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Business and Economics > Public Finance

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Cover IMF Staff Country Reports
Central African Economic and Monetary Community (CEMAC): Press Release; Staff Report; and Statement by the Executive Director
International Monetary Fund. African Dept.
The CEMAC’s economy lost momentum in 2023. The external position weakened, with the current account shifting to a deficit and foreign reserve accumulation slowing. While inflation continued to ease, it remained elevated. Available data indicate a deterioration in the underlying fiscal positions of many countries. The near-term outlook points to stronger economic activity, with growth projected to accelerate to 3.2 percent in 2024, supported by elevated oil prices and a rebound in oil output. However, the end-June 2024 regional policy assurance on NFA––and, according to preliminary information, the end-December 2024 targets––were not met, indicating a deviation in reserves from the targeted path. Debt vulnerabilities have also worsened in some countries, as evidenced by the growing pressures in the regional government debt market. Following the strong commitment expressed at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances and strengthen regional institutions, all countries are expected to tackle fiscal slippages, restore fiscal prudence, and implement structural reforms to steer the region toward a more resilient medium-term outlook. This should help reduce risks to the capacity to repay the Fund. However, the projections remain uncertain, as the details of corrective measures and reforms are still being finalized between staff and national authorities.
Keywords:
CEMAC authorities; CEMAC country; CEMAC economy; CEMAC heads of state; policy assurance; Financial sector stability; Anti-money laundering and combating the financing of terrorism (AML/CFT); Government securities; Fiscal stance; Global; Central Africa
Cover IMF Working Papers
Citizens Perceptions of Tax Authorities and Tax Efficiency
Telma Yamou
,
Alun H. Thomas
, and
Kaihao Cai
This paper examines the relationship between citizens’ perceptions of tax authorities and the governments’ efficiency in collecting VAT and CIT revenues in Africa. Drawing on data from 32 countries over 2014-2019, we find a negative and significant association between negative perceptions of trust in authorities (the tax department) from the Afrobarometer survey and tax efficiency for these revenue categories. A 1 percent increase in the share of citizens’ perception of little or no trust in the tax department leads to a 0.22 percent decrease in VAT tax efficiency, controlling for macroeconomic indicators. The magnitude of the effect is significantly greater in fragile compared to non-fragile states. For corporate income tax productivity focusing on tax payments of corporates we find a significant effect only in fragile states. Perceptions about corruption in tax authorities have a similar effect on VAT and CIT tax efficiency since perceptions about trust and corruption capture the tendency to misappropriate revenues but we are unable to distinguish the two effects except for fragile states. Our findings suggest that in the face of fragility, policies aimed at improving fiscal capacity should place a high importance on ensuring that citizens believe resources will be used properly, an aspect of tax policy not typically prioritized.
Keywords:
Trust in authorities; fragility; tax efficiency; Africa; tax authorities; tax department; payments of corporate; tax payment; CIT efficiency; Corporate income tax; Corruption; Value-added tax
Cover IMF Staff Country Reports
Cameroon: Sixth Reviews Under the Extended Credit Facility and the Extended Fund Facility Arrangements, First Review under the Resilience and Sustainability Facility Arrangement, and Requests for Waivers of Applicability of Performance Criteria, Nonobservance of Performance Criteria, and Modification of Performance Criteria and a Reform Measure
International Monetary Fund. African Dept.
This paper highlights Cameroon’s Sixth Reviews Under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) Arrangements, First Review Under the Resilience and Sustainability Facility (RSF) Arrangement, and Requests for Waivers of Applicability of Performance Criteria (PC), Nonobservance of Performance Criteria, and Modification of Performance Criteria and a Reform Measure. The authorities continue to make progress on Cameroon’s economic reform agenda. Going forward, the authorities should accelerate the reform agenda in public financial management, foster structural transformation, and advance climate change adaptation and mitigation efforts. The authorities have made commendable progress under the RSF, which is helping Cameroon integrate climate considerations into its institutional and regulatory frameworks and enhance its capacity to adapt and mitigate the effects of climate change. It is essential to maintain the reform momentum to further strengthen the institutional framework for climate policies, build resilience to climate shocks, and catalyze new investments from donors and the private sector.
Keywords:
budget support loan; Ecf-EFF arrangement; ECF-EFF review; order basis; Ecf-EFF review; Fiscal stance; Fiscal law; Credit; Global
Cover IMF Staff Country Reports
Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Staff Report; and Statement by the Executive Director
International Monetary Fund. African Dept.
This paper presents a report on the common policies in support of member countries reform programs in the Central African Economic and Monetary Community (CEMAC). The CEMAC’s economy lost some momentum in 2023 and the external position deteriorated somewhat, while inflation cooled but remained high. Updated statistics revealed a much more deteriorated fiscal situation than originally estimated. In the absence of decisive corrective actions, and with current policies unchanged, fiscal and external imbalances are set to widen in the medium term, threatening to reverse reserve accumulation and add to financial stability risks. Decisive corrective policies are warranted to address the sustained fiscal slippages and return to fiscal prudence. In order to boost potential output, faster progress is needed on strengthening anti-money laundering and combating the financing of terrorism, governance, and regulatory policies, as well as improving human capital, the business climate, the rule of law, financial inclusion, and regional infrastructure.
Keywords:
CEMAC member country; CEMAC authorities; Policy recommendation; policy rate hike; IMF's transparency policy; Anti-money laundering and combating the financing of terrorism (AML/CFT); Fiscal stance; Financial sector stability; Arrears; Global
Cover IMF Staff Country Reports
Communauté économique et monétaire d’Afrique centrale (CEMAC): politiques communes en appui aux programmes de réforme des pays membres-communiqué de presse; rapport des services du FMI; annexe d’information; déclaration de l’administrateur
International Monetary Fund. African Dept.
La reprise économique de la CEMAC s’est accélérée en 2022 à la faveur de la hausse des prix des hydrocarbures. La position extérieure s’est renforcée et les réserves de change augmentent rapidement, quoique demeurant en deçà des niveaux adéquats. La récente baisse des réserves extérieures nécessite des mesures plus énergiques pour resserrer les conditions de liquidité, un respect plus strict de la réglementation des changes par les pays membres et un renforcement de la discipline budgétaire. Les positions budgétaires hors pétrole sous-jacentes se sont toutefois également détériorées. Il sera donc nécessaire d’accélérer les réformes structurelles, de corriger les dérapages budgétaires récents et de ramener les politiques publiques en ligne avec les objectifs des programmes appuyés par le FMI et les conseils des services du FMI. Ces actions seront nécessaires pour accroître la capacité de résistance de la région à la volatilité des prix des hydrocarbures, à l’instabilité financière, à l’inflation persistante, au resserrement des conditions financières, à l’insécurité alimentaire, aux conflits internes et à l’insécurité, ainsi qu’aux événements climatiques.
Keywords:
CEMAC country authorities; CEMAC member country; CEMAC economy; CEMAC authority; CEMAC authorities; Liquidity; Fiscal stance; Oil prices; Anti-money laundering and combating the financing of terrorism (AML/CFT); Foreign exchange regulations; Global; Central Africa
Cover IMF Staff Country Reports
Cameroon: Request for an Arrangement under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Cameroon
International Monetary Fund. African Dept.
This paper presents Cameroon’s Request for an Arrangement under the Resilience and Sustainability Facility (RSF). Climate change presents substantial risks for Cameroon. Climate change poses an imminent threat to livelihoods and could result in significant output losses, while worsening food insecurity and conflicts, and exacerbating poverty, inequality, and population displacements. This underscores the need to strengthen the country’s preparedness and resilience to ensure that climate change impact does not jeopardize human capital accumulation or inclusive growth. The three-year upper credit tranche (UCT) arrangements under the Extended Credit Facility and the Extended Fund Facility approved in July 2021 remain on track. While an arrangement under the RSF is normally approved concurrently with the UCT review, the standalone RSF request allowed time to further strengthen proposed reform measures, providing the necessary policy safeguards for RSF financing. The RSF will provide timely support for the climate reform momentum ahead of the 2025 elections and sustain the growing engagement with multiple stakeholders and donors on complementary actions.
Keywords:
RSF arrangement; RSF reform package; RSF Reform Measures; IMF Resilience and Sustainability Facility; RSF request; Climate change; Climate policy; Global
Cover IMF Staff Country Reports
Cameroun: Demande d’Accord au Titre de la Facilité pour la Résilience et la Durabilité-communiqué de presse; rapport des services du FMI; analyse de viabilité de la dette; déclaration de l’administrateur pour le Cameroun
International Monetary Fund. African Dept.
Les changements climatiques présentent des risques considérables pour le Cameroun. Le Cameroun est non seulement la première économie de la CEMAC, avec un fort potentiel économique et des ressources naturelles abondantes, mais il abrite aussi de larges pans de la forêt tropicale du bassin du Congo, la deuxième forêt tropicale du monde. Cependant, c’est aussi un pays fragile et en conflit (PFC) qui présente un ensemble de fragilités, notamment une forte vulnérabilité aux changements climatiques. Les risques climatiques s’intensifient dans le pays, avec une élévation progressive des températures, une augmentation prévisionnelle du nombre de jours de fortes précipitations et une fréquence accrue des phénomènes météorologiques extrêmes tels que les sécheresses, les glissements de terrain et les inondations. Les changements climatiques sont une menace imminente pour les moyens d’existence de la population et pourraient entraîner d’importantes pertes de production tout en aggravant les risques d’insécurité alimentaire et de conflits, et en accentuant la pauvreté, les inégalités et les déplacements de population. Cela souligne la nécessité de renforcer l’état de préparation et la résilience du pays afin que les effets des changements climatiques ne compromettent pas l’accumulation de capital humain ou la croissance inclusive.
Keywords:
Changement climatique; Politique climatique; Environnement; Dette extérieure; Organisation internationale; Politique monétaire Dette publique.
Cover IMF Staff Country Reports
Cameroon: 2023 Article IV Consultation, Fifth Reviews Under the Extended Credit Facility and the Extended Fund Facility Arrangements, and Requests for Extension and Augmentation of Access, a Waiver of Nonobservance of Performance Criterion, and Modification of a Performance Criterion-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Cameroon
International Monetary Fund. African Dept.
This paper discusses Cameroon’s 2023 Article IV Consultation, Fifth Reviews under the Extended Credit Facility and the Extended Fund Facility Arrangements, and Requests for Extension and Augmentation of Access, a Waiver of Nonobservance of Performance Criterion, and Modification of a Performance Criterion. Cameroon has remained resilient in the face of successive shocks. Real gross domestic product growth reached 3.6 percent in 2022 and is expected to accelerate to around 4 percent in 2023. Inflation is expected to decelerate from 7.3 percent at end-2022 to 6.2 percent by end 2023. The authorities are committed to maintaining a fiscal consolidation path consistent with program objectives. Cameroon’s economic reform program is broadly on track. Sustaining broad-based reform efforts will be key to create additional fiscal space, maintain debt sustainability, foster structural transformation, and boost growth and resilience. Integrating climate agenda in institutional and budget frameworks will be needed to advance adaptation and mitigation efforts.
Keywords:
governance weakness; governance vulnerability; staff appraisal; corruption policy; EFF arrangement; government priority; Debt sustainability; Global; Africa; Central Africa
Cover IMF Staff Country Reports
Cameroun: Rapport Des Services Du FMI Pour Les Consultations De 2023 Au Titre De l’Article IV, Cinquièmes Revues De l’Accord Au Titre De La Facilité Élargie De Crédit Et De l’Accord Au Titre Du Mécanisme Élargi De Crédit-communiqué de presse; rapport des services du FMI; analyse de viabilité de la dette; annexe d’information; déclaration du représentant des services du FMI; déclaration de l’administrateur pour le Cameroun
International Monetary Fund. African Dept.
La reprise économique du Cameroun s’est poursuivie dans un contexte d'insécurité intérieure, de multiplication des risques de débordement régional et d’incertitude économique mondiale persistante. L’inflation demeure élevée bien qu'en ralentissement et même si l'économie camerounaise est la plus importante de la CEMAC et si le pays possède un potentiel économique considérable, il continue de faire partie des pays fragiles ou en conflit (PFC). Entre autres facteurs de fragilité, mentionnons la lourdeur de la dette, les lacunes des institutions et de la gouvernance, les divisions internes, l’exclusion sociale, les insurrections, les conflits frontaliers et la fréquence croissante des catastrophes naturelles liées au climat. Les risques politiques s'aggravent tout comme les tensions entourant la succession à la présidence et les possibilités de débordement régional. Les services du FMI ont élaboré une stratégie d’engagement avec le pays (CES) en collaboration avec des parties prenantes et des partenaires internationaux afin d’évaluer les facteurs de fragilité et de résilience, et d’éclairer l’engagement en cours et à venir du FMI au Cameroun.
Keywords:
governance weakness; governance vulnerability; staff appraisal; corruption policy; EFF arrangement; government priority; Debt sustainability; Global; Africa; Central Africa
Cover IMF Staff Country Reports
Central African Economic and Monetary Community: 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
International Monetary Fund. African Dept.
This paper discusses common policies of member countries, and common policies in support of member countries reform programs in Central African Economic and Monetary Community (CEMAC). In order to preserve price stability and strengthen external buffers, maintain a data-dependent monetary policy with a tightening bias; further increase interest rates on liquidity absorption and gradually converge toward the main policy rate, and switch to a full allotment procedure; and resolve remaining issues to a complete and effective implementation of the foreign exchange regulations. The CEMAC economy continued to recover, supported by favorable hydrocarbon prices, strengthening its external position. Global inflationary pressures have eased somewhat, though remain elevated, while continued tightening of financial conditions could put a dent on economic growth. Maintaining fiscal consolidation paths consistent with IMF-supported programs and surveillance advice, and accelerating structural reforms are critical for boosting economic diversification and resilience. In order to lift potential growth and enhance economic diversification and resilience, accelerate structural reforms in areas of governance and regulation; productivity-enhancing investments; and deepen regional trade integration.
Keywords:
CEMAC country authorities; CEMAC member country; CEMAC economy; CEMAC authority; CEMAC authorities; Liquidity; Fiscal stance; Oil prices; Anti-money laundering and combating the financing of terrorism (AML/CFT); Foreign exchange regulations; Global; Central Africa