratic Republic of the Congo: Staff-Monitored Program and Request for Disbursement Under the Rapid Credit Facility; Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo
International Monetary Fund. African Dept.
While macroeconomic policies in recent years have succeeded in restoring elements of macroeconomic stability under difficult circumstances, macroeconomic conditions are nonetheless precarious. The recent fall in commodity prices, new spending initiatives, and looser spending oversight during the political transition period have led to a weaker fiscal position mostly financed by the central bank. In that context, international reserves have fallen to critically low levels (one week of import coverage). Balance of payments needs remain both urgent and protracted.
Keywords:
ISCR; CR; Congo; governance; holding; World Bank Group project
Cover IMF Staff Country Reports
Democratic Republic of the Congo: Staff-Monitored Program and Request for Disbursement Under the Rapid Credit Facility; Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo
International Monetary Fund. African Dept.
This paper discusses The Democratic Republic of the Congo’s Staff-Monitored Program and Request for Disbursement Under the Rapid Credit Facility. The economic environment remains challenging and vulnerable to shocks. Real gross domestic product growth is projected to decelerate to 4.5 percent in 2019 from 5.8 percent in 2018. The recent fall in commodity prices, new spending initiatives, and looser spending oversight during the political transition period have led to a weaker fiscal position mostly financed by the central bank. In this context, international reserves have fallen to critically low levels creating urgent balance of payment needs. The new government is committed to implementing measures and reforms that would strengthen macroeconomic stability, reinforce international reserves, address issues related to poor governance, a difficult business environment, and pervasive poverty. Authorities also intend to boost domestic revenue by restoring the functioning of the value-added tax and enforcing the personal income tax, while improving mining revenue forecasting. In addition, the government intends to introduce strict spending caps, increase the effectiveness of monetary policy, and foster inclusive growth and private sector development including through infrastructure projects and free basic education.
Keywords:
ISCR; CR; Congo; governance; holding; World Bank Group project; assessment mission; Congolese authorities; central bank financing; SDR million; recapitalization effort; mining revenue forecasting; bcc law; spending control; International reserves; Mining sector; Global
Cover IMF Staff Country Reports
Democratic Republic of the Congo: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo
International Monetary Fund. African Dept.
This is the first Article IV mission to DRC since June 2015. The inauguration of President Tshisekedi in January 2019 marks the first peaceful transfer of power since independence. He has pledged to improve governance and scale up public investment. Challenges abound. Poverty and unemployment are widespread. Violent conflict persists in some regions, and the worst ever outbreak of the deadly Ebola disease is ongoing. Dependence on mineral exports leaves DRC vulnerable to commodity shocks. Tackling corruption and improving governance are imperative. The main risks include an escalation of the Ebola epidemic; fiscal loosening leading to monetization of budget deficits; a relapse in copper and cobalt prices; an intensification of ongoing armed conflicts; and resistance to reform from vested interests.
Keywords:
ISCR; CR; authority; Congolese authorities; debt; Congo
Cover IMF Staff Country Reports
Democratic Republic of the Congo: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo
International Monetary Fund. African Dept.
This 2019 Article IV Consultation with the Democratic Republic of the Congo (DRC) highlights that real gross domestic growth reached 5.8 percent in 2018, buoyed by stronger copper and cobalt prices and increased production. The main risks include an escalation of the Ebola epidemic; fiscal loosening leading to monetization of budget deficits; a relapse in copper and cobalt prices; an intensification of ongoing armed conflicts; and resistance to reform from vested interests. Transparency and accountability in the management of natural resources are major challenges facing DRC. It is recommended to step-up revenue mobilization, notably by simplifying taxes and integrating mining revenue into the central government Treasury. It is also important to enhance transparency, including through public tendering for the sale of mining assets, publication of audited financial statements of state-owned enterprises, and greater monitoring of public assets.
Keywords:
ISCR; CR; authority; Congolese authorities; debt; Congo; cobalt price; governance assessment; Banque Centrale du Congo; Annual national accounts; exports receipt; Mining sector; Arrears; Sub-Saharan Africa; Global; Africa; West Africa; Western Europe
Cover IMF Staff Country Reports
Chad: Staff Report for the 2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Chad
International Monetary Fund. African Dept.
This paper discusses Chad’s 2019 Article IV Consultation, Fourth Review Under the Extended Credit Facility (ECF) Arrangement, Request for Modification of Performance Criteria, and Financing Assurances Review. Article IV discussions focused on policy priorities to deal with legacies from the crisis and the longstanding structural weaknesses. Reducing government domestic debt and domestic arrears would address key impediments to growth that persist from the crisis. Sustained efforts are needed to increase non-oil revenues, improve the efficiency and quality of public spending, and reduce the vulnerability of the fiscal position to oil price fluctuations. Performance under the ECF-supported program has been broadly satisfactory with continued improvement in the fiscal position and progress in implementing structural reforms in spite recent delays. Overall economic activity strengthened in 2018; however, further reform efforts are needed to support the recovery in the non-oil sector and improve social conditions. Chad’s program is supported by the implementation of policies and reforms by the regional institutions which are critical to its success.
Keywords:
ISCR; CR; Chad; Chadian authorities; authority; ECF arrangement; oil GDP datum; banking sector vulnerability; oil price shock; Oil; gas and mining taxes; Arrears; Oil prices; Sub-Saharan Africa; Africa; Middle East; Europe; Asia and Pacific
Cover Departmental Papers
Central African Economic and Monetary Community: A New Medium-Term Approach
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.
Keywords:
DPPP; DP; BEAC; reserve; Total CEMAC; excess reserves; foreign exchange
Cover Departmental Papers
Central African Economic and Monetary Community: A New Medium-Term Approach for International Reserve Management
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.
Keywords:
DPPP; DP; BEAC; reserve; Total CEMAC; excess reserves; foreign exchange; CEMAC economy; BEAC management; CEMAC member government; reserves liquidity requirement; CEMAC's reserve adequacy assessment; management framework; sight liability; CEMAC authorities; CEMAC country; BEAC statute; CEMAC's reserve management; matrix ratio; International reserves; Foreign assets; Reserve positions; Reserves management; Imports; Asia and Pacific; West Africa; Sub-Saharan Africa; Caribbean; Global
Cover Regional Economic Outlook, October 2017, Sub-Saharan Africa
Regional Economic Outlook, October 2017, Sub-Saharan Africa
International Monetary Fund. African Dept.

Abstract

Growth in sub-Saharan Africa has recovered relative to 2016, but the momentum is weak and per capita incomes are expected to barely increase. Further, vulnerabilities have risen in many countries, adding to the urgency of implementing the fiscal consolidations planned in most countries and with stepped up efforts to strengthen growth.

Keywords:
REO; Sub-Saharan Africa; commodity; revenue; economy; export diversification; frontier economy; exchange rate; export product diversification index; IMF staff calculation; Fiscal consolidation; Export diversification; Fiscal stance; Exports; Africa; Global; West Africa; Southern Africa; commodity revenue; Theil index; Caribbean; Southeast Asia
Cover Regional Economic Outlook, October 2017, Sub-Saharan Africa
Regional Economic Outlook, October 2017, Sub-Saharan Africa
International Monetary Fund. African Dept.

Abstract

Growth in sub-Saharan Africa has recovered relative to 2016, but the momentum is weak and per capita incomes are expected to barely increase. Further, vulnerabilities have risen in many countries, adding to the urgency of implementing the fiscal consolidations planned in most countries and with stepped up efforts to strengthen growth.

Keywords:
REO; Sub-Saharan Africa; commodity; revenue; economy