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Central African Republic: Staff Report for the 2016 Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility—Informational Annex

Author(s):
International Monetary Fund. African Dept.
Published Date:
August 2016
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Relations With the Fund

(As of May 31, 2016)

Membership Status: Joined: 07/10/1963. C.A.R. is an Article VIII member of the Fund.

General Resources Account:SDR million% Quota
Quota111.40100.00
IMF’s Holdings of Currency (Holdings Rate)111.0199.65
Reserve Tranche Position0.410.36
SDR Department:SDR million% Allocation
Net cumulative allocation53.37100.00
Holdings0.080.15
Outstanding Purchases and Loans:SDR million% Quota
RCF Loans22.2820.00
ECF Arrangements46.2141.48

Latest Financial Arrangements:

ArrangementExpirationAmount ApprovedAmount Drawn
TypeDateDate(SDR millions)
ECFJun. 25, 2012May 01, 201441.786.96
ECF (formerly PRGF)Dec. 22, 2006Sep. 02, 201069.6269.62
ECF (formerly PRGF)Jul. 20, 1998Jan. 19, 200249.4424.48

Overdue Obligations and Projected Payments to Fund:13

(SDR million; based on existing use of resources and present holdings of SDRs):

Forthcoming
20162017201820192020
Principal9.5612.1610.319.105.35
Charges/Interest0.010.030.030.050.04
Total9.5812.1910.349.155.39

Implementation of HIPC Initiative:

I. Commitment of HIPC AssistanceEnhanced Framework
Decision point dateSeptember 2007
Assistance committed by all creditors (US$ million)14578.00
Of which: IMF Assistance (US$ million)26.77
(SDR equivalent in millions)17.19
Completion point dateJune 2009
II. Disbursement of IMF Assistance (SDR million)
Assistance disbursed to the member17.19
Interim assistance6.59
Completion point balance10.60
Additional disbursement of interest income150.90
Total disbursements18.09

Implementation of Multilateral Debt Relief Initiative (MDRI):

I. MDRI-eligible debt (SDR Million)164.02
Financed by: MDRI Trust1.90
Remaining HIPC resources2.13
II. Debt Relief by Facility (SDR Million)
Eligible Debt
Delivery DateGRAPRGFTotal
July 2009N/A4.024.02

Implementation of Catastrophe Containment and Relief (CCR): Not applicable

As of February 4, 2015, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.

Safeguards Assessments

The Bank of the Central African State (BEAC) is the regional central bank of the Central African Economic and Monetary Community (CEMAC). Regional central banks are normally subject to a safeguards assessment every four years. For the BEAC, governance challenges and control failures that emerged in 2009 led to close engagement subsequently through annual IMF monitoring of safeguards “rolling measures.” A safeguards staff visit to the BEAC conducted in April 2016 found that although the BEAC’s own Reform and Modernization Plan was nearing completion, the Fund’s two priority recommendations on governance-focused law reform and the transition to an internationally recognized financial reporting framework (IFRS) were outstanding. However, following the April visit, the BEAC Board mandated that the institution take steps to initiate work on the priority recommendations. Staff has now revised the road map for implementation with an envisaged conclusion of the law reform in early 2017 and adoption of IFRS beginning with the financial statements for 2018. Staff will maintain close engagement with the BEAC to monitor the implementation of the remaining safeguards measures going forward, and progress on the latter will remain a condition for new program requests and reviews for CEMAC member countries

Exchange Rate Arrangement

The C.A.R. participates in a currency union with five other members of the CEMAC and has no separate legal tender. The de facto exchange rate arrangement is a conventional peg; the CFA franc is officially pegged to the euro, the intervention currency, at a fixed rate of CFAF 655.957 per €1. On December 31, 2015, the rate of the CFA franc in terms of SDRs was SDR 1 = CFAF 813.4. C.A.R. does not maintain any restrictions on the making of payments and transfers for current international transactions.

Article IV Consultations

The C.A.R. is currently on the standard 24-month cycle for Article IV consultations for program countries. The last Article IV consultation was concluded on January 13, 2013.

Resident Representative

The Fund’s office in Bangui reopened in October 2007 (after being closed in September 2003). The Resident Representative, until end-February 2013, was Michel Bua. A new Resident Representative was recently appointed and expected to take his position in September 2016.

Table 1.Central African Republic: Fund Technical Assistance
DateDepartmentPurpose
Sept. 09/Feb. 2010AFRITACAssessment of customs administration/reform.
Nov. 2010FAD/AFRITACAssessment of public financial management.
Jan. 2010AFRITACNational account statistics.
Feb. 2010FADTax administration reform strategy.
Feb./Oct. 2010AFRIT ACCustoms management and reform.
March 2010AFRITACDebt management and arrears.
June 2010STABalance of payments and IIP statistics.
June/July/Oct. 2010AFRITACNational account statistics.
Aug. 2010AFRITACFollow-up on public financial management.
Nov. 2010FADRevenue administration.
December 2010AFRITAC/ST AConsumer price index.
Dec. 2011FADTax policy and fiscal reform.
Jan./July 2011AFRITACPublic accounting plan.
Feb. 2011AFRITACTax administration.
March 2011AFRITAC/ST ABalance of payments statistics.
March/June/Oct. 2011AFRITACNational account statistics.
April 2011AFRITACCustoms administration and information system.
June 2011AFRITACTreasury management and unified treasury account.
September 2011AFRITAC/STAAssist with implementation.
October 2011AFRITACCustoms management and reform.
January – March 2012AFRITAC/FADTax administration.
February – March 2012AFRITAC/FADSupport to the elaboration/stocktaking mission.
March 2012AFRITAC/STANational account statistics.
April 2012AFRITAC/FADTax administration.
May – June 2012AFRITAC/FADPublic financial management.
May – June 2012AFRITAC/STANational accounts.
June 2012AFRITAC/FADImproving VAT operations/customs diagnostic mission.
July – August 2012AFRITAC/FADPublic financial management.
September 2012AFRITAC/STANational accounts.
October 2012AFRITAC/FADTax administration.
October 2012FADOverall tax policy regime.
October 2012FADTraining strategy.
October – Nov. 2012FADCustoms STX visit 1 of 3.
December 2012AFRITAC/STASummary of national accounts.
November 2014AFRITAC/FADPublic financial management.
January 2015FADStrengthening fiscal & customs.
March 2015AFRITAC/STANational accounts statistics.
August – Sep. 2015AFRITAC/MCMPublic debt management and liability management.
March 2016AFRITAC/FADTax administration.
March 2016FADCapacity development.
March - April 2016STANational Accounts

Joint Bank-Fund Work Program

1. The Fund and the World Bank C.A.R. teams worked closely during their recent visits to Bangui in May 2016. At that time, both teams identified critical structural reforms in order to coordinate the two teams’ work programs for the 2016–17.

2. The newly elected government is focusing on addressing the key challenges facing the country. This will include improving security, consolidating the peace and the reconciliation process, further rebuilding government institutions, strengthening economic management, and implementing reforms for a progressive exit from fragility.

3. As a consequence of the 2013 crisis, the country is now assessed at high risk of external debt, compared with a moderate risk of debt distress in the last Article IV consultation in 2012. This reflects the collapse in GDP, tax revenues and exports—rather than an increase in external debt. Large accumulation of domestic arrears also contributed to an increase in total public debt. Accordingly, the country’s recourse if for grants only as the main source of external financing.

4. The teams agreed that C.A.R.’s main macroeconomic challenges are to create fiscal space, strengthen public financial management (PFM), and improve policy and project implementation capacity. Consequently, their policy advice should aim at (i) promoting prudent fiscal policies, (ii) accelerating growth through efficient and prioritized public investment and active participation of the private sector, (iii) deepening financial sector development, (iv) improving human capital formation, and (v) strengthening institutions, transparency and governance.

5. The CAR. authorities requested a three-year arrangement under the ECF. This will help them support of their medium-term economic reform program to cover the period 2016–18.

6. Based on their common assessment, the teams identified five structural reform areas as macro-critical, in view of their central role in achieving fiscal consolidation, sustained growth, and poverty alleviation:

  • Domestic resources are scarce and insufficient to meet wage payments, key social outlays and external debt service. This has led to a significant dependence on external aid which reached 27 percent of GDP in 2015 after a plateau of 43 percent of GDP in 2014 Rebuilding and modernizing the revenue administration, improving tax policy, and restoring normal budget processes are the cornerstone for the return to fiscal sustainability and to ensure that expenditures are well managed.

  • Improve public financial management (PFM) and the efficiency of public spending. In this context, it will be essential to: (i) secure and strengthen treasury management by widening the coverage of treasury operations to all government operations and identifying all government accounts in commercial banks and move towards a reinforced single Treasury account; (ii) strengthen the recently established Central Accounting and Treasury Agency (ACCT; (iii) normalize the expenditure process and limit emergency spending procedures (budget and cash payment orders) to 5 percent of non-wage and debt-service expenditures; (iv) re-establish proper accounting practices for all government operations, including the general budget and budget annexes; and (v) re-establish the credibility of the state by fighting corruption and fraud and by re-gaining creditor confidence. At the same time, steps will be taken to improve the public investment framework to enhance project execution.

  • Social policies: The overarching goals of the government are: (i) assisting the IDPs and refugees return to their lands and assets; (ii) reorganizing and redeploying public administration throughout the country; (iii) improving access to drinking water, sanitation, and hygiene; (iv) rehabilitating educational facilities to ensure full coverage and quality education at all levels to children of both sexes, across the country; and (v) revitalizing the health system, including strengthening the fight against HIV/AIDS.

  • Investment climate reform: Structural reforms will focus on modernizing and updating the legal framework in the major economic sectors. Two bills aimed at boosting telecommunications activities are under preparation and are expected to be submitted to parliament early next year. The authorities are also updating the investment charter, the mining code, and forestry regulation. Furthermore, steps are taken to establish a one-stop shop for administrative procedures for investors Progress in strengthening the banking sector and in developing market instruments should contribute to more effective financial intermediation.

  • Infrastructure investment. The lack of infrastructure and deficient public utilities, including electricity, water, and telecommunications, are a major drag on investment, growth, and development. Enhanced financial resource availability from domestic and external sources, on adequately concessional terms will be key to scaling up public investment.

7. The teams agreed the following division of labor, in line with the respective primary responsibilities of our two institutions:

  • Financial resource mobilization: The Fund leads in providing technical assistance (TA) and recommendations for increased mobilization of domestic resources. The Bank and the Fund will continue to support comprehensive reforms of revenue administration. Increased revenue can also result from improved regulation of artisanal gold and diamond mining and new exploration permits.

  • PFM: The Bank leads and is planning to further support the government with policy notes and policy dialogue in several areas, focusing, inter alia, on (i) monitoring socioeconomic developments, conducting review and analytical works on inclusive growth and strengthening dialogue; and (ii) the governance agenda by taking an active role in the platform on PFM, and supporting implementation of key reforms in public procurement. The Fund (FAD and AFRITAC-Centre) is providing TA on progress with the implementation of the government’s reform agenda, as outlined by the action plan prepared by FAD in March 2016 and which was globally endorsed by donors. In close collaboration, the Bank and the Fund support the implementation of this agenda, including also cash management, by continuously providing TA in various forms. The Bank is focusing its TA on programming, accounting, and oversight. The Bank will try to access Trust Funds to continue supporting PFM reforms. The efforts of our two institutions will be leveraged by the EU, the African Development Bank (AfDB), and France.

  • Social sector spending: The Bank leads in monitoring the authorities’ intervention in the social sectors and pro-poor policies. It will update data on poverty and better define social spending as the basis for monitoring the relevant benchmark of the Fund-supported ECF program.

  • Investment climate reform: The World Bank Group, is assisting CAR. with private sector development and investment climate issues that affect private sector growth and access to finance. The focus will be to: (i) strengthen the investment climate by suggesting reforms aimed at facilitating investment and assisting the CAR. authorities in the design and implementation of those reforms; (ii) coordinate the work of development partners and local stakeholders to help improve the country’s business environment; (iii) stimulate the private sector and improve the country’s investment prospects by building institutional capacity in regulatory and trade bodies; and (iv) provide support to local financial intermediaries to help them develop products that respond to the needs of small and medium-size enterprises (SMEs). The AfDB is also putting emphasis on this area in its upcoming 2016–17 budgetary support operation and stands ready to step-up its involvement.

  • Infrastructure investment. The Bank assists the authorities in project preparation and improving project implementation capacity. It also leads in advising the authorities in formulating realistic public investment programs and budgets, consistent with implementation constraints, domestic financing, and available donor assistance. Debt management: The Bank will assess, together with the AfDB, specific, well-defined infrastructure projects that cannot be financed on concessional, should they come up, and propose to the Fund, at the time of future program reviews, a possible course of action, consistent with safeguarding long-term debt sustainability. The Fund will monitor repayments of domestic payment arrears reduction. The debt department will continue to receive TA from the Fund, the Bank, and the AfDB. Bank and Fund staff have jointly prepared a full debt sustainability analysis (DSA). The Fund and the Bank will assist in strengthening debt management.

8. The teams have the following requests for information from their counterparts:

  • The Fund team requests to be kept informed by the Bank of progress in the above macrocritical structural and sectoral reform areas and of major strategic decisions and programs on the macroeconomic and sectoral level. Timing: when milestones are reached (and at least semi-annually).

  • The Bank team requests to be kept informed of the Fund’s assessments of macroeconomic policies and prospects. Timing: in the context of program reviews, Article IV consultations, and other missions (and at least semi-annually).

  • Dissemination of technical assistance reports: The authorities have committed to sharing technical assistance reports with relevant partners in the donor coordination framework (CGAR-PRGF).

The attached table lists the teams’ separate and joint work programs during the period of July 2016-June 2017.

Table 1.Central African Republic: Joint Bank-Fund Work Program, 2016–17
TitleProductsProvisional timing of missionsActual or Expected deliver date
A. Mutual information on relevant work programs
World Bank work program in the next 12 months
  • Implementation of the Health sector support Project to increase use and improve the quality of health services in rural areas with special emphasis on maternal and child health.

June 2017
  • Technical assistance on Operationalization of Fragility Assessment

June 2017
  • Supervision of the EFA/FTI Catalytic Fund Grant (FY09)

March 2017
  • Technical assistance on Mining sector. Technical Assistance to develop the sector strategy in the mining sector.

June 2017
  • Supervision of the Emergency Power Response Project

October 2017
  • Central African Republic REDD+ Readiness

June 2017
  • Supervision of the Agro-Pastoral Recovery Project (ERL)

September 2017
  • Emergency Food Crisis Response and Agriculture Relaunch Project to protect and rebuild livelihoods, human capital, particularly of children, and to re-launch the productivity of the agriculture sector

March 2017
  • Study on Agriculture and Agribusiness Sector Assessment to start re-building knowledge in the agricultural sector of CAR through an assessment of the agricultural and agribusiness sector

January 2017
  • Implementation of the Emergency Public Services Response Project to re-establish an operational government payroll and related financial management systems.

December 2017
  • Development Policy Loan

June 2017
  • Social Protection Assessment

June 2017
  • Supervision of the Emergency Urban Infrastructure Rehabilitation & Maintenance to support the Government of Central African Republic (Go C.A.R.) to increase access to infrastructure and urban services in Bangui, the capital city.

September 2017
  • Implementation of the LONDO Project to provide temporary employment to vulnerable people throughout the entire territory of the country.

June 2017
A. Mutual information on relevant work programs
  • Technical Assistance to Disarmament, Demobilization and Reintegration (DDR) Program in C.A.R. to provide technical assistance to the Government and UN Multidimensional Integrated Stabilization Mission in C.A.R. in the design of community reintegration activities as part of the national Disarmament, Demobilization and Reintegration (DDR) program.

May 2017
  • Technical Assistance on Urban Infrastructure

June 2017
  • Operation of Transport/Agriculture

June 2017
  • Technical Assistance on ICT Reforms

June 2017
  • Technical Assistance on Water Dialogue

June 2017
IMF work program in the next 12 monthsMacroeconomic policy analysis and advice
  • 2016 Article IV consultation.

May 2016July 2016
  • Negotiation new ECF arrangement.

March 2016July 2016
  • First ECF review.

October 2016November 2016
Technical assistance programs (FAD, STA, AFRITAC-Center)
  • Tax reform and revenue mobilization.

ongoingongoing
  • Public financial management.

ongoingongoing
  • Customs reform.

to be determined
  • National account statistics.

ongoingongoing
  • Consumer price indices.

ongoingongoing
B. Requests for work program inputs
Fund request to Bank Bank request to Fund
  • Periodic update on Bank activities and progress with sector reform programs.

ongoingongoing
  • Regular update of medium-term macroeconomic framework covering the period until 2016.

ongoingongoing
  • Participation in Fund program review missions.

C. Agreement on joint products and missions
Joint products in the next 12 months
  • Joint Debt Sustainability Analysis.

May 2016July 2016

Relations With the African Development Bank

1. Cooperation between the African Development Bank (the Bank) and the C.A.R. is described in the Interim Assistance Paper for the Transition 2014–2016, which defines the framework for approval of all the Bank’s operations or activities in this country. The general objective of this interim assistance from the Bank, approved by the Boards of Directors in conjunction with the operations portfolio restructuring in June 2014, was part of the international community’s collective drive to support the political transition process in the C.A.R. The Bank’s interim assistance revolves around two (2) intervention pillars: (i) the rehabilitation of socio-economic and public service infrastructures to improve the delivery of basic services to the population, particularly vulnerable groups in rural areas most affected by the conflict; and (ii) the restoration of institutional capacities and promotion of good governance with the specific short-term objective of helping to relaunch/redeploy the services of central and decentralized government so as to ensure the provision of essential basic services. The C.A.R. also benefits from the Bank’s support in the area of regional integration as described in the Regional Integration Strategy Paper (RISP) for Central Africa, which revolves around two pillars: (a) the development of regional infrastructures; and (b) institutional and human capacity building at the regional level. The validity date for this latter strategy has just been extended to December 31, 2017.

2. In the context of interim assistance to the transition in the C.A.R., portfolio restructuring first made it possible to maintain a portfolio of relevant projects valued at US$65.4 million. Then, new funds amounting to US$73.3 million were made available to finance new operations. This new financing effectively facilitated the approval of two emergency budgetary support operations in 2014 (US$21 million) and 2015 (US$10.3 million), as well as two investment operations: (1) the support program for reconstruction of grassroots communities (PARCB) in 2015, the initial phase of which involves US$21 million; and (2) the water and sanitation sector sub-program for Bangui and four prefectures (GEF grant) in the amount of US$7.13 million. The intervention program in 2016 plans to grant budgetary support of US$14 million and supplemental financing for rural areas amounting to 4.5 million euros for the first water and sanitation sub-program that is now being implemented.

3. In total, the Bank’s portfolio of current operations in the C.A.R. now consists of nine projects, for a total commitment of about US$150 million and an overall portfolio disbursement rate of 39.98%, primarily in the infrastructure sector (transportation, energy, water and sanitation) representing 70% of current commitments. With the normalization of the security and political situation, the Bank will intensify efforts to closely monitor the implementation of its operations with a view to improving the disbursement rate in particular.

4. The Bank anticipates that the validity period for its interim assistance to the C.A.R will be extended to December 31, 2017, upon the conclusion of which a new four- to five-year cooperation framework will be proposed with the C.A.R. through a new Country Strategy Paper (2018–23).

Table 1.Central African Republic: AfDB’s Portfolio(As of December 2015)
Bank Contributions (UA millions)
ProjectsApproval DateSignature DateEffectivenessFirst Disbursement DateClosing DateAWF GrantADF GrantFSF GrantDisbursement Rate (in percent)
Project to Build Economic and Financial Management Capacity (PARGEF)01/31/1102/25/1102/25/1107/05/1112/31/154.000.5016.4
Rural Infrastructure Rehabilitation Support Project (PARIR)12/17/0912/21/0912/21/0907/05/1012/31/153.8526.9
Project for Community Development and Support to Vulnerable Groups (PDCAGV)07/22/0907/24/0907/24/0905/27/1012/31/148.0017.3
Drinking Water Supply and Sanitation (PAEPA) in 3 Prefectures11/03/0911/10/0911/10/0907/21/1012/31/147.002.890.6
Project for Institutional Support for Development of the Water Sector (PAIDSE)07/02/0908/31/0908/31/0904/30/1003/31/121.7136.5
Transport and Transit Facilitation Program for the Douala-N’Djamena and Douala-Bangui Corridors07/05/0702/29/0802/29/0810/21/0912/31/1227.8020.0

Statistical Issues

(As of June 17, 2016)

I. Assessment of Data Adequacy for Surveillance
General: Data provision has shortcomings, but is broadly adequate for surveillance. Issues with source data and compilation affect most data sets, particularly in the real sector.
National Accounts: There is a high degree of uncertainty attached to estimates of the level and growth rate of real GDP, including because estimates for informal sector activity are still based on a 1982 survey. Furthermore, developments in the subsistence agriculture sector, accounting for an estimated 30 percent of the economy, are not tracked well and would benefit from the development of source data through surveys. STA/AFC is providing technical assistance in national accounts to rebase series, but progress is hampered by low capacity and a weak statistical system.
Price statistics: The measurement of inflation is also subject to a high degree of uncertainty since the CPI is based on expenditure weights that are thirty years old. The index is highly skewed toward food items (70 percent), in particular basic foodstuff, and covers only a limited number of modern and service items. STA is providing technical assistance to update and rebalance the index. Price data collection is occasionally suspended for lack of resources at the national statistics institute.
Government finance statistics: Data provision is broadly satisfactory for surveillance purposes, although coverage is not complete. The main shortcomings relate to (i) expenditures financed by line ministries’ and government agencies’ own resources, which are estimated on the basis of respective revenue estimates, (ii) foreign-financed investment expenditures reported bi-annually by the Ministry of Planning, and (iii) domestic arrears accumulation. Budget accounting and Treasury procedures, and domestic debt statistics, continue to suffer from serious shortcomings, delays and omissions in reporting, which are addressed through various reforms. General government statistics are not available. The new GFS resident advisor in AFRITAC Central will focus on addressing these issues in the short-term as well as assisting the authorities to move toward the harmonized CEMAC TOFE based on GFSM 2001 in the medium and long-terms.
Monetary statistics: Data provision is broadly satisfactory for surveillance purposes. Monetary statistics for the central bank and other depository corporations are compiled on a monthly basis in the format of standardized report forms (SRFs) and reported to STA by the BEAC with an average time lag of three months.
Financial sector surveillance: In March 2016, Central African Republic began reporting financial soundness indicators for deposit taking institutions to STA.
External sector statistics: A 2010 balance of payments statistics mission assisted the authorities in completing the standardized reporting forms used for reporting to STA.
A three-year Japan Administered Account for Selected Activities (JSA) funded Project designed to assist French-speaking African countries in strengthening the development and dissemination of external sector statistics according to international standards established in the sixth edition of Balance of Payments and International Investment Position Manual (BPM6) is scheduled to begin during FY 2017.
Central African Republic does not report external sector statistics to STA for publication in the Balance of Payments and International Investment Position Statistics Yearbook (BOPSY) and International Financial Statistics (IFS). The country does not provide IIP data, due to a lack of capacity.
II. Data Standards and Quality
The country participates in Enhanced General Data Dissemination Standard (e-GDDS). However, most of its metadata, with the exception of the real sector and socio-demographic metadata, have not been updated since 2004. There are no Data ROSC.
Table 1.Central African Republic: Common Indicators Required for Surveillance(As of June 17, 2016)
Date of latest observationDate receivedFrequency of Data7Frequency of Reporting7Frequency of Publication7Memo Items:8
Data Quality – Methodological soundness9Data Quality – Accuracy and reliability10
Exchange RatesCurrentCurrentDDM
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1April 2016June 2016MMM
Reserve/Base MoneyApril 2016June 2016MMM
Broad MoneyApril 2016June 2016MMM
Central Bank Balance SheetApril 2016June 2016MMM
Consolidated Balance Sheet of the Banking SystemApril 2016June 2016MMM
Interest Rates2May 2016May 2016MMM
Consumer Price IndexMay 2016June 2016MMM
Revenue, Expenditure, Balance and Composition of Financing3 – General Government4NANANANANA
Revenue, Expenditure, Balance and Composition of Financing3 – Central GovernmentMay 2016June 2016MIA
Stocks of Central Government and Central Government-Guaranteed Debt5May 2016June 2016MIM
External Current Account Balance2015May 2016AAA
Exports and Imports of Goods and Services2015May 2016AAA
GDP/GNP2015May 2016AAA
Gross External Debt2015AIA
International Investment Position6N/AN/AN/AN/AN/A

Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

These columns should only be included for countries for which Data ROSC (or a Substantive Update) has been published.

This reflects the assessment provided in the data ROSC or the Substantive Update (published on …, and based on the findings of the mission that took place during…) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

These columns should only be included for countries for which Data ROSC (or a Substantive Update) has been published.

This reflects the assessment provided in the data ROSC or the Substantive Update (published on …, and based on the findings of the mission that took place during…) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence, these two amounts cannot be added.

Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.

The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.

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