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Business and Economics > Budgeting

You are looking at 1 - 10 of 25 items for :

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  • Central African Republic x
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Cover IMF Staff Country Reports
Central African Republic: 2023 Article IV Consultation and request for a 38-month arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic
International Monetary Fund. African Dept.
This paper presents Central African Republic’s (CAR) 2023 Article IV Consultation and Request for a 38-Month Arrangement under the Extended Credit Facility (ECF). The ECF-supported program will help meet CAR’s protracted balance of payments needs, sustain priority spending on basic public services in health and education, and provide a policy framework to advance key reforms. The program is part of a coordinated effort by international financial institutions that aims to support the people of CAR and avert a humanitarian crisis. The program contains important governance safeguards for the use of IMF resources. Continued financial and technical support from development partners remains critical to the program’s success. Given its high risk of debt distress and limited revenue base, CAR will have to continue its effort to mobilize grants to finance its economic needs. Close cooperation with international partners on humanitarian assistance is also essential for supporting the population. CAR’s economic program will continue to be supported by the implementation of policies and reforms agreed among the Central African Economic and Monetary Community regional institutions, which notably aim at supporting an increase in regional net foreign assets and which are ultimately critical to program’s success.
Keywords:
staff appraisal; fund lending to the Central African Republic; issuance of the Staff report; CAR authorities; financing to the Central African Republic; Budget planning and preparation; Arrears; Global; Central Africa
Cover IMF Staff Country Reports
Central African Republic: 2023 Article IV Consultation and request for a 38-month arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic
International Monetary Fund. African Dept.
CAR is on the brink of a humanitarian crisis with acute food insecurity and access to health care drastically impaired. Social tensions have ratcheted up, including strikes in various sectors, on the back of a cost-of-living crisis triggered by the Russian invasion of Ukraine. Political tensions have also escalated from the President’s plans of a third mandate requiring revisions to the constitution. The 2021 suspension of budget support—which deprived the government of 5 percent of GDP in financing—is now constraining, following the erosion of buffers, including the 2021 SDR allocation. The protracted balance of payment need is preventing the authorities from delivering basic public services to an already afflicted population. Against this backdrop, the authorities have requested Fund financing assistance.
Keywords:
staff appraisal; fund lending to the Central African Republic; issuance of the Staff report; CAR authorities; financing to the Central African Republic; Budget planning and preparation; Arrears; Global; Central Africa
Cover IMF Working Papers
Unorthodox Expenditure Procedures in CEMAC and WAEMU Countries
Mr. Bruno Imbert
,
Hoda Selim
,
Ms. Gwenaelle Suc
, and
Qing Zhao
This paper takes stock of unorthodox expenditure procedures in CEMAC and WAEMU countries and assesses their potential fiscal impact. “Unorthodox procedures” are defined as spending practices that bypass legal provisions governing public expenditure processes and circumvent regular controls or other budgetary rules, including those related to budget time limits, approved ceilings, or approved appropriations. The paper shows that despite PFM reforms, recourse to such procedures has persisted—resulting in the accumulation of arrears; inadequate fiscal reporting, including large stock-flow adjustments; and corruption vulnerabilities.
Keywords:
Budget institutions; budget execution; expenditure controls; fiscal reporting; public financial management; Francophone Africa; procedures in CEMAC; PFM principle; WAEMU country; Multiyear expenditure; control procedure; Budget execution processes; Expenditure control; Budget planning and preparation; Africa; West Africa; post disbursement regularization; cash disbursement; budget authority; expenditure ceiling
Cover IMF Staff Country Reports
Central African Republic: First Review Under the Staff-Monitored Program
International Monetary Fund. African Dept.
The fragile security environment has improved following the attempt by armed groups to seize power at the turn of the year 2021. The reopening of the Douala-Bangui corridor reinvigorated activity and curbed inflationary pressures. The third Covid-19 wave is receding, but vaccination has been slow. President Touadéra has launched the Republican dialogue peace initiative alongside the Luanda Road Map spearheaded by neighboring countries. The surrender of a key rebel leader to the International Criminal Court represents a key step in the peace process. Donors have delayed disbursing budget support pending greater transparency in the government’s security-related spending. This poses substantial fiscal and social risks given the heavy reliance on budget support. The sharp deterioration in terms of trade, reflecting food and fuel price shocks, compounded by geo-political spillovers, will exacerbate existing vulnerabilities and further erode policy space.
Keywords:
budget support; IMF financing arrangement; IMF team; IMF's transparency policy; management of the International Monetary Fund; Budget planning and preparation; Arrears; Global
Cover IMF Staff Country Reports
Central African Republic: First Review Under the Staff-Monitored Program
International Monetary Fund. African Dept.
The fragile security environment has improved following the attempt by armed groups to seize power at the turn of the year 2021. The reopening of the Douala-Bangui corridor reinvigorated activity and curbed inflationary pressures. The third Covid-19 wave is receding, but vaccination has been slow. President Touadéra has launched the Republican dialogue peace initiative alongside the Luanda Road Map spearheaded by neighboring countries. The surrender of a key rebel leader to the International Criminal Court represents a key step in the peace process. Donors have delayed disbursing budget support pending greater transparency in the government’s security-related spending. This poses substantial fiscal and social risks given the heavy reliance on budget support. The sharp deterioration in terms of trade, reflecting food and fuel price shocks, compounded by geo-political spillovers, will exacerbate existing vulnerabilities and further erode policy space.
Keywords:
budget support; IMF financing arrangement; IMF team; IMF's transparency policy; management of the International Monetary Fund; Budget planning and preparation; Arrears; Global
Cover IMF Staff Country Reports
Central African Republic: Sixth Review Under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic
International Monetary Fund. African Dept.
President Touadéra signed a new peace agreement on February 6, 2019 with 14 armed groups. This agreement calls for the establishment of an inclusive government, the deployment of joint brigades, an acceleration of decentralization efforts, and the co-management of natural resources. While its implementation has started, including with the appointment of more inclusive government, the security situation remains volatile. The World Bank (WB) and the European Union (EU) have substantially increased their budgetary support (grants) for 2019–20. The authorities have expressed a strong interest in a successor arrangement.
Keywords:
ISCR; CR; ECF arrangement; government; financing; assessment of the ability; debt
Cover IMF Staff Country Reports
Central African Republic: Sixth Review Under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic
International Monetary Fund. African Dept.
President Touadéra signed a new peace agreement on February 6, 2019 with 14 armed groups. This agreement calls for the establishment of an inclusive government, the deployment of joint brigades, an acceleration of decentralization efforts, and the co-management of natural resources. While its implementation has started, including with the appointment of more inclusive government, the security situation remains volatile. The World Bank (WB) and the European Union (EU) have substantially increased their budgetary support (grants) for 2019–20. The authorities have expressed a strong interest in a successor arrangement.
Keywords:
ISCR; CR; ECF arrangement; government; financing; assessment of the ability; debt; assessment of policy issue; IMF's Executive Board; peace agreement; Arrears; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Central African Republic: 2018 Article IV Consultation, Fifth Review under the Extended Credit Facility Arrangement, and Financing Assurances Review
International Monetary Fund. African Dept.
The Central African Republic (C.A.R.) is a fragile state with an unstable security environment and widespread poverty. Macroeconomic conditions have stabilized following the 2013 crisis: growth has resumed, inflation has declined, domestic revenues have recovered, and debt ratios have decreased. The government’s economic strategy is supported by an arrangement under the Extended Credit Facility (ECF)—launched in July 2016—with total access of SDR 133.68 million (120 percent of quota). Program performance has been satisfactory. All end-June 2018 quantitative and continuous performance criteria were met. Discussions focused on the 2019 budget, policy responses to a higher global oil price, and reforms to improve public financial management and governance. The program is supported by union-level efforts to maintain an appropriate monetary policy stance, build up regional reserves, and promote financial sector stability.
Keywords:
ISCR; CR; LIOA policy; supplementary information; financing; government; policy
Cover IMF Staff Country Reports
Central African Republic: 2018 Article IV Consultation, Fifth Review under the Extended Credit Facility Arrangement, and Financing Assurances Review
International Monetary Fund. African Dept.
The Central African Republic (C.A.R.) is a fragile state with an unstable security environment and widespread poverty. Macroeconomic conditions have stabilized following the 2013 crisis: growth has resumed, inflation has declined, domestic revenues have recovered, and debt ratios have decreased. The government’s economic strategy is supported by an arrangement under the Extended Credit Facility (ECF)—launched in July 2016—with total access of SDR 133.68 million (120 percent of quota). Program performance has been satisfactory. All end-June 2018 quantitative and continuous performance criteria were met. Discussions focused on the 2019 budget, policy responses to a higher global oil price, and reforms to improve public financial management and governance. The program is supported by union-level efforts to maintain an appropriate monetary policy stance, build up regional reserves, and promote financial sector stability.
Keywords:
ISCR; CR; LIOA policy; supplementary information; financing; government; policy; asset declaration regime; government arrears; economic reform agenda; Arrears; Budget planning and preparation; Oil prices; Credit; Global
Cover IMF Staff Country Reports
Central African Republic: Fourth Review Under the Extended Credit Facility Arrangement, Requests for Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, Augmentation of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic
International Monetary Fund. African Dept.
The economy of the Central African Republic (C.A.R.), a fragile state, is recovering gradually. Following the 2013 crisis, macroeconomic conditions have stabilized: growth has resumed, inflation has declined, domestic revenues have recovered, and debt ratios have decreased. The outlook, however, is clouded by persistent fragility amid repeated eruptions of violence. Half of the population depends on humanitarian assistance. Stronger and more inclusive growth is necessary to make a dent into widespread poverty. The government’s economic strategy is supported by a three-year arrangement under the Extended Credit Facility (ECF)—launched in July 2016—with total access of SDR 133.68 million (120 percent of quota).
Keywords:
ISCR; CR; debt; revenue; government; implementation; real GDP