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Business and Economics > Banks and Banking

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Cover IMF Staff Country Reports
West African Economic and Monetary Union: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
ISCR; CR; WAEMU country authorities; WAEMU framework; WAEMU policy rate; WAEMU head; WAEMU banking sector; Government debt management; Securities; Central bank policy rate; Sub-Saharan Africa; West Africa; Global; Africa
Cover IMF Staff Country Reports
Central African Economic and Monetary Community (CEMAC): Staff Report on the 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 for the Central African Economic and Monetary Community
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.
Keywords:
ISCR; CR; CEMAC authorities; CEMAC government; BEAC's monetary policy stance; IMF article; BEAC governor; Policy support
Cover IMF Staff Country Reports
Central African Economic and Monetary Community (CEMAC): Staff Report on the 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 for the Central African Economic and Monetary Community
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.
Keywords:
ISCR; CR; CEMAC authorities; CEMAC government; BEAC's monetary policy stance; IMF article; BEAC governor; Policy support; CEMAC Economic; COVID-19; Fiscal stance; Oil; gas and mining taxes; Oil prices; Global; Central Africa; Sub-Saharan Africa; Policy recommendation; IMF's transparency policy; Foreign exchange regulations
Cover IMF Staff Country Reports
Chad: Request for Disbursement under the Rapid Credit Facility and Cancellation of the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Chad
International Monetary Fund. African Dept.
Chad’s economy has been severely impacted by the twin Covid-19 pandemic and terms of trade shocks. A national lockdown to contain the spread of the virus, disruptions in supply chains, and a drop in international oil prices are curtailing economic activity and weakening the outlook. While the authorities’ policy response has been timely and proactive, the economic shock and containment policies are triggering a severe recession, resulting in significant social costs and urgent balance of payment and budget financing needs. These are estimated at 7.0 percent of non-oil GDP compared to 4.6 percent in IMF Country Report No. 20/134. The pandemic is unfolding in a context of rising regional and domestic insecurity and an already weak health care system, which are exacerbating Chad’s vulnerabilities.
Keywords:
ISCR; CR; RCF disbursement; terms of trade shock; IMF emergency assistance; emergency financing request; IMF lending tracker
Cover IMF Staff Country Reports
Chad: Request for Disbursement under the Rapid Credit Facility and Cancellation of the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Chad
International Monetary Fund. African Dept.
Chad’s economy has been severely impacted by the twin Covid-19 pandemic and terms of trade shocks. A national lockdown to contain the spread of the virus, disruptions in supply chains, and a drop in international oil prices are curtailing economic activity and weakening the outlook. While the authorities’ policy response has been timely and proactive, the economic shock and containment policies are triggering a severe recession, resulting in significant social costs and urgent balance of payment and budget financing needs. These are estimated at 7.0 percent of non-oil GDP compared to 4.6 percent in IMF Country Report No. 20/134. The pandemic is unfolding in a context of rising regional and domestic insecurity and an already weak health care system, which are exacerbating Chad’s vulnerabilities.
Keywords:
ISCR; CR; RCF disbursement; terms of trade shock; IMF emergency assistance; emergency financing request; IMF lending tracker
Cover IMF Staff Country Reports
Chad: Request for Disbursement under the Rapid Credit Facility and Cancellation of the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Chad
International Monetary Fund. African Dept.
Chad’s economy has been severely impacted by the twin Covid-19 pandemic and terms of trade shocks. A national lockdown to contain the spread of the virus, disruptions in supply chains, and a drop in international oil prices are curtailing economic activity and weakening the outlook. While the authorities’ policy response has been timely and proactive, the economic shock and containment policies are triggering a severe recession, resulting in significant social costs and urgent balance of payment and budget financing needs. These are estimated at 7.0 percent of non-oil GDP compared to 4.6 percent in IMF Country Report No. 20/134. The pandemic is unfolding in a context of rising regional and domestic insecurity and an already weak health care system, which are exacerbating Chad’s vulnerabilities.
Keywords:
ISCR; CR; RCF disbursement; terms of trade shock; IMF emergency assistance; emergency financing request; IMF lending tracker; Arrears; Debt sustainability analysis; Debt service; Global; COVID-19
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
Central African Economic and Monetary Community (CEMAC): Common Policies in Support of Member Countries Reform Programs
International Monetary Fund. African Dept.
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.
Keywords:
ISCR; CR; CEMAC Commission; CEMAC authorities; BEAC; bank; CEMAC country
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 IMF Staff Country Reports
Central African Economic and Monetary Community (CEMAC): Common Policies in Support of Member Countries Reform Programs
International Monetary Fund. African Dept.
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.
Keywords:
ISCR; CR; CEMAC Commission; CEMAC authorities; BEAC; bank; CEMAC country; liquidity-stressed bank; IMF staff estimate; policy assurance; Fiscal stance; Oil prices; Liquidity; Excess liquidity; Central Africa