Cover IMF Staff Country Reports
Central African Economic and Monetary Community (CEMAC): Staff Report on the Common Policies in Support of Member Countries Reform Programs
Author: International Monetary Fund. African Dept.
Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2017: Issue 176
Language:
French
Publication Date:
17 Aug 2017
DOI:
https://doi.org/10.5089/9781484316412.002
ISBN:
9781484316412
ISSN:
2790-4458
Pages:
47
Keywords:
ISCR; CR; CEMAC Commission; country; government; net; BEAC Board of Directors
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The sharp decline in oil prices has profoundly impaired the region’s external and fiscal balances. Oil export proceeds and budget oil revenues have plummeted between 2014 and 2016. The oil revenue shock and accommodative fiscal policy by member countries supported by expansionary regional monetary policies contributed to a fall in international reserves to a near critical point, despite initial spending cuts by some member countries. As a result of widening fiscal deficits and accommodative monetary policy, the current account deficit also widened substantially. International reserves reached the equivalent of 2.3 months of imports in December 2016.
Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund