Abstract
In this study, economic performance remained robust throughout the global downturn, and shows signs of further strengthening. In 2010, the external position improved significantly, as fiscal surpluses raised official foreign assets, and the Highly Indebted Poor Countries (HIPC) debt relief significantly reduced external liabilities. Macroeconomic stability is well established, and the external position has improved. Private sector development has reduced oil dependence and is assuring sustained poverty-reducing growth. Efforts should be supported by policies to increase the private sector’s access to credit, and deepen financial intermediation to improve the financial performance of state-owned enterprises.
Annex I—Republic of Congo: Relations with the Fund
(As of November 30, 2010)
I. Membership Status: Joined: 07/10/1963; Article VIII
II. General Resources Account:
| SDR Million | Percent Quota | |
| Quota | 84.60 | 100.00 |
| Fund holdings of currency | 84.03 | 99.33 |
| Reserve tranche position | 0.58 | 0.68 |
| SDR Million | Percent Quota | |
| Quota | 84.60 | 100.00 |
| Fund holdings of currency | 84.03 | 99.33 |
| Reserve tranche position | 0.58 | 0.68 |
III. SDR Department:
| SDR Million | Percent Allocation | |
| Net cumulative allocation | 79.69 | 100.00 |
| Holdings | 70.06 | 87.95 |
| SDR Million | Percent Allocation | |
| Net cumulative allocation | 79.69 | 100.00 |
| Holdings | 70.06 | 87.95 |
IV. Outstanding Purchases and Loans:
| SDR Million | Percent Quota | |
| ECF arrangements | 17.48 | 20.67 |
| SDR Million | Percent Quota | |
| ECF arrangements | 17.48 | 20.67 |
V. Latest Financial Arrangements:
Formerly PRGF
VI. Projected Payments to Fund: (without HIPC assistance)
(SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
| 2010 | 2011 | 2012 | 2013 | 2014 | |
| Principal | 1.65 | 3.14 | 3.51 | ||
| Charges/interest | 0.04 | 0.08 | 0.07 | 0.06 | |
| Total | 0.04 | 1.72 | 3.21 | 3.57 |
| Forthcoming | |||||
| 2010 | 2011 | 2012 | 2013 | 2014 | |
| Principal | 1.65 | 3.14 | 3.51 | ||
| Charges/interest | 0.04 | 0.08 | 0.07 | 0.06 | |
| Total | 0.04 | 1.72 | 3.21 | 3.57 |
VII. Implementation of HIPC Initiative:
The Republic of Congo reached the completion point under the enhanced HIPC Initiative in January 2010.
| I. | Commitment of HIPC assistance | Enhanced Framework | |||
| Decision point date | March 2006 | ||||
| Assistance committed | |||||
| by all creditors (US$ million)1 | 1,574.60 | ||||
| Of which: IMF assistance (US$ million) | 7.73 | ||||
| (SDR equivalent in millions) | 5.40 | ||||
| Completion point date | January 2010 | ||||
| II. | Disbursement of IMF assistance (SDR million) | ||||
| Assistance disbursed to the member | 5.40 | ||||
| Interim assistance | 0.90 | ||||
| Completion point balance | 4.49 | ||||
| Additional disbursement of interest income 2 | 0.86 | ||||
| III. | Implementation of Multilateral Debt Relief Initiative (MDRI) | 6.26 | |||
| I. | Commitment of HIPC assistance | Enhanced Framework | |||
| Decision point date | March 2006 | ||||
| Assistance committed | |||||
| by all creditors (US$ million)1 | 1,574.60 | ||||
| Of which: IMF assistance (US$ million) | 7.73 | ||||
| (SDR equivalent in millions) | 5.40 | ||||
| Completion point date | January 2010 | ||||
| II. | Disbursement of IMF assistance (SDR million) | ||||
| Assistance disbursed to the member | 5.40 | ||||
| Interim assistance | 0.90 | ||||
| Completion point balance | 4.49 | ||||
| Additional disbursement of interest income 2 | 0.86 | ||||
| III. | Implementation of Multilateral Debt Relief Initiative (MDRI) | 6.26 | |||
VIII. Implementation of Multilateral Debt Relief Initiative (MDRI):
| I. | MDRI-eligible debt (SDR Million)3 | 7.86 | |||
| Financed by: MDRI Trust | 4.79 | ||||
| Remaining HIPC resources | 3.07 | ||||
| II. | Debt Relief by Facility (SDR Million) | ||||
| I. | MDRI-eligible debt (SDR Million)3 | 7.86 | |||
| Financed by: MDRI Trust | 4.79 | ||||
| Remaining HIPC resources | 3.07 | ||||
| II. | Debt Relief by Facility (SDR Million) | ||||
| Eligible Debt | |||
| Delivery | |||
| Date | GRA | PRGT | Total |
| January 2010 | N/A | 7.86 | 7.86 |
| Eligible Debt | |||
| Delivery | |||
| Date | GRA | PRGT | Total |
| January 2010 | N/A | 7.86 | 7.86 |
IX. Safeguards Assessments:
The Bank of the Central African States (BEAC) is the regional central bank of the Central African States. The most recent safeguards assessment of the BEAC was completed on July 6, 2009. The findings of this assessment indicate that implementation of previous safeguards recommendations on financial reporting, internal audit, and internal control has been limited, and that the changing risk profile of the BEAC foreign exchange holdings requires further actions to strengthen safeguards at the BEAC. Subsequent to revelation of Paris office fraud, a series of initial measures and longer term safeguard measures were agreed between IMF and BEAC in order to continue with country programs. In December 2009, BEAC adopted an action plan with the aim of reforming its own governance, and strengthening key safeguards. While implementation of the 2009 action plan is still in progress, BEAC adopted additional measures to address the weaknesses highlighted by the first special audit.
X. Exchange Rate Arrangement:
Congo’s currency is the CFA franc, which is pegged to the Euro at a fixed rate of CFAF 655.957 = Euro 1. Congo does not impose any restrictions on the making of payments and transfers for current international transactions.
XI. Article IV Consultations:
Consultations with Congo are on a 24-month cycle, based on the Board decision on consultation cycles in program countries. The 2008 consultation discussions and request for a new three-year Extended Credit Facility (ECF) arrangement were held in Brazzaville on May 21–30 and August 21–27, 2008. The staff report (www.imf.org) was considered by the Executive Board on December 8, 2008.
XII. FSAP Participation : N/A.
XIII. Technical Assistance :
| Subject | Department | Staff Member | Date |
|---|---|---|---|
| Customs administration | AFRITAC | October 2010 | |
| Debt Management | AFRITAC | October 2010 | |
| Customs administration | AFRITAC | October 2010. | |
| National Accounts | AFRITAC | Maxime Bonkoungou | October 2010 |
| Seminar on budget management | AFRITAC | September 2010 | |
| Domestic taxation | AFRITAC | August 2010 | |
| Improving budgetary procedures | AFRITAC | June 2010 | |
| National Accounts | AFRITAC | Huber Gbossa | April 2010 |
| Poverty-reducing spending definition | AFRITAC | Jean Pierre Nuenang | March 2010 |
| Tax administration. Strengthening capacity at domestic revenue authority | AFRITAC | Philippe Laurent | February 2010 |
| Customs administration | AFRITAC | Ives Soler | December 2009 |
| Tax policy | FAD | Mario Mansur | Aug/Sept. 2009 |
| Assist the National Accounts Team in finalizing the analysis of main aggregates of 2006 NA estimates | STA | Mr. Gbossa (head), AFRITAC C | Aug/Sept. 2009 |
| Assess the country’s domestic tax system and tax policy | FAD and AFRITAC West | Messrs. Montagnat-Rentier (head) | July 2009 |
| Assist National Accounts Team with analysis of main aggregates of 2006 NA estimates and train NA team in synthesis of accounts | STA | Mr. Gbossa (head), AFRITAC C | April 2009 |
| Follow-up on reforms for the modernization of tax and customs administrations Identifying strategic priorities for the next 3–4 years | FAD and AFRITAC West | Messrs. Montagnat-Rentier, Lefebvre and Koukpaizan | March 2009 |
| Follow-up mission on the implementation of statistics TA programs | AFRITAC C | Mr. Bonkoungou | March 2009 |
| Processing and monitoring of fiscal information | AFRITAC C | Mr. Penanje | August 2008 |
| Budget functional classification | AFRITAC C | Mrs. Lokpe and Nguenan | July 2007 |
| Poverty and Social Impact Analysis | FAD | Mr. Gillingham, Ms. Lacoche, Mr. Manning | November 2007 |
| Public expenditure management | FAD | Mr. Bouley | August 2006 |
| Resident advisor on real sector | STA | Mr. Gbossa | Since February 2006 |
| Modernization of tax and customs administrations | FAD | Messrs. Montagnat-Rentier, Lesprit and Boilil | February 2004 |
| Follow-up mission | FAD | Mr. Lepage | November 2003 |
| Budget functional classification | FAD | Messrs. Bouley, Helis, and Lepage | October 2003 |
| Balance of payments statistics Multisector statistics | STA STA | Mr. Dessart Messrs. Marie, Maiga, and Mmes. Fisher, Matei, Razin, and Balvani | February 2007 May 2002 |
| Resident expert on statistics | STA | Mr. Metreau | Since October 2001 |
| Balance of payments | STA | Mr. Fiévet | June 2001 |
| Budget, tax, and customs | FAD | Messrs. Bouley, Moussa, Brik, and Mrs. Tricoire | April–May 2001 |
| Resident tax expert | FAD | Mr. Laurent | 1995–97 |
| Tax administration | FAD | Mr. Grandcolas | Nov. 1995–Apr. 1996 |
| Tax administration | FAD | Messrs. Grandcolas and Castro | November 1994 |
| Subject | Department | Staff Member | Date |
|---|---|---|---|
| Customs administration | AFRITAC | October 2010 | |
| Debt Management | AFRITAC | October 2010 | |
| Customs administration | AFRITAC | October 2010. | |
| National Accounts | AFRITAC | Maxime Bonkoungou | October 2010 |
| Seminar on budget management | AFRITAC | September 2010 | |
| Domestic taxation | AFRITAC | August 2010 | |
| Improving budgetary procedures | AFRITAC | June 2010 | |
| National Accounts | AFRITAC | Huber Gbossa | April 2010 |
| Poverty-reducing spending definition | AFRITAC | Jean Pierre Nuenang | March 2010 |
| Tax administration. Strengthening capacity at domestic revenue authority | AFRITAC | Philippe Laurent | February 2010 |
| Customs administration | AFRITAC | Ives Soler | December 2009 |
| Tax policy | FAD | Mario Mansur | Aug/Sept. 2009 |
| Assist the National Accounts Team in finalizing the analysis of main aggregates of 2006 NA estimates | STA | Mr. Gbossa (head), AFRITAC C | Aug/Sept. 2009 |
| Assess the country’s domestic tax system and tax policy | FAD and AFRITAC West | Messrs. Montagnat-Rentier (head) | July 2009 |
| Assist National Accounts Team with analysis of main aggregates of 2006 NA estimates and train NA team in synthesis of accounts | STA | Mr. Gbossa (head), AFRITAC C | April 2009 |
| Follow-up on reforms for the modernization of tax and customs administrations Identifying strategic priorities for the next 3–4 years | FAD and AFRITAC West | Messrs. Montagnat-Rentier, Lefebvre and Koukpaizan | March 2009 |
| Follow-up mission on the implementation of statistics TA programs | AFRITAC C | Mr. Bonkoungou | March 2009 |
| Processing and monitoring of fiscal information | AFRITAC C | Mr. Penanje | August 2008 |
| Budget functional classification | AFRITAC C | Mrs. Lokpe and Nguenan | July 2007 |
| Poverty and Social Impact Analysis | FAD | Mr. Gillingham, Ms. Lacoche, Mr. Manning | November 2007 |
| Public expenditure management | FAD | Mr. Bouley | August 2006 |
| Resident advisor on real sector | STA | Mr. Gbossa | Since February 2006 |
| Modernization of tax and customs administrations | FAD | Messrs. Montagnat-Rentier, Lesprit and Boilil | February 2004 |
| Follow-up mission | FAD | Mr. Lepage | November 2003 |
| Budget functional classification | FAD | Messrs. Bouley, Helis, and Lepage | October 2003 |
| Balance of payments statistics Multisector statistics | STA STA | Mr. Dessart Messrs. Marie, Maiga, and Mmes. Fisher, Matei, Razin, and Balvani | February 2007 May 2002 |
| Resident expert on statistics | STA | Mr. Metreau | Since October 2001 |
| Balance of payments | STA | Mr. Fiévet | June 2001 |
| Budget, tax, and customs | FAD | Messrs. Bouley, Moussa, Brik, and Mrs. Tricoire | April–May 2001 |
| Resident tax expert | FAD | Mr. Laurent | 1995–97 |
| Tax administration | FAD | Mr. Grandcolas | Nov. 1995–Apr. 1996 |
| Tax administration | FAD | Messrs. Grandcolas and Castro | November 1994 |
XIV. Resident Representative:
The resident representative, Mr. Oscar Edgardo Melhado Orellana, took up his assignment in September 2009.
Annex II—Republic of Congo: JMAP Implementation Matrix
| Title | Products | Mission timing | Expected delivery |
|---|---|---|---|
| A. Mutual information on relevant work programs | |||
| Bank work program in next 12 months | Dialogue on Governance AAA  Statistical capacity building Employment and Growth StudyNew Lending: Economic Diversification Project (TA) Governance and Transparency Project - II Regional Telecommunication Project | FY11 Ongoing May 2010 December 2009 March 2010 2010 | Ongoing Ongoing May 2011 September 2010 May 2011 May 2011 |
| IMF work program in next 12 months | Fifth review under the ECF arrangement | Feb/March 2011 | April 2011 |
| Sixth (final) review under the ECF arrangement | June 2011 | ||
| B. Requests for work program inputs | |||
| Fund request to Bank (justification) | Final English version of the Public Expenditure Review | June 2010 | |
| Program document of economic diversification project | October 2010 | ||
| Preliminary study on employment and growth | January 2011 | ||
| Bank request to Fund (justification) | Macroeconomic updates for program documents | FY11 | FY11 |
| C. Agreement on joint products and missions | |||
| Joint products in next 12 months | JSAN on new PRS | March 2011 | April 2011 |
| Collaboration on data on non-oil sector growth | FY11 | FY11 | |
| Title | Products | Mission timing | Expected delivery |
|---|---|---|---|
| A. Mutual information on relevant work programs | |||
| Bank work program in next 12 months | Dialogue on Governance AAA Statistical capacity building Employment and Growth StudyNew Lending: Economic Diversification Project (TA) Governance and Transparency Project - II Regional Telecommunication Project | FY11 Ongoing May 2010 December 2009 March 2010 2010 | Ongoing Ongoing May 2011 September 2010 May 2011 May 2011 |
| IMF work program in next 12 months | Fifth review under the ECF arrangement | Feb/March 2011 | April 2011 |
| Sixth (final) review under the ECF arrangement | June 2011 | ||
| B. Requests for work program inputs | |||
| Fund request to Bank (justification) | Final English version of the Public Expenditure Review | June 2010 | |
| Program document of economic diversification project | October 2010 | ||
| Preliminary study on employment and growth | January 2011 | ||
| Bank request to Fund (justification) | Macroeconomic updates for program documents | FY11 | FY11 |
| C. Agreement on joint products and missions | |||
| Joint products in next 12 months | JSAN on new PRS | March 2011 | April 2011 |
| Collaboration on data on non-oil sector growth | FY11 | FY11 | |
Annex III Republic of Congo—Statistical Issues
As of December 8, 2010
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. The limited statistics coverage and long delays in the provision of national accounts and balance of payments statistics are particularly problematic. Since the occurrence of governance problems at the Bank of Central African States (BEAC), timely delivery of financial sector data has been hampered. Poor coordination among different governmental agencies is also an issue. Technical assistance has resulted in some progress but there is still need to consolidate these gains and further strengthening of statistical capacities. | |
| National Accounts: National accounts data is weak, with inconsistencies, both internally and with balance of payments statistics. The Directorate General of Statistics (DGS) of the Ministry of Finance (MoF) provides Fund missions with a breakdown of GDP by expenditures and sectors, both in nominal and real terms. In the framework of moving to the SNA93 system of accounts, the DGS completed the national accounts estimates for 2005 (the new base year) and for 2006, with the assistance of the resident statistical expert and Central AFRITAC. Authorities are currently working with the Central AFRITAC to revise the national accounts’ estimates back to 2000 and up to 2008. Annual data on employment in the central government are available from the MoF, but are not consistent with data from the civil service roster of the Ministry of the Civil Service. As part of the structural reforms undertaken in the context of the post-conflict program, the government completed an audit of public service employees, but the two civil service’s databases are yet to be unified. Price statistics: Movements in the prices of commodities consumed by households are recorded for the capital city of Brazzaville and for Pointe Noire—the second largest city. Data are compiled on a monthly basis. Starting August 2010, the authorities introduced a new CPI measure with new weights and a new composition of the basket of good and service. This new CPI is harmonized with that of other countries in the Central African Economic and Monetary Community (CEMAC). | |
| Government finance statistics (GFS): Progress is underway to increase the comprehensiveness of the data through the adoption of systematic compilation practices and steps have been taken to computerize expenditure chain accounting. The Caisse Congolaise d’Amortissement (CCA) produces comprehensive data on the outstanding stock of external public debt, including arrears and their composition, together with detailed projections on debt service due. These data are provided to Fund missions. However, the debt-stock data cannot be reconciled with flow data in the balance of payments. The CCA also produces domestic debt data. Concerns still exist with regard to the reconciliation of fiscal and monetary statistics. There is no centralized, comprehensive database on the operations of public enterprises. However, some information has been made available to Fund missions by individual enterprises. TOFE compilers do not have access to relevant financial statements of the Société Nationale des Pétroles Congolais (SNPC), which carries out several operations on behalf of the government (notably in the oil sector). | |
| Monetary statistics: BEAC regularly reports monetary, interest rates, and exchange rate statistics for publication in IFS, but delays occur sometimes in the submission of data to STA. In 2007, the BEAC started a project to migrate monetary statistics of member countries of the CEMAC to the methodology in the Monetary and Financial Statistics Manual (MFSM). As a part of this project, a regional workshop was organized by the BEAC in December 2007 to finalize the mapping of source data from commercial banks to the MFSM concepts and framework. STA participated in this workshop to provide guidance and advice. Submission of data by the BEAC using the standardized report forms is pending. Following governance issues occurred in 2009 at the BEAC data delivery on financial system indicators has been hampered. The accuracy of national monetary statistics may be affected by large cross-border movements of BEAC issued banknotes among CEMAC member countries. However, the Republic of Congo is moderately affected by such movements: 6.2 percent of banknotes issued in the Republic of Congo by the BEAC national directorate circulate in Cameroon and 1.2 percent in Gabon, while currency in circulation in the Republic of Congo includes 2.3 percent of banknotes from Cameroon and 3.2 percent from Gabon. The magnitude of banknote movements between the Republic of Congo and CEMAC member countries other than Cameroon and Gabon is very small. | |
| Balance of payments: Although BEAC produces balance of payments data, delays occur and data suffers from significant inconsistencies with other datasets. The opacity surrounding certain transactions in the oil sector introduces an extra layer of imprecision. In addition, net investment flows are overestimated by significant unrecorded disinvestment operations that are part of the tax regime arrangements obtained by nonresident oil-drilling companies. Balance of payments data for 1995 through 2005 are published in the Fund’s International Financial Statistics (IFS), and STA is working with the authorities in updating the data series. In February 2007, a follow-up STA balance of payments statistics mission made a number of recommendations aimed at improving institutional arrangements for balance of payments statistics compilation and validation. Progress in this regard has been slow, consequently delaying the process for finalizing BOP data for 2005–08. | |
| II. Data Standards and Quality | |
| The Republic of Congo participates in the General Data Dissemination System (GDDS) since November 5, 2003. However, the metadata posted on the Fund’s Dissemination Standards Bulletin Board (DSBB) has not been updated or certified since 2003. | No data ROSC is available. |
| III. Reporting to STA | |
| The Republic of Congo has reported (in September 2008) GFS data to STA for fiscal years 2004 and 2005 using the GFSM 2001 template—data for 2006 and 2007 has experienced delays. High-frequency fiscal data has not yet been reported for publication in IFS. The compilation of GFS statistics to be reported to the Fund should be carried out in close cooperation with the division in charge of TOFE statistics. | |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. The limited statistics coverage and long delays in the provision of national accounts and balance of payments statistics are particularly problematic. Since the occurrence of governance problems at the Bank of Central African States (BEAC), timely delivery of financial sector data has been hampered. Poor coordination among different governmental agencies is also an issue. Technical assistance has resulted in some progress but there is still need to consolidate these gains and further strengthening of statistical capacities. | |
| National Accounts: National accounts data is weak, with inconsistencies, both internally and with balance of payments statistics. The Directorate General of Statistics (DGS) of the Ministry of Finance (MoF) provides Fund missions with a breakdown of GDP by expenditures and sectors, both in nominal and real terms. In the framework of moving to the SNA93 system of accounts, the DGS completed the national accounts estimates for 2005 (the new base year) and for 2006, with the assistance of the resident statistical expert and Central AFRITAC. Authorities are currently working with the Central AFRITAC to revise the national accounts’ estimates back to 2000 and up to 2008. Annual data on employment in the central government are available from the MoF, but are not consistent with data from the civil service roster of the Ministry of the Civil Service. As part of the structural reforms undertaken in the context of the post-conflict program, the government completed an audit of public service employees, but the two civil service’s databases are yet to be unified. Price statistics: Movements in the prices of commodities consumed by households are recorded for the capital city of Brazzaville and for Pointe Noire—the second largest city. Data are compiled on a monthly basis. Starting August 2010, the authorities introduced a new CPI measure with new weights and a new composition of the basket of good and service. This new CPI is harmonized with that of other countries in the Central African Economic and Monetary Community (CEMAC). | |
| Government finance statistics (GFS): Progress is underway to increase the comprehensiveness of the data through the adoption of systematic compilation practices and steps have been taken to computerize expenditure chain accounting. The Caisse Congolaise d’Amortissement (CCA) produces comprehensive data on the outstanding stock of external public debt, including arrears and their composition, together with detailed projections on debt service due. These data are provided to Fund missions. However, the debt-stock data cannot be reconciled with flow data in the balance of payments. The CCA also produces domestic debt data. Concerns still exist with regard to the reconciliation of fiscal and monetary statistics. There is no centralized, comprehensive database on the operations of public enterprises. However, some information has been made available to Fund missions by individual enterprises. TOFE compilers do not have access to relevant financial statements of the Société Nationale des Pétroles Congolais (SNPC), which carries out several operations on behalf of the government (notably in the oil sector). | |
| Monetary statistics: BEAC regularly reports monetary, interest rates, and exchange rate statistics for publication in IFS, but delays occur sometimes in the submission of data to STA. In 2007, the BEAC started a project to migrate monetary statistics of member countries of the CEMAC to the methodology in the Monetary and Financial Statistics Manual (MFSM). As a part of this project, a regional workshop was organized by the BEAC in December 2007 to finalize the mapping of source data from commercial banks to the MFSM concepts and framework. STA participated in this workshop to provide guidance and advice. Submission of data by the BEAC using the standardized report forms is pending. Following governance issues occurred in 2009 at the BEAC data delivery on financial system indicators has been hampered. The accuracy of national monetary statistics may be affected by large cross-border movements of BEAC issued banknotes among CEMAC member countries. However, the Republic of Congo is moderately affected by such movements: 6.2 percent of banknotes issued in the Republic of Congo by the BEAC national directorate circulate in Cameroon and 1.2 percent in Gabon, while currency in circulation in the Republic of Congo includes 2.3 percent of banknotes from Cameroon and 3.2 percent from Gabon. The magnitude of banknote movements between the Republic of Congo and CEMAC member countries other than Cameroon and Gabon is very small. | |
| Balance of payments: Although BEAC produces balance of payments data, delays occur and data suffers from significant inconsistencies with other datasets. The opacity surrounding certain transactions in the oil sector introduces an extra layer of imprecision. In addition, net investment flows are overestimated by significant unrecorded disinvestment operations that are part of the tax regime arrangements obtained by nonresident oil-drilling companies. Balance of payments data for 1995 through 2005 are published in the Fund’s International Financial Statistics (IFS), and STA is working with the authorities in updating the data series. In February 2007, a follow-up STA balance of payments statistics mission made a number of recommendations aimed at improving institutional arrangements for balance of payments statistics compilation and validation. Progress in this regard has been slow, consequently delaying the process for finalizing BOP data for 2005–08. | |
| II. Data Standards and Quality | |
| The Republic of Congo participates in the General Data Dissemination System (GDDS) since November 5, 2003. However, the metadata posted on the Fund’s Dissemination Standards Bulletin Board (DSBB) has not been updated or certified since 2003. | No data ROSC is available. |
| III. Reporting to STA | |
| The Republic of Congo has reported (in September 2008) GFS data to STA for fiscal years 2004 and 2005 using the GFSM 2001 template—data for 2006 and 2007 has experienced delays. High-frequency fiscal data has not yet been reported for publication in IFS. The compilation of GFS statistics to be reported to the Fund should be carried out in close cooperation with the division in charge of TOFE statistics. | |
Republic of Congo: Table of Common Indicators Required for Surveillance
As of May 10, 2010
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic non-bank 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); Not Available (NA).
Republic of Congo: Table of Common Indicators Required for Surveillance
As of May 10, 2010
| Date of latest observation | Date received | Frequency of Data 7 | Frequency of Reporting 7 | Frequency of publication 7 | |
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1 | July 2010 | Oct. 2010 | M | M | M |
| Reserve/Base Money | July 2010 | Oct. 2010 | M | M | M |
| Broad Money | June 2010 | Oct. 2010 | M | M | M |
| Central Bank Balance Sheet | July 2010 | Oct. 2010 | M | M | M |
| Consolidated Balance Sheet of the Banking System | July 2010 | Oct. 2010 | M | M | M |
| Interest Rates 2 | July 2010 | Oct. 2010 | M | M | M |
| Consumer Price Index | Sept. 2010 | Oct. 2010 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing 3 – General Government 4 | N/A | N/A | N/A | N/A | N/A |
| Revenue, Expenditure, Balance and Composition of Financing 3 – Central Government | Sept 2010 | Nov.2010 | M | M | Q |
| Stocks of Central Government and Central Government-Guaranteed Debt 5 | Sept 2010 | Nov. 2010 | Q | Q | Q |
| External Current Account Balance | Dec 2009 | Apr. 2010 | A | A | A |
| Exports and Imports of Goods and Services | Dec 2009 | Apr. 2010 | A | A | A |
| GDP/GNP | 2009 | Apr. 2010 | A | A | A |
| Gross External Debt | Sept 2010 | Nov. 2010 | Q | Q | Q |
| International Investment Position 6 | … | … | NA | NA | NA |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic non-bank 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); Not Available (NA).
Republic of Congo: Table of Common Indicators Required for Surveillance
As of May 10, 2010
| Date of latest observation | Date received | Frequency of Data 7 | Frequency of Reporting 7 | Frequency of publication 7 | |
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1 | July 2010 | Oct. 2010 | M | M | M |
| Reserve/Base Money | July 2010 | Oct. 2010 | M | M | M |
| Broad Money | June 2010 | Oct. 2010 | M | M | M |
| Central Bank Balance Sheet | July 2010 | Oct. 2010 | M | M | M |
| Consolidated Balance Sheet of the Banking System | July 2010 | Oct. 2010 | M | M | M |
| Interest Rates 2 | July 2010 | Oct. 2010 | M | M | M |
| Consumer Price Index | Sept. 2010 | Oct. 2010 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing 3 – General Government 4 | N/A | N/A | N/A | N/A | N/A |
| Revenue, Expenditure, Balance and Composition of Financing 3 – Central Government | Sept 2010 | Nov.2010 | M | M | Q |
| Stocks of Central Government and Central Government-Guaranteed Debt 5 | Sept 2010 | Nov. 2010 | Q | Q | Q |
| External Current Account Balance | Dec 2009 | Apr. 2010 | A | A | A |
| Exports and Imports of Goods and Services | Dec 2009 | Apr. 2010 | A | A | A |
| GDP/GNP | 2009 | Apr. 2010 | A | A | A |
| Gross External Debt | Sept 2010 | Nov. 2010 | Q | Q | Q |
| International Investment Position 6 | … | … | NA | NA | NA |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic non-bank 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); Not Available (NA).
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 can not 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.