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Africa > Congo, Republic of

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Cover IMF Staff Country Reports
Republic of Congo: Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Requests for Modification of Performance Criteria, Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; Debt Sustainability Analysis; Staff Supplement; and Statement by the Executive Director
International Monetary Fund. African Dept.
The third review of a three-year Extended Credit Facility (ECF) arrangement (SDR 324 million, 200 percent of quota) was concluded on July 19, 2023. The momentum in economic growth continues, while rising production costs push up inflation. In the first half of 2023, overperformance in oil and non-oil revenue, combined with tighter budget execution, improved the non-oil primary fiscal deficit by 0.6 percent of non-oil GDP compared to the Third Review (CR 23/271). However, higher-than-expected external debt service—due to contractual contingencies to oil prices—tightened the adjusted target for the non-oil basic primary balance, implying a miss of the target by 0.9 percent of non-oil GDP. Congo also accumulated less deposits at BEAC than initially targeted. Despite external arrears remaining below the de-minimis threshold, public debt is assessed as sustainable but “in distress” due to frequent accumulation of new external arrears and uncertainty about the size of domestic arrears.
Keywords:
PC table; staff appraisal; reorganization of the CCA; quantitative Performance Criteria; waivers of nonobservance; oil revenue; Arrears; Fiscal stance; Oil, gas and mining taxes; Global
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.
The CEMAC’s recovery gained momentum in 2022, supported by higher hydrocarbon prices. The external position strengthened, with a rapid foreign reserve build-up, though still below adequate levels. The recent weakening in external buffers will require more forceful action to tighten liquidity conditions, greater compliance of member countries with foreign exchange regulations and stronger fiscal discipline. Underlying non-oil fiscal positions, however, also deteriorated, stressing the need for accelerating structural reforms, addressing recent fiscal slippages, and bringing polices back in line with Fund-supported program objectives and staff advice. This will be critical to strengthen the region’s resilience to hydrocarbon prices volatility, financial instability, entrenched inflation, tighter financial conditions, food insecurity, domestic conflicts and insecurity, and climate-related events.
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
Communauté économique et monétaire de l’Afrique centrale (CEMAC): Communauté économique et monétaire de l’Afrique centrale-Politiques communes en appui aux programmes de réforme des pays membres; Rapport des services du FMI; et déclaration de l’administrateur
International Monetary Fund. African Dept.
En 2022, l’évolution des cours des hydrocarbures a été favorable à la CEMAC. La reprise économique s’est raffermie et la position extérieure s’est renforcée, l’accumulation de réserves extérieures s’étant accélérée ces derniers mois, quoique demeurant en deçà des niveaux adéquats. La politique monétaire a été resserrée afin d’endiguer l’inflation, et les positions budgétaires se sont améliorées sous l’effet de l’augmentation des recettes pétrolières. Toutefois, les positions budgétaires hors pétrole sous-jacentes se sont détériorées, nécessitant d’accélérer les réformes et de corriger les dérapages budgétaires récents afin de contribuer à épargner une partie du surcroît de recettes pétrolières et de ramener les politiques publiques en ligne avec les objectifs des programmes appuyés par le FMI et les conseils des services du FMI. Cela permettrait de faire plus efficacement face aux facteurs de risques, notamment la volatilité des cours des hydrocarbures, l’insécurité alimentaire, l’instabilité financière, les poussées inflationnistes, le resserrement des conditions de financements et les vulnérabilités liées à la dette.
Keywords:
CEMAC country; inflation expectation; policy mix coherence; CEMAC authorities; Policy recommendation; CEMAC heads of state conference; Fiscal stance; Inflation; Oil prices; Global
Cover IMF Staff Country Reports
République du Congo: troisième revue de l’accord triennal au titre de la facilité élargie de crédit, demandes de modification de critères de réalisation, de derogation pour non-respect de critères de réalisation et revue des assurances de financement-communiqué de presse; rapport des services du FMI; analyse de viabilité de la dette; supplément d’informations et déclaration de l’administrateur pour la République du Congo
International Monetary Fund. African Dept.
Alors que la baisse des cours pétroliers et l’augmentation des coûts de financement mettent à mal la reprise économique du Congo, la dette publique reste élevée et de nouvelles mesures d’assainissement budgétaire sont nécessaires pour compenser les dérapages budgétaires passés. Les arriérés intérieurs nouvellement reconnus et l’accumulation temporaire de nouveaux arriérés extérieurs entravent les progrès réalisés dans le remboursement de la dette, si bien que celle-ci reste soutenable mais que le pays demeure « en situation de surendettement ». La reprise économique dépendra du regain de la marge de manoeuvre budgétaire, de la réduction de l’endettement et de la poursuite des réformes promouvant des améliorations en matière de génération de recettes, de gestion de la dette, de gouvernance et de transparence. La deuxième revue de l’accord triennal au titre de la facilité élargie de crédit (FEC) (324 millions de DTS, soit 200% de la quote-part) qui a été conclue le 6 février 2023 par le conseil d’administration du FMI a apporté un soutien à ce processus.
Keywords:
price increase authorities; waivers of nonobservance of performance criteria; fuel price increase; budget projection; increase in the price of gasoline; Arrears; Oil, gas and mining taxes; Fiscal stance; Global
Cover IMF Staff Country Reports
Republic of Congo: Republic of Congo: Third Review under the Three-year Arrangement under the Extended Credit Facility, Requests for Modification and Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo
International Monetary Fund. African Dept.
This paper presents Republic of Congo’s Third Review under the Three-Year Arrangement under the Extended Credit Facility, Requests for Modification of Performance Criteria, Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review. Strengthened economic recovery remains fragile amid moderating oil prices and an uncertain global environment. Some progress has been achieved on structural reforms, but sustained efforts to step up reform implementation in public financial and debt management, governance, and transparency will be critical to attaining higher, more resilient and inclusive growth. Continued energy sector reforms remain particularly essential. Structural reforms continued to advance in some areas, but the program underperformed in several areas. Progresses were achieved in procurement planning, debt reporting, and efforts to increase transparency. However, three out of five performance criteria related to the fiscal position and debt service management were missed, prompting authorities to request waivers for these three criteria and take strong corrective measures.
Keywords:
price increase authorities; waivers of nonobservance of performance criteria; fuel price increase; budget projection; increase in the price of gasoline; Arrears; Oil, gas and mining taxes; Fiscal stance; 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 highlights Central African Economic and Monetary Community’s (CEMAC) common policies in support of member countries reform programs. CEMAC benefited from favorable hydrocarbon prices in 2022. Economic recovery firmed up and the external position strengthened, with external reserves building up faster in recent months, although still below adequate levels. Monetary policy was tightened to stem rising inflation, and fiscal positions improved owing to higher oil revenues. However, underlying non-oil fiscal positions deteriorated, highlighting the necessity of accelerating reforms and tackling recent fiscal slippages, to help save part of the oil windfalls and bring polices back in line with IMF-supported program objectives and IMF staff advice. The report recommends standing ready to tighten monetary policy further; mop up excess liquidity; and resolve pending challenges to a complete, transparent, and consistent implementation of the foreign exchange regulations. It also suggests accelerating governance and productivity-enhancing structural and regulatory reforms; broaden the tax base beyond the hydrocarbon sector; and deepen regional trade integration.
Keywords:
CEMAC country; inflation expectation; policy mix coherence; CEMAC authorities; Policy recommendation; CEMAC heads of state conference; Fiscal stance; Inflation; Oil prices; Global
Cover Policy Papers
Review of Implementation of The 2018 Framework for Enhanced Fund Engagement on Governance
International Monetary Fund. Fiscal Affairs Dept., International Monetary Fund. Legal Dept., and International Monetary Fund. Strategy, Policy, & Review Department
This paper reviews the implementation of the “2018 Framework for Enhanced Fund Engagement on Governance” (the “2018 Governance Framework”). The Board adopted the 2018 Governance Framework to promote a more systematic, effective, candid, and evenhanded engagement with member countries regarding corruption of macro critical dimensions and governance vulnerabilities that allow corruption. Building upon various sources of information, including surveys with key stakeholders, the paper provides a comprehensive stocktaking of the Fund’s work in governance and corruption since 2018, and makes specific proposals to further improve implementation of the Framework.
Keywords:
governance; corruption; systematic; effective; candid; evenhanded; enhanced engagement; IMF Text Analytics database; IMF engagement; governance vulnerability; audit report; IMF's work; Auditing; Civil society organizations; Emergency assistance; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover IMF Staff Country Reports
Kyrgyz Republic: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper discusses governance challenges in the Kyrgyz Republic. This paper aims to assess various aspects of governance in the Kyrgyz Republic and identify some of the key challenges in this area. Governance reforms in the Kyrgyz Republic can leverage linkages to the global economy and structural transformation to deliver higher and more inclusive growth. Combating corruption and strengthening governance, including of state-owned enterprises and public finances, and improving the regulatory environment and the anti-corruption; and Anti-money Laundering and Combating Financial Terrorism (AML/CFT) framework, are critical steps to improve the business climate and promote private sector-led growth. Reforms in these areas have a significant potential to increase efficiency of allocation of public resources and the delivery of public services. The IMF’s analytical work has shown that governance reforms could raise the country’s growth rates by about 1.2 percentage points per year. Strengthening control of corruption and regulatory quality, reforming state-owned enterprises, and enhancing transparency and accountability of the public sector are important priorities to pursue.
Keywords:
climate change prospects in the Kyrgyz Republic; poverty in the Kyrgyz republic; developments in poverty; inclusion indicator; climate change policy; SSNS poverty mitigation effect; poverty rates in the Kyrgyz Republic; Climate change; Social assistance spending; Greenhouse gas emissions; Climate policy; Global; Central Asia; Middle East and Central Asia; Central and Eastern Europe; Europe
Cover IMF Staff Country Reports
Republic of Congo: Poverty Reduction and Growth Strategy
International Monetary Fund. African Dept.
This paper on Republic of Congo focuses on poverty reduction and growth strategy. The diagnostic analysis of the socio-economic situation shows that the Congo still faces many challenges. It is recommended to strengthen the quality, capacities, and efficiency of the system, and manage human resources rationally and efficiently in all their components. Focus the national development plan’s (NDP) actions on the economy to make it stronger, and thus give the State more consistent means of action to meet the main national challenges. The implementation of the six strategic pillars of the NDP mentioned above should enable the State to have the necessary resources for the development of education, health, social protection, and basic social services infrastructure. The impact of this involvement is based on a correlation between the expected effects on the social dividend and the actual achievement of the targets for each Sustainable Development Goal.
Keywords:
poverty rate; NDP financing plan; NDP scenario; NDP project; NDP objective; Infrastructure; Global; Central Africa; Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Republic of Congo: Second Review under the Three-year Extended Credit Facility Arrangement, Requests for Modification and Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo
International Monetary Fund. African Dept.
This paper on Republic of Congo presents Second Review under the Three-Year Extended Credit Facility (ECF) Arrangement, Requests for Modification and Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review. Strengthened economic recovery remains fragile amid high food inflation, driven by increased import costs following Russia’s war in Ukraine. Real gross domestic product growth in 2023 will be driven by improved oil production, a pickup in agriculture and mining activity, and government spending on development. Food inflation is expected to decelerate with the decline of international food prices. Key risks stem from lower oil prices and production and weak reform implementation. Three out of five performance criteria, one indicative target, and one structural benchmark were missed. Strong corrective actions were taken, including reducing oil-related subsidies, rapidly renegotiating external arrears payments, and addressing declaration shortfalls in the decree on conflict-of-interest rules. The authorities continue to pursue higher, more resilient, and inclusive growth while maintaining macroeconomic stability and debt sustainability.
Keywords:
IMF TA; PC table; quantitative Performance Criteria; overburdened staff; reorganization of the CCA; Arrears; Fiscal stance; Oil, gas and mining taxes; Global