Staff Position Notes (SPNs) showcase new policy-related analysis and research by IMF departments. SPNs are concise, employ nontechnical language, and aim at a broad audience interested in economic policy issues, including staff involved in mission work, members of the Executive Board, and readers outside the Fund. This series replaced IMF Policy Discussion Papers at the end of 2008. Most SPNs are limited to 25 pages and present only a few simple equations, tables, and charts; this format distinguishes them from IMF Working Papers, which tend to be longer and generally more technical in nature.
Dimitre Milkov, Rafael Portillo, Plamen Iossifov, and John Wakeman-Linn
INTERNATIONAL MONETARY FUND
The financial sector of the Central African Economic and Monetary Community (CEMAC) has been seriously affected by the global financial crisis and resulting global recession. This note assesses the response of CEMAC governments to the global financial crisis and recession, with particular focus on the impact of current policies on each country's fiscal sustainability as well as the region's external sustainability and reserve coverage. The note then provides general policy advice to CEMAC governments as they refine their response to the global crisis.