Abstract
The Republic of Congo has been hit hard by the oil price shock. Fiscal and current account balances deteriorated in 2014 reflecting increased government spending and lower oil prices. Corrective measures are now being taken. Private sector activity is held back by infrastructure gaps, a difficult business climate, and a shallow financial system. Growth and spending have yet to translate into significant reductions in poverty and progress in this area lags peers. Persistent inequality could be a source of instability.
Relations With the Fund
A. Financial Relations
(As of June 9, 2015)
Membership Status: Joined: July 10, 1963; Article VIII
General Resources Account:
| SDR Million | %Quota | |
| Quota | 84.60 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 84.03 | 99.33 |
| Reserve Tranche Position | 0.58 | 0.68 |
| SDR Million | %Quota | |
| Quota | 84.60 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 84.03 | 99.33 |
| Reserve Tranche Position | 0.58 | 0.68 |
SDR Department:
| SDR Million | %Allocation | |
| Net cumulative allocation | 79.69 | 100.00 |
| Holdings | 70.35 | 88.28 |
| SDR Million | %Allocation | |
| Net cumulative allocation | 79.69 | 100.00 |
| Holdings | 70.35 | 88.28 |
Outstanding Purchases and Loans:
| SDR Million | %Quota | |
| ECF Arrangements | 11.24 | 13.29 |
| SDR Million | %Quota | |
| ECF Arrangements | 11.24 | 13.29 |
Latest Financial Arrangements:
Formerly PRGF.
Projected Payments to Fund: 2
(SDR Million; based on existing use of resources and present holdings of SDRs)
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Projected Payments to Fund: 2
(SDR Million; based on existing use of resources and present holdings of SDRs)
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | |
| Principal | 2.30 | 2.66 | 1.69 | 1.69 | 1.33 |
| Charges/Interest | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 |
| Total | 2.30 | 2.67 | 1.70 | 1.70 | 1.34 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Projected Payments to Fund: 2
(SDR Million; based on existing use of resources and present holdings of SDRs)
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | |
| Principal | 2.30 | 2.66 | 1.69 | 1.69 | 1.33 |
| Charges/Interest | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 |
| Total | 2.30 | 2.67 | 1.70 | 1.70 | 1.34 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Implementation of HIPC Initiative:
Assistances 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.
| Enhanced | |
| Commitment of HIPC assistance | Framework |
| Decision point date | Mar 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 | Jan 2010 |
| 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 |
| Total disbursements | 6.26 |
Assistances 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.
| Enhanced | |
| Commitment of HIPC assistance | Framework |
| Decision point date | Mar 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 | Jan 2010 |
| 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 |
| Total disbursements | 6.26 |
Assistances 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.
Implementation of Multilateral Debt Relief Initiative (MDRI):
| MDRI-eligible debt (SDR Million)1 | 7.86 |
| Financed by: MDRI Trust | 4.79 |
| Remaining HIPC resources | 3.07 |
| MDRI-eligible debt (SDR Million)1 | 7.86 |
| Financed by: MDRI Trust | 4.79 |
| Remaining HIPC resources | 3.07 |
Debt Relief by Facility (SDR Million)
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.
| Eligible Debt | |||
|---|---|---|---|
| Delivery | |||
| Date | GRA | PRGT | Total |
| January 2010 | N/A | 7.86 | 7.86 |
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.
| Eligible Debt | |||
|---|---|---|---|
| Delivery | |||
| Date | GRA | PRGT | Total |
| January 2010 | N/A | 7.86 | 7.86 |
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.
Implementation of Post-Catastrophe Debt Relief (PCDR): Not Applicable
Decision point - point at which the IMF and the World Bank determine whether a country qualifies for assistance under the HIPC Initiative and decide on the amount of assistance to be committed.
Interim assistance - amount disbursed to a country during the period between decision and completion points, up to 20 percent annually and 60 percent in total of the assistance committed at the decision point (or 25 percent and 75 percent, respectively, in exceptional circumstances).
Completion point - point at which a country receives the remaining balance of its assistance committed at the decision point, together with an additional disbursement of interest income as defined in footnote 2 above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).
Safeguards Assessment:
The Bank of the Central African States (BEAC) is the regional central bank of the Central African Economic and Monetary Community (CEMAC). As with other regional central banks, the BEAC is subject to a safeguards assessment every four years. The quadrennial assessment in 2013 occurred against the backdrop of significant change at the BEAC to address governance challenges and control failures that emerged in 2009 and led to close engagement in the period after through close IMF monitoring of safeguards “rolling measures.” The BEAC also embarked on a reform and modernization plan (RMP) to strengthen controls. The 2013 assessment concluded that despite some progress made by the BEAC in reinforcing its safeguards framework, further actions were needed to fully restore sound governance and control, including through amendments to the BEAC charter and commitment to achieve the RMP. The assessment also recommended maintaining the annual monitoring visits to the BEAC to follow up on progress on implementing the safeguards rolling measures and advancing work on the BEAC’s own reform plan in the context of new program requests and reviews to CEMAC countries. Consistent with this close engagement, a safeguards staff visit to the BEAC was conducted in April 2015. Staff concluded that while the BEAC continues the implementation of its reform plan, slippages have occurred and the timeframe of the RMP has been revised. Progress on implementing the safeguards rolling measures has been mixed, and priority recommendations on amendments to the BEAC charter and adoption of an internationally recognized financial reporting framework (IFRS) are delayed. The BEAC has requested IMF technical assistance to advance the implementation of the above recommendations, and steps for the prompt delivery of these actions have been initiated. Strong actions and close coordination with member states to gain consensus will be needed in the period ahead for the BEAC to conclude its reforms and the outstanding safeguards recommendations. Progress on implementation of the latter will remain subject to monitoring by the IMF, as a condition to continuing new program requests and reviews for CEMAC member countries.
B. Nonfinancial Relations
Exchange System:
The de jure and de facto exchange rate arrangement of the Central African Monetary Union (CAMU) is a conventional peg. Congo has accepted the obligations of Article VIII, Sections 2, 3 and 4 and maintains no separate legal tender. The regional currency is the CFA franc, which is pegged to the Euro at a fixed rate of CFAF 655.95 =Euro 1. Congo does not impose any restrictions on the making of payments and transfers for current international transactions.
Article IV consultations:
Consultations with Congo are now on a 12-month cycle, based on the Board decision on Article IV consultation cycles. The last Article IV consultation discussions were held in Brazzaville on May 13 –26, 2014. The consultation was concluded by the Executive Board on July 21, 2014 when the staff report (Country Report No. 14/272 at www.imf.org) was discussed.
Technical Assistance
Technical Assistance Received 2012–2015
Technical Assistance Received 2012–2015
| National Accounts | AFRITAC | Hubert Gbossa | June 2015 |
| Liability Management | AFRITAC | Helene le Manchec, Chaker Soltani | May 2015 |
| Government Finance Statistics | STA | Vincent Marie | April 2015 |
| Program Budgeting | AFRITAC | Abdoulaye Toure | April 2015 |
| National Accounts | AFRITAC | Francois Ramde | March 2015 |
| Balance of Payments Statistics | STA | Michel Dessart | February 2015 |
| Debt Management | AFRITAC | Chaker Soltani | December 2014 |
| Program Budgeting | AFRITAC | Marie Christine Uguen, Abdoulaye Toure, Christophe Moret | December 2014 |
| Strengthening LTO/MTO Administration | AFRITAC | Anthony Ramarozatovo | November 2014 |
| Program Budgeting | AFRITAC | Abdoulahi Mfombout | August 2014 |
| National Accounts | AFRITAC | Hubert Gbossa | August 2014 |
| Program Budgeting | AFRITAC | Christophe Moret | July 2014 (remotely) |
| Program Budgeting | AFRITAC | Olivier Benon | June 2014 |
| Liability Management | MCM | Chaker Soltani | February 2014 |
| National Accounts | AFRITAC | Hubert Gbossa and Francois Ramde | February 2014 |
| Government Finance Statistics | STA | Ciaran Judge | January 2014 |
| National Accounts | AFRITAC | Francois Ramde | October 2013 |
| Debt Management | MCM | Oumar Dissou | August 2013 |
| Customs Administration | FAD | Yves Michel Soler | June 2013 |
| Public Financial Management | AFRITAC | Christophe Maurin | June 2013 |
| Public Financial Management | FAD | Maximilien Pierre Queyranne | December 2012 |
| Budget preparation and IFMIS | FAD | Nicolas Marcel Botton | December 2012 |
| Public Financial Management | AFRITAC | Blaise Yehouenou | June 2012 |
| VAT Administration | AFRITAC | Louis Rene Ossa | May 2012 |
| Customs Administration | AFRITAC | Ives Soler | April 2012 |
| Treasury Operations | AFRITAC | Jean Pierre le Bouder | April 2012 |
| Customs administration | FAD | Gilles Parent, Yves Soler, and Christian Breemeersch | January 2012 |
| National Accounts | AFRITAC | Maxime Bonkoungou and Hubert Gbossa | January 2012 |
| Treasury Operations | AFRITAC | Blaise Yehouenou and Eric Brintet | January 2012 |
Technical Assistance Received 2012–2015
| National Accounts | AFRITAC | Hubert Gbossa | June 2015 |
| Liability Management | AFRITAC | Helene le Manchec, Chaker Soltani | May 2015 |
| Government Finance Statistics | STA | Vincent Marie | April 2015 |
| Program Budgeting | AFRITAC | Abdoulaye Toure | April 2015 |
| National Accounts | AFRITAC | Francois Ramde | March 2015 |
| Balance of Payments Statistics | STA | Michel Dessart | February 2015 |
| Debt Management | AFRITAC | Chaker Soltani | December 2014 |
| Program Budgeting | AFRITAC | Marie Christine Uguen, Abdoulaye Toure, Christophe Moret | December 2014 |
| Strengthening LTO/MTO Administration | AFRITAC | Anthony Ramarozatovo | November 2014 |
| Program Budgeting | AFRITAC | Abdoulahi Mfombout | August 2014 |
| National Accounts | AFRITAC | Hubert Gbossa | August 2014 |
| Program Budgeting | AFRITAC | Christophe Moret | July 2014 (remotely) |
| Program Budgeting | AFRITAC | Olivier Benon | June 2014 |
| Liability Management | MCM | Chaker Soltani | February 2014 |
| National Accounts | AFRITAC | Hubert Gbossa and Francois Ramde | February 2014 |
| Government Finance Statistics | STA | Ciaran Judge | January 2014 |
| National Accounts | AFRITAC | Francois Ramde | October 2013 |
| Debt Management | MCM | Oumar Dissou | August 2013 |
| Customs Administration | FAD | Yves Michel Soler | June 2013 |
| Public Financial Management | AFRITAC | Christophe Maurin | June 2013 |
| Public Financial Management | FAD | Maximilien Pierre Queyranne | December 2012 |
| Budget preparation and IFMIS | FAD | Nicolas Marcel Botton | December 2012 |
| Public Financial Management | AFRITAC | Blaise Yehouenou | June 2012 |
| VAT Administration | AFRITAC | Louis Rene Ossa | May 2012 |
| Customs Administration | AFRITAC | Ives Soler | April 2012 |
| Treasury Operations | AFRITAC | Jean Pierre le Bouder | April 2012 |
| Customs administration | FAD | Gilles Parent, Yves Soler, and Christian Breemeersch | January 2012 |
| National Accounts | AFRITAC | Maxime Bonkoungou and Hubert Gbossa | January 2012 |
| Treasury Operations | AFRITAC | Blaise Yehouenou and Eric Brintet | January 2012 |
World Bank World—Joint Action Plan
The IMF and the World Bank teams maintain an ongoing exchange of views on relevant macroeconomic and structural issues in the Republic of Congo. Cooperation during the last year has included discussions related to the macroeconomic situation in Republic of Congo; the ongoing Public Expenditure Management and Financial Accountability Review (PEMFAR); progress in the achievement of the Millennium Development Goals (MDG); and updates on the status of World Bank country programs. These World Bank country programs are aimed at improving competitiveness and development outcomes and include a conditional cash transfer program and measures to improve rural area productivity through investment in roads, programs to develop seeds and the training of farmers. A full DSA is jointly prepared by the two teams for the 2015 Article IV consultations; a DSA—full or update—will also be conducted in 2016.
Republic of Congo: IMF and World Bank Joint Action Plan
(As of June 9, 2015)
Republic of Congo: IMF and World Bank Joint Action Plan
(As of June 9, 2015)
| Bank work program in next 12 months | 2nd Edition Economic Update | September 2015 |
| Public Expenditure Management and Financial Accountability Review (PEMFAR) | June 2015 | |
| Trade Facilitation and Intervention | June 2015 | |
| Country Program Strategy (CPS) Progress Report | June 2015 | |
| Policy Note on Economic Diversification | December 2016 | |
| Systematic Country Diagnostic | June 2016 | |
| Transparency & Governance Repeat Project | June 2015 | |
| Water, Electricity & Urban Development SIL | December 2015 | |
| Agricultural Development and Rural Roads Rehabilitation Project | October 2015 | |
| Support to Economic Diversification Project | February 2016 | |
| LISUNGI Safety Nets Project | February 2018 | |
| Skills Development for Employability Project | September 2018 | |
| Health Sector Project | June 2019 | |
| Statistics Capacity Building Project | June 2019 | |
| IMF work program in next 12 months | Article IV consultation Technical Assistance: MCM (Liability / Debt Management) AFRITAC (National Accounts) STA (Balance of Payments, GDDS+) | 2015–16 |
| World Bank request to Fund | Macroeconomic updates for project documents | 2015-18 |
| Joint products in next 12 months | Debt Sustainability Analysis | July 2015 |
| Debt Sustainability Analysis | June 2016 |
Republic of Congo: IMF and World Bank Joint Action Plan
(As of June 9, 2015)
| Bank work program in next 12 months | 2nd Edition Economic Update | September 2015 |
| Public Expenditure Management and Financial Accountability Review (PEMFAR) | June 2015 | |
| Trade Facilitation and Intervention | June 2015 | |
| Country Program Strategy (CPS) Progress Report | June 2015 | |
| Policy Note on Economic Diversification | December 2016 | |
| Systematic Country Diagnostic | June 2016 | |
| Transparency & Governance Repeat Project | June 2015 | |
| Water, Electricity & Urban Development SIL | December 2015 | |
| Agricultural Development and Rural Roads Rehabilitation Project | October 2015 | |
| Support to Economic Diversification Project | February 2016 | |
| LISUNGI Safety Nets Project | February 2018 | |
| Skills Development for Employability Project | September 2018 | |
| Health Sector Project | June 2019 | |
| Statistics Capacity Building Project | June 2019 | |
| IMF work program in next 12 months | Article IV consultation Technical Assistance: MCM (Liability / Debt Management) AFRITAC (National Accounts) STA (Balance of Payments, GDDS+) | 2015–16 |
| World Bank request to Fund | Macroeconomic updates for project documents | 2015-18 |
| Joint products in next 12 months | Debt Sustainability Analysis | July 2015 |
| Debt Sustainability Analysis | June 2016 |
Statistical Issues
(As of June 9, 2015)
| A. Assessment of Data Adequacy for Surveillance |
| General: Data provision is broadly adequate for surveillance, but there are some key data shortcomings in national accounts, monetary, fiscal, and external sector statistics due to capacity constraints. |
| National Accounts: National accounts data is weak, with inconsistencies both internally and with balance of payments statistics. The National Statistics Institute (NSI) 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 context of moving to the SNA93 system of accounts, the NSI completed the national accounts estimates for 2005 (the new base year) and for 2006–08, with the assistance of AFRITAC Central. The authorities are currently working with the AFRITAC Central to revise national accounts’ estimates up to 2012. A system of provisional accounts is also being implemented, and will provide estimates for the most recent years. Annual data on employment in the central government are available from the MoF. As part of the structural reforms undertaken in the context of the post-conflict program, the government completed an audit of public service employees. Both the Directorate General of the Economy and NSI produce data on the national accounts outturn for any given year, and coordination between the institutions is weak. Going forward, the NSI will be the sole source of national accounts data. |
| Price Statistics: Movements in the prices of commodities consumed by households are recorded for the capital city of Brazzaville and for Pointe Noire, the center of economic activities. For some functions, indices and price movements are significantly different between the two cities. Data are compiled on a monthly basis. Since August 2010, the authorities introduced a new CPI measure with new weights and a new composition of the basket of goods and services. This new CPI is harmonized with that of other countries in the Central African Economic and Monetary Community (CEMAC). |
| Government Finance Statistics: Although the Ministry of Economy, Finance, Planning, Public Investment, and Integration (MEFPPI) produces GFS data, data is submitted to the IMF statistical department with substantial delays and is limited to budgetary central government above-and-below the line transactions. Debt data are available from Caisse Congolaise d’Amortissement (CCA) sources, but are not integrated in GFS reporting, although provided to Fund missions. The debt data contain significant inconsistencies between the outstanding stock of debt and future debt service payments. Furthermore, fiscal financing transactions are incomplete leading to statistical discrepancies. On the ground collection of data related to local government units is good. However, there is a lack of consistency / transparency between above the line and below the line transactions, particularly as relates to oil revenues. There are also inconsistencies and lags related to consolidation and intra – governmental transfers. A more comprehensive financial balance sheet could be produced to fully capture the public sector assets / liability position. 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. Recent technical assistance missions have been fielded to address issues of timeliness and comprehensiveness. The authorities have expressed an intention to expand GFS reporting to include extra budgetary units, social security funds and local government and improve timeliness. However, significant effort is required to produce comprehensive GFS on a timely basis. The compilation of GFS statistics to be reported to the Fund should be carried out in close cooperation with the division in charge of statistics on financial operations of the government. However, there are significant inconsistencies between the outstanding stock of debt and future debt service payments. Moreover, the debt stock data cannot readily be reconciled with flow data in the fiscal accounts. 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. The Republic of Congo reported (in September 2008) GFS data to STA for fiscal years 2004 and 2005 using the GFSM 2001 template—data for 2006–10 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 statistics on financial operations of the government. |
| Monetary Statistics: Monetary statistics are reported to the Fund by the Banque des États de l’Afrique Centrale (BEAC) on a monthly basis in the format of the standardized report forms (SRFs). The depository corporation survey does not include data from deposit taking microfinance institutions, a growing sector in the country. There is however a significant time lag in the reporting of these statistics to Fund missions. It is hoped to include data in the future on interest rates offered by the financial institutions sector to non-financial entities on deposits and loans. |
| Financial sector surveillance: Republic of Congo report to STA all core and some encouraged financial soundness indicators. |
| Balance of payments: Although BEAC produces balance of payments data; there is substantial delay in data submission to STA. The recent BOP mission of February 2015 tried to address this issue for data posterior to 2007 by assisting the authorities to fill in the required reporting forms for the IMF. The mission also urged the National Committee of the Balance of Payments, in charge of data validation, to validate data for 2011 onwards. The mission has noted that though data sources were reliable, the lack of motivation of respondents undermined the coverage of cross-border financial transactions. Balance of payments data through 2007 are published in the Fund’s International Financial Statistics (IFS), and STA is expecting the authorities to update the data series this year. Data on the International Investment Position is not compiled. |
| B. 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 since 2003. No data ROSC is available. |
| A. Assessment of Data Adequacy for Surveillance |
| General: Data provision is broadly adequate for surveillance, but there are some key data shortcomings in national accounts, monetary, fiscal, and external sector statistics due to capacity constraints. |
| National Accounts: National accounts data is weak, with inconsistencies both internally and with balance of payments statistics. The National Statistics Institute (NSI) 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 context of moving to the SNA93 system of accounts, the NSI completed the national accounts estimates for 2005 (the new base year) and for 2006–08, with the assistance of AFRITAC Central. The authorities are currently working with the AFRITAC Central to revise national accounts’ estimates up to 2012. A system of provisional accounts is also being implemented, and will provide estimates for the most recent years. Annual data on employment in the central government are available from the MoF. As part of the structural reforms undertaken in the context of the post-conflict program, the government completed an audit of public service employees. Both the Directorate General of the Economy and NSI produce data on the national accounts outturn for any given year, and coordination between the institutions is weak. Going forward, the NSI will be the sole source of national accounts data. |
| Price Statistics: Movements in the prices of commodities consumed by households are recorded for the capital city of Brazzaville and for Pointe Noire, the center of economic activities. For some functions, indices and price movements are significantly different between the two cities. Data are compiled on a monthly basis. Since August 2010, the authorities introduced a new CPI measure with new weights and a new composition of the basket of goods and services. This new CPI is harmonized with that of other countries in the Central African Economic and Monetary Community (CEMAC). |
| Government Finance Statistics: Although the Ministry of Economy, Finance, Planning, Public Investment, and Integration (MEFPPI) produces GFS data, data is submitted to the IMF statistical department with substantial delays and is limited to budgetary central government above-and-below the line transactions. Debt data are available from Caisse Congolaise d’Amortissement (CCA) sources, but are not integrated in GFS reporting, although provided to Fund missions. The debt data contain significant inconsistencies between the outstanding stock of debt and future debt service payments. Furthermore, fiscal financing transactions are incomplete leading to statistical discrepancies. On the ground collection of data related to local government units is good. However, there is a lack of consistency / transparency between above the line and below the line transactions, particularly as relates to oil revenues. There are also inconsistencies and lags related to consolidation and intra – governmental transfers. A more comprehensive financial balance sheet could be produced to fully capture the public sector assets / liability position. 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. Recent technical assistance missions have been fielded to address issues of timeliness and comprehensiveness. The authorities have expressed an intention to expand GFS reporting to include extra budgetary units, social security funds and local government and improve timeliness. However, significant effort is required to produce comprehensive GFS on a timely basis. The compilation of GFS statistics to be reported to the Fund should be carried out in close cooperation with the division in charge of statistics on financial operations of the government. However, there are significant inconsistencies between the outstanding stock of debt and future debt service payments. Moreover, the debt stock data cannot readily be reconciled with flow data in the fiscal accounts. 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. The Republic of Congo reported (in September 2008) GFS data to STA for fiscal years 2004 and 2005 using the GFSM 2001 template—data for 2006–10 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 statistics on financial operations of the government. |
| Monetary Statistics: Monetary statistics are reported to the Fund by the Banque des États de l’Afrique Centrale (BEAC) on a monthly basis in the format of the standardized report forms (SRFs). The depository corporation survey does not include data from deposit taking microfinance institutions, a growing sector in the country. There is however a significant time lag in the reporting of these statistics to Fund missions. It is hoped to include data in the future on interest rates offered by the financial institutions sector to non-financial entities on deposits and loans. |
| Financial sector surveillance: Republic of Congo report to STA all core and some encouraged financial soundness indicators. |
| Balance of payments: Although BEAC produces balance of payments data; there is substantial delay in data submission to STA. The recent BOP mission of February 2015 tried to address this issue for data posterior to 2007 by assisting the authorities to fill in the required reporting forms for the IMF. The mission also urged the National Committee of the Balance of Payments, in charge of data validation, to validate data for 2011 onwards. The mission has noted that though data sources were reliable, the lack of motivation of respondents undermined the coverage of cross-border financial transactions. Balance of payments data through 2007 are published in the Fund’s International Financial Statistics (IFS), and STA is expecting the authorities to update the data series this year. Data on the International Investment Position is not compiled. |
| B. 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 since 2003. No data ROSC is available. |
Republic of Congo: Table of Common Indicators Required for Surveillance
(As of June 9, 2015)
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 discounts 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. Data not provided by the authorities due to technical capacity constraints.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents. Data not provided by the authorities due to technical capacity constraints.
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 June 9, 2015)
| Date of latest observation | Date received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | March 2015 | June 2015 | M | M | M |
| Reserve/Base Money | March 2015 | June 2015 | M | M | M |
| Broad Money | March 2015 | June 2015 | M | M | M |
| Central Bank Balance Sheet | March 2015 | June 2015 | M | M | M |
| Consolidated Balance Sheet of the Banking System | March 2015 | June 2015 | M | M | M |
| Interest Rates2 | May 2015 | May 2015 | M | M | M |
| Consumer Price Index | February 2015 | May 2015 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | N/A | N/A | N/A | N/A | N/A |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | March 2015 | May 2015 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | December 2014 | May 2015 | Q | Q | |
| External Current Account Balance | December 2014 | May 2015 | A | A | A |
| Exports and Imports of Goods and Services | December 2014 | May 2015 | A | A | A |
| GDP/GNP | December 2014 | May 2014 | A | A | A |
| Gross External Debt | December 2014 | March 2015 | Q | Q | Q |
| International Investment Position6 | … | … | NA | NA | NA |
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 discounts 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. Data not provided by the authorities due to technical capacity constraints.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents. Data not provided by the authorities due to technical capacity constraints.
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 June 9, 2015)
| Date of latest observation | Date received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | March 2015 | June 2015 | M | M | M |
| Reserve/Base Money | March 2015 | June 2015 | M | M | M |
| Broad Money | March 2015 | June 2015 | M | M | M |
| Central Bank Balance Sheet | March 2015 | June 2015 | M | M | M |
| Consolidated Balance Sheet of the Banking System | March 2015 | June 2015 | M | M | M |
| Interest Rates2 | May 2015 | May 2015 | M | M | M |
| Consumer Price Index | February 2015 | May 2015 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | N/A | N/A | N/A | N/A | N/A |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | March 2015 | May 2015 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | December 2014 | May 2015 | Q | Q | |
| External Current Account Balance | December 2014 | May 2015 | A | A | A |
| Exports and Imports of Goods and Services | December 2014 | May 2015 | A | A | A |
| GDP/GNP | December 2014 | May 2014 | A | A | A |
| Gross External Debt | December 2014 | March 2015 | Q | Q | Q |
| International Investment Position6 | … | … | NA | NA | NA |
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 discounts 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. Data not provided by the authorities due to technical capacity constraints.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents. Data not provided by the authorities due to technical capacity constraints.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).