Abstract
2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo
Fund Relations
A. Financial Relations
(As of November 30, 2019)
Membership Status: Joined: July 10, 1963; Article VIII
| General Resources Account | SDR Million | Percent Quota |
|---|---|---|
| Quota | 162.00 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 142.05 | 87.68 |
| Reserve Tranche Position | ||
| 19.97 | 12.33 |
| General Resources Account | SDR Million | Percent Quota |
|---|---|---|
| Quota | 162.00 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 142.05 | 87.68 |
| Reserve Tranche Position | ||
| 19.97 | 12.33 |
| SDR Department | SDR Million | Percent Allocation |
|---|---|---|
| Net cumulative allocation | 79.69 | 100.00 |
| Holdings | 50.91 | 63.89 |
| SDR Department | SDR Million | Percent Allocation |
|---|---|---|
| Net cumulative allocation | 79.69 | 100.00 |
| Holdings | 50.91 | 63.89 |
| Outstanding Purchases and Loans | ||
|---|---|---|
| SDR Million | Percent Quota | |
| ECF Arrangements | 34.09 | 21.04 |
| Outstanding Purchases and Loans | ||
|---|---|---|
| SDR Million | Percent Quota | |
| ECF Arrangements | 34.09 | 21.04 |
Latest Financial Arrangements
Projected Payments to Fund 2
(SDR Million; based on existing use of resources and present holdings of SDRs)
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | 0.12 | 0.97 | 0.60 | 0.00 | 0.00 |
| Changes/Interest | 0.23 | 0.23 | 0.23 | 0.23 | |
| Total | 0.19 | 1.20 | 0.83 | 0.23 | 0.23 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | 0.12 | 0.97 | 0.60 | 0.00 | 0.00 |
| Changes/Interest | 0.23 | 0.23 | 0.23 | 0.23 | |
| Total | 0.19 | 1.20 | 0.83 | 0.23 | 0.23 |
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 HIPC Initiative | ||
| Commitment of HIPC assistance | Enhanced 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 income2 | 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 HIPC Initiative | ||
| Commitment of HIPC assistance | Enhanced 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 income2 | 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.
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 Multilateral Debt Relief Initiative (MDRI) | |||
| 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) | |||
| 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 Multilateral Debt Relief Initiative (MDRI) | |||
| 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) | |||
| 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 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 Assessment:
The Bank of the Central African States (BEAC) is the regional central bank of CEMAC. A full safeguards assessment (SA) under the periodic four-year cycle for regional central banks was completed in August 2017. The assessment noted the positive steps taken by the BEAC to complete amendments to its Charter to strengthen governance provisions and plans to enhance financial reporting transparency through full transition to the international financial reporting standards (IFRS) beginning with the 2018 financial statements. The focus will now shift to implementation of the reforms in daily decision-making and secondary legal instruments. The assessment noted, however, that the BEAC will need to reinforce the capacity of its accounting, internal audit, and risk management functions, and that the governance arrangements over reserves management be aligned with the new BEAC charter. The implementation of most of the recommendations has progressed broadly as planned, and staff maintains close engagement with the BEAC as it continues to implement the governance reforms and transition to IFRS.
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 24-month cycle, based on the Board decision on Article IV consultation cycles. The last Article IV consultation discussions were held in Brazzaville on May 19–Jun 1, 2015. The consultation was concluded by the Executive Board on July 17, 2015 when the staff report (Country Report No. 15/263 at www.imf.org) was discussed.
Technical Assistance
Technical Assistance Received in Fiscal Year 2019
Technical Assistance Received in Fiscal Year 2019
| Dept/Provider | Topic | Mission Purpose | Start | End |
|---|---|---|---|---|
| Fiscal Affairs | ||||
| AFC | Tax Administration | Revenue Admininistration HQ Based Mission | 6/25/2018 | 7/6/2018 |
| FAD | Tax Administration | Evaluation of reform progress | 6/26/2018 | 7/6/2018 |
| AFC | Public Financial Management | Public Financial Management Advisor | 7/23/2018 | 8/3/2018 |
| FAD | Public Financial Management | Budget Execution and Control [New JSA Funded project-JSA10] | 8/1/2018 | 8/13/2018 |
| AFC | Macro-fiscal | Macrofiscal | 10/1/2018 | 10/12/2018 |
| AFC | Public Financial Management | Public Financial Management – Accounts viability work | 10/9/2018 | 10/19/2018 |
| AFC | Customs Administration | Customs Administration | 10/15/2018 | 10/26/2018 |
| AFC | Tax Administration | Tax Administration | 10/22/2018 | 11/2/2018 |
| AFC | Tax Administration | Tax Administration | 11/12/2018 | 11/23/2018 |
| FAD | Public Financial Management | Budget execution and control 1 of 2 | 12/10/2018 | 12/21/2018 |
| FAD | Tax Policy | Revenue mobilization: selected tax policy issues | 1/8/2019 | 1/21/2019 |
| AFC | Tax Administration | Revenue Administration | 1/21/2019 | 2/1/2019 |
| FAD | Public Financial Management | Budget execution and control | 4/4/2019 | 4/17/2019 |
| AFC | Public Financial Management | Public Financial Management | 4/15/2019 | 4/26/2019 |
| Legal | ||||
| LEG | Bank Regulation and Evaluation Draft Banking Law – Desk Review | 3/25/2019 | 3/27/2019 | |
| Monetary and Capital Markets | ||||
| AFC | Liability Management | Public Debt Management – Framework building | 9/11/2018 | 9/21/2018 |
| AFC | Liability Management | Public Debt Management and Institutional Framework | 3/28/2019 | 4/6/2019 |
| Statistics | ||||
| AFC | National Accounts Statistics | National Accounts | 12/3/2018 | 12/14/2018 |
| STA | Balance of Payments Statistics | Balance of Payments Statistics (JSA AFR) | 1/7/2019 | 1/18/2019 |
| AFC | Government Finance Statistics | Government Finance Statistics | 1/21/2019 | 2/1/2019 |
| AFC | Real Sector Statistics | National Accounts | 4/15/2019 | 4/26/2019 |
Technical Assistance Received in Fiscal Year 2019
| Dept/Provider | Topic | Mission Purpose | Start | End |
|---|---|---|---|---|
| Fiscal Affairs | ||||
| AFC | Tax Administration | Revenue Admininistration HQ Based Mission | 6/25/2018 | 7/6/2018 |
| FAD | Tax Administration | Evaluation of reform progress | 6/26/2018 | 7/6/2018 |
| AFC | Public Financial Management | Public Financial Management Advisor | 7/23/2018 | 8/3/2018 |
| FAD | Public Financial Management | Budget Execution and Control [New JSA Funded project-JSA10] | 8/1/2018 | 8/13/2018 |
| AFC | Macro-fiscal | Macrofiscal | 10/1/2018 | 10/12/2018 |
| AFC | Public Financial Management | Public Financial Management – Accounts viability work | 10/9/2018 | 10/19/2018 |
| AFC | Customs Administration | Customs Administration | 10/15/2018 | 10/26/2018 |
| AFC | Tax Administration | Tax Administration | 10/22/2018 | 11/2/2018 |
| AFC | Tax Administration | Tax Administration | 11/12/2018 | 11/23/2018 |
| FAD | Public Financial Management | Budget execution and control 1 of 2 | 12/10/2018 | 12/21/2018 |
| FAD | Tax Policy | Revenue mobilization: selected tax policy issues | 1/8/2019 | 1/21/2019 |
| AFC | Tax Administration | Revenue Administration | 1/21/2019 | 2/1/2019 |
| FAD | Public Financial Management | Budget execution and control | 4/4/2019 | 4/17/2019 |
| AFC | Public Financial Management | Public Financial Management | 4/15/2019 | 4/26/2019 |
| Legal | ||||
| LEG | Bank Regulation and Evaluation Draft Banking Law – Desk Review | 3/25/2019 | 3/27/2019 | |
| Monetary and Capital Markets | ||||
| AFC | Liability Management | Public Debt Management – Framework building | 9/11/2018 | 9/21/2018 |
| AFC | Liability Management | Public Debt Management and Institutional Framework | 3/28/2019 | 4/6/2019 |
| Statistics | ||||
| AFC | National Accounts Statistics | National Accounts | 12/3/2018 | 12/14/2018 |
| STA | Balance of Payments Statistics | Balance of Payments Statistics (JSA AFR) | 1/7/2019 | 1/18/2019 |
| AFC | Government Finance Statistics | Government Finance Statistics | 1/21/2019 | 2/1/2019 |
| AFC | Real Sector Statistics | National Accounts | 4/15/2019 | 4/26/2019 |
Technical Assistance Received in Fiscal Year 2018
Technical Assistance Received in Fiscal Year 2018
| Dept/Provider | Topic | Mission Purpose | Start | End |
|---|---|---|---|---|
| Fiscal Affairs | ||||
| AFC | Revenue mobilization | Customs Administration | 6/25/2017 | 7/7/2017 |
| FAD | Budget preparation & PEM | Joining AFR mission | 9/26/2017 | 10/4/2017 |
| AFC | Budget preparation & PEM | Public Financial Management | 11/13/2017 | 11/24/2017 |
| FAD | Revenue mobilization | Resident Revenue Admin. Advisor | 11/20/2017 | 12/1/2017 |
| FAD | Budget preparation & PEM | Budget execution and control | 11/29/2017 | 12/13/2017 |
| FAD | Budget preparation & PEM | New Macrofiscal Regional Resid | 3/26/2018 | 4/6/2018 |
| Monetary and Capital Markets | ||||
| AFC | Assets & Liability Management | Liability Management Adv | 1/9/2018 | 1/19/2018 |
| AFC | Assets & Liability Management | Liability Management Adv | 4/24/2018 | 5/4/2018 |
| AFC | Assets & Liability Management | Liability Management Adv | 3/5/2018 | 3/16/2018 |
| Statistics | ||||
| AFC | Government Finance Statistics | Government Finance Statis | 9/25/2017 | 10/6/2017 |
| AFC | National Accounts | National Accounts | 12/4/2017 | 12/16/2017 |
| STA | BOP and External Sector Statistics | Balance of Payments Statistics | 2/19/2018 | 3/2/2018 |
Technical Assistance Received in Fiscal Year 2018
| Dept/Provider | Topic | Mission Purpose | Start | End |
|---|---|---|---|---|
| Fiscal Affairs | ||||
| AFC | Revenue mobilization | Customs Administration | 6/25/2017 | 7/7/2017 |
| FAD | Budget preparation & PEM | Joining AFR mission | 9/26/2017 | 10/4/2017 |
| AFC | Budget preparation & PEM | Public Financial Management | 11/13/2017 | 11/24/2017 |
| FAD | Revenue mobilization | Resident Revenue Admin. Advisor | 11/20/2017 | 12/1/2017 |
| FAD | Budget preparation & PEM | Budget execution and control | 11/29/2017 | 12/13/2017 |
| FAD | Budget preparation & PEM | New Macrofiscal Regional Resid | 3/26/2018 | 4/6/2018 |
| Monetary and Capital Markets | ||||
| AFC | Assets & Liability Management | Liability Management Adv | 1/9/2018 | 1/19/2018 |
| AFC | Assets & Liability Management | Liability Management Adv | 4/24/2018 | 5/4/2018 |
| AFC | Assets & Liability Management | Liability Management Adv | 3/5/2018 | 3/16/2018 |
| Statistics | ||||
| AFC | Government Finance Statistics | Government Finance Statis | 9/25/2017 | 10/6/2017 |
| AFC | National Accounts | National Accounts | 12/4/2017 | 12/16/2017 |
| STA | BOP and External Sector Statistics | Balance of Payments Statistics | 2/19/2018 | 3/2/2018 |
Technical Assistance Received in Fiscal Year 2017
Technical Assistance Received in Fiscal Year 2017
| Dept/Provider | Topic | Mission Purpose | Start | End |
|---|---|---|---|---|
| Fiscal Affairs | ||||
| AFC | Revenue Administration | Tax Administration | 5/16/2016 | 5/27/2016 |
| FAD | Revenue Administration | Strengthening CEMAC customs union | 5/16/2016 | 5/27/2016 |
| AFC | Public Financial Management | Public Financial Management | 7/25/2016 | 8/5/2016 |
| FAD | Revenue Administration | Customs administration [BTB 17 | 8/24/2016 | 9/5/2016 |
| FAD | Public Financial Management | Public Accounting – chart of accounting | 9/19/2016 | 9/30/2016 |
| AFC | Revenue Administration | Tax Administration – STX | 10/17/2016 | 10/28/2016 |
| FAD | Revenue Administration | Strengthening CEMAC customs union | 1/8/2017 | 1/20/2017 |
| AFC | Revenue Administration | Tax Administration – LTX | 2/13/2017 | 2/21/2017 |
| Monetary and Capital Markets | ||||
| AFC | Assets & Liability Management | Public Debt Management | 8/21/2016 | 9/7/2016 |
| AFC | Assets & Liability Management | Liability Management | 8/22/2016 | 9/2/2016 |
| AFC | Assets & Liability Management | Public Debt Management | 11/14/2016 | 12/1/2016 |
| Statistics | ||||
| AFC | National Accounts | National Accounts | 5/13/2016 | 5/24/2016 |
| AFC | National Accounts | National Accounts | 7/4/2016 | 7/15/2016 |
| AFC | National Accounts | National Accounts | 8/22/2016 | 9/2/2016 |
| AFC | Government Finance Statistics | Government Finance Statis | 9/26/2016 | 10/7/2016 |
| AFC | National Accounts | National Accounts | 1/30/2017 | 2/11/2017 |
| STA | BOP and External Sector Statistic | sBalance of Payments Statistics | 3/13/2017 | 3/24/2017 |
Technical Assistance Received in Fiscal Year 2017
| Dept/Provider | Topic | Mission Purpose | Start | End |
|---|---|---|---|---|
| Fiscal Affairs | ||||
| AFC | Revenue Administration | Tax Administration | 5/16/2016 | 5/27/2016 |
| FAD | Revenue Administration | Strengthening CEMAC customs union | 5/16/2016 | 5/27/2016 |
| AFC | Public Financial Management | Public Financial Management | 7/25/2016 | 8/5/2016 |
| FAD | Revenue Administration | Customs administration [BTB 17 | 8/24/2016 | 9/5/2016 |
| FAD | Public Financial Management | Public Accounting – chart of accounting | 9/19/2016 | 9/30/2016 |
| AFC | Revenue Administration | Tax Administration – STX | 10/17/2016 | 10/28/2016 |
| FAD | Revenue Administration | Strengthening CEMAC customs union | 1/8/2017 | 1/20/2017 |
| AFC | Revenue Administration | Tax Administration – LTX | 2/13/2017 | 2/21/2017 |
| Monetary and Capital Markets | ||||
| AFC | Assets & Liability Management | Public Debt Management | 8/21/2016 | 9/7/2016 |
| AFC | Assets & Liability Management | Liability Management | 8/22/2016 | 9/2/2016 |
| AFC | Assets & Liability Management | Public Debt Management | 11/14/2016 | 12/1/2016 |
| Statistics | ||||
| AFC | National Accounts | National Accounts | 5/13/2016 | 5/24/2016 |
| AFC | National Accounts | National Accounts | 7/4/2016 | 7/15/2016 |
| AFC | National Accounts | National Accounts | 8/22/2016 | 9/2/2016 |
| AFC | Government Finance Statistics | Government Finance Statis | 9/26/2016 | 10/7/2016 |
| AFC | National Accounts | National Accounts | 1/30/2017 | 2/11/2017 |
| STA | BOP and External Sector Statistic | sBalance of Payments Statistics | 3/13/2017 | 3/24/2017 |
Technical Assistance Received in Fiscal Year 2016
Technical Assistance Received in Fiscal Year 2016
| Dept/Provider | Topic | Mission Purpose | Start | End |
|---|---|---|---|---|
| Fiscal Affairs | ||||
| AFC | Revenue Administration | Tax Administration – LTX visit 4 | 6/22/2015 | 7/2/2015 |
| FAD | Revenue Administration | Customs administration [1/2] | 7/6/2015 | 7/17/2015 |
| AFC | Public Financial Management | Public Financial Management – STX Visit | 8/31/2015 | 9/11/2015 |
| FAD | Revenue Administration | Follow up mission on customs administration | 9/14/2015 | 9/21/2015 |
| AFC | Revenue Administration | Tax Administration Advisor | 11/9/2015 | 11/19/2015 |
| AFC | Public Financial Management | Public Financial Management | 11/16/2015 | 11/20/2015 |
| FAD | Revenue Administration | Customs administration [2/2] | 1/7/2016 | 1/20/2016 |
| AFC | Revenue Administration | Tax Administration | 5/16/2016 | 5/27/2016 |
| FAD | Revenue Administration | Strengthening CEMAC customs union | 5/16/2016 | 5/27/2016 |
| AFC | Public Financial Management | Public Financial Management | 7/18/2016 | 7/30/2016 |
| Monetary and Capital Markets | ||||
| AFC/MCM | Assets & Liability Management | Liability Management | 5/18/2015 | 5/29/2015 |
| AFC/MCM | Regulation/Supervision | Public Debt Management | 11/30/2015 | 12/10/2015 |
| Statistics | ||||
| STA | Government Finance Statistics | Government Finance Statistics – Follow up to FY14 TA | 4/20/2015 | 5/1/2015 |
| AFC | National Accounts Statistics | National Accounts – LTX Visit 2 | 6/15/2015 | 6/26/2015 |
| AFC | National Accounts Statistics | National Accounts | 11/16/2015 | 11/27/2015 |
Technical Assistance Received in Fiscal Year 2016
| Dept/Provider | Topic | Mission Purpose | Start | End |
|---|---|---|---|---|
| Fiscal Affairs | ||||
| AFC | Revenue Administration | Tax Administration – LTX visit 4 | 6/22/2015 | 7/2/2015 |
| FAD | Revenue Administration | Customs administration [1/2] | 7/6/2015 | 7/17/2015 |
| AFC | Public Financial Management | Public Financial Management – STX Visit | 8/31/2015 | 9/11/2015 |
| FAD | Revenue Administration | Follow up mission on customs administration | 9/14/2015 | 9/21/2015 |
| AFC | Revenue Administration | Tax Administration Advisor | 11/9/2015 | 11/19/2015 |
| AFC | Public Financial Management | Public Financial Management | 11/16/2015 | 11/20/2015 |
| FAD | Revenue Administration | Customs administration [2/2] | 1/7/2016 | 1/20/2016 |
| AFC | Revenue Administration | Tax Administration | 5/16/2016 | 5/27/2016 |
| FAD | Revenue Administration | Strengthening CEMAC customs union | 5/16/2016 | 5/27/2016 |
| AFC | Public Financial Management | Public Financial Management | 7/18/2016 | 7/30/2016 |
| Monetary and Capital Markets | ||||
| AFC/MCM | Assets & Liability Management | Liability Management | 5/18/2015 | 5/29/2015 |
| AFC/MCM | Regulation/Supervision | Public Debt Management | 11/30/2015 | 12/10/2015 |
| Statistics | ||||
| STA | Government Finance Statistics | Government Finance Statistics – Follow up to FY14 TA | 4/20/2015 | 5/1/2015 |
| AFC | National Accounts Statistics | National Accounts – LTX Visit 2 | 6/15/2015 | 6/26/2015 |
| AFC | National Accounts Statistics | National Accounts | 11/16/2015 | 11/27/2015 |
Technical Assistance Received in Fiscal Year 2015
Technical Assistance Received in Fiscal Year 2015
| Dept/Provider | Topic | Mission Purpose | Start | End |
|---|---|---|---|---|
| Fiscal Affairs | ||||
| FAD | Revenue Administration | Review actions undertaken to modernize Customs Administration | 4/24/2014 | 5/7/2014 |
| FAD | Public Financial Management | Follow-up of Public Financial Management Diagnostic | 5/13/2014 | 5/26/2014 |
| AFC | Public Financial Management | Public Financial Management. Workshop | 6/8/2014 | 6/13/2014 |
| AFC | Public Financial Management | Public Financial Management. | 6/9/2014 | 6/13/2014 |
| AFC | Public Financial Management | Public Financial Management | 7/26/2014 | 7/31/2014 |
| AFC | Public Financial Management | Public Financial Management. | 8/4/2014 | 8/8/2014 |
| FAD | Revenue Administration | Customs Administration | 10/31/2014 | 11/12/2014 |
| AFC | Revenue Administration | Tax Administration | 11/26/2014 | 12/5/2014 |
| AFC | Public Financial Management | Public Financial Management. | 12/1/2014 | 12/12/2014 |
| FAD | Revenue Administration | Follow-up mission on customs administration [BTB 15FA203] | 2/10/2015 | 2/16/2015 |
| FAD | Revenue Administration | Customs Administration STX Follow up | 3/7/2015 | 3/20/2015 |
| FAD | Public Financial Management | Preparation of budgetary nomenclature and chart of accounts | 3/16/2015 | 3/27/2015 |
| AFC | Public Financial Management | Public Financial Management | 4/6/2015 | 4/17/2015 |
| Monetary and Capital Markets | ||||
| AFC/MCM | Regulation/Supervision | Public Debt Management – LTX Visit 2 | 12/3/2014 | 12/12/2014 |
| AFC/MCM | Assets & Liability Managemen | Liability Management – Debt sustainability framework | 5/18/2015 | 5/29/2015 |
| Statistics | ||||
| AFC/STA | National Accounts | National Accounts | 8/4/2014 | 8/15/2014 |
| AFC/STA | National Accounts | National Accounts | 3/16/2015 | 3/27/2015 |
| STA | Government Finance Statistics | Government Finance Statistics – Follow up to FY14 TA | 4/20/2015 | 5/1/2015 |
Technical Assistance Received in Fiscal Year 2015
| Dept/Provider | Topic | Mission Purpose | Start | End |
|---|---|---|---|---|
| Fiscal Affairs | ||||
| FAD | Revenue Administration | Review actions undertaken to modernize Customs Administration | 4/24/2014 | 5/7/2014 |
| FAD | Public Financial Management | Follow-up of Public Financial Management Diagnostic | 5/13/2014 | 5/26/2014 |
| AFC | Public Financial Management | Public Financial Management. Workshop | 6/8/2014 | 6/13/2014 |
| AFC | Public Financial Management | Public Financial Management. | 6/9/2014 | 6/13/2014 |
| AFC | Public Financial Management | Public Financial Management | 7/26/2014 | 7/31/2014 |
| AFC | Public Financial Management | Public Financial Management. | 8/4/2014 | 8/8/2014 |
| FAD | Revenue Administration | Customs Administration | 10/31/2014 | 11/12/2014 |
| AFC | Revenue Administration | Tax Administration | 11/26/2014 | 12/5/2014 |
| AFC | Public Financial Management | Public Financial Management. | 12/1/2014 | 12/12/2014 |
| FAD | Revenue Administration | Follow-up mission on customs administration [BTB 15FA203] | 2/10/2015 | 2/16/2015 |
| FAD | Revenue Administration | Customs Administration STX Follow up | 3/7/2015 | 3/20/2015 |
| FAD | Public Financial Management | Preparation of budgetary nomenclature and chart of accounts | 3/16/2015 | 3/27/2015 |
| AFC | Public Financial Management | Public Financial Management | 4/6/2015 | 4/17/2015 |
| Monetary and Capital Markets | ||||
| AFC/MCM | Regulation/Supervision | Public Debt Management – LTX Visit 2 | 12/3/2014 | 12/12/2014 |
| AFC/MCM | Assets & Liability Managemen | Liability Management – Debt sustainability framework | 5/18/2015 | 5/29/2015 |
| Statistics | ||||
| AFC/STA | National Accounts | National Accounts | 8/4/2014 | 8/15/2014 |
| AFC/STA | National Accounts | National Accounts | 3/16/2015 | 3/27/2015 |
| STA | Government Finance Statistics | Government Finance Statistics – Follow up to FY14 TA | 4/20/2015 | 5/1/2015 |
Relations with the World Bank
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; preparation of the Republic of Congo fiscal management, economic diversification & social sectors resilience DPO; institutional reforms for public financial management; scaling up of social safety nets; reinforcing capacity in statistics, improving quality in urban development and infrastructure sector 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 was jointly prepared by the two teams for the ECF supported program in June 2019.
Republic of Congo: IMF and World Bank Joint Action Plan
(As of November 21, 2019)
Republic of Congo: IMF and World Bank Joint Action Plan
(As of November 21, 2019)
| Title | Products | Expected Delivery |
|---|---|---|
| Bank work program in next 12 months | Analytical Work | |
| Tertiary Education Study | June 2020 | |
| Congo Seventh Economic Updates | May 2020 | |
| Digital Economy Assessment | June 2020 | |
| Realizing Demographic Dividends in the Congo | June 2020 | |
| Lending | ||
| Statistics Capacity Building Project Additional Financing US$20 million | Ongoing | |
| Northern Congo Agroforestry Project | May 2020 | |
| Support to Enterprise Development and Competitiveness Project US$25 million | Ongoing | |
| LISUNGI Social Safety Nets Project Additional Financing US$12 million | Ongoing | |
| Congo Fiscal management, economic diversification & social sectors resilience DPO US$100 million | December 2019 | |
| Skills Development for Employability Project – Additional Financing US$20 million | July 2020 | |
| Health System Strengthening Project – Additional Financing US$20 million | September 2020 | |
| Water, Electricity & Urban Development Project US$85.5 million | December 2020 | |
| Forest and Economic Diversification Project US$16.51 million | Ongoing | |
| Urban Development and Poor Neighborhood Upgrading Project US$80.0 million | Ongoing | |
| Education Sector Support Project US$30.0 million | Ongoing | |
| Commercial Agriculture Project US$100.0 million | Ongoing | |
| Integrated Public Sector Reform Project US$40.0 million | Ongoing | |
| Second DPO for Congo – US$100 million [to be confirmed] | December 2020 | |
| IMF work program in next 12 months | Article IV consultation Technical Assistance AFRITAC (National Accounts) STA (Balance of Payments, GDDS+) | 2019–20 |
| World Bank request to Fund | Updates on macro-economic and Balance of Payments projections | Ongoing |
| Joint products in next 12 months | Debt Sustainability Analysis | June 2020 |
Republic of Congo: IMF and World Bank Joint Action Plan
(As of November 21, 2019)
| Title | Products | Expected Delivery |
|---|---|---|
| Bank work program in next 12 months | Analytical Work | |
| Tertiary Education Study | June 2020 | |
| Congo Seventh Economic Updates | May 2020 | |
| Digital Economy Assessment | June 2020 | |
| Realizing Demographic Dividends in the Congo | June 2020 | |
| Lending | ||
| Statistics Capacity Building Project Additional Financing US$20 million | Ongoing | |
| Northern Congo Agroforestry Project | May 2020 | |
| Support to Enterprise Development and Competitiveness Project US$25 million | Ongoing | |
| LISUNGI Social Safety Nets Project Additional Financing US$12 million | Ongoing | |
| Congo Fiscal management, economic diversification & social sectors resilience DPO US$100 million | December 2019 | |
| Skills Development for Employability Project – Additional Financing US$20 million | July 2020 | |
| Health System Strengthening Project – Additional Financing US$20 million | September 2020 | |
| Water, Electricity & Urban Development Project US$85.5 million | December 2020 | |
| Forest and Economic Diversification Project US$16.51 million | Ongoing | |
| Urban Development and Poor Neighborhood Upgrading Project US$80.0 million | Ongoing | |
| Education Sector Support Project US$30.0 million | Ongoing | |
| Commercial Agriculture Project US$100.0 million | Ongoing | |
| Integrated Public Sector Reform Project US$40.0 million | Ongoing | |
| Second DPO for Congo – US$100 million [to be confirmed] | December 2020 | |
| IMF work program in next 12 months | Article IV consultation Technical Assistance AFRITAC (National Accounts) STA (Balance of Payments, GDDS+) | 2019–20 |
| World Bank request to Fund | Updates on macro-economic and Balance of Payments projections | Ongoing |
| Joint products in next 12 months | Debt Sustainability Analysis | June 2020 |
Statistical Issues
(As of December 3, 2019)
| I. 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 are weak but are improving with assistance from AFRITAC Central. The National Statistics Institute (NSI) of the Ministry of Planning provides GDP data broken down by expenditure and sector both in nominal and real terms. The NSI compiled national accounts estimates for 2005 (the new base year) and for 2006–17 as part of the move to the SNA93 system of accounts, and the authorities are working with AFRITAC Central to improve these estimates. The recent access to value added tax data should significantly improve source data and the quality of GDP estimates. A system of provisional accounts is also being implemented and will provide estimates for the most recent years. The NSI is also developing monthly and quarterly indicators of economic activities. Annual data on central government employment are available from the Ministry of Finance. |
| 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: Work is advancing on the adoption of the CEMAC TOFE Directive based on GFSM 2001/2014. CD activities focus on expanding GFS reporting to include extra budgetary units, social security funds and local governments, and improve timeliness and data quality, in particular regarding inconsistencies between above and below-the-line. Moreover, there are significant inconsistencies between the outstanding stock of debt and future debt service payments, and debt stock data cannot readily be reconciled with flow data in the fiscal accounts. Concerns still exist regarding the reconciliation of fiscal and monetary statistics. |
| 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 STA and 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. For OFCs, the priority is to cover the insurance sector as the largest OFC subsector. In the CEMAC countries, the OFC sector is around 15% of the financial sector. Collaboration between BEAC and the regional supervisory entity for insurance corporations (CIMA) is key for this expansion. The Bank of Central African States (BEAC) has not reported data for the Republic of Congo to the Financial Access Survey (FAS) since 2015. Until 2015, BEAC reported some data and indicators of the FAS, including the two indicators adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (commercial bank branches per 100,000 adults and ATMs per 100,000 adults). |
| Financial sector surveillance: Republic of Congo report to STA all core and some encouraged financial soundness indicators. |
| Balance of payments: BOP statistics have been submitted to STA until 2016, a remarkable improvement achieved under the JSA-AFR project, while an IIP has been produced for the first time but not submitted. Work on quarterly BOP data for 2017 and 2018 has been completed. However, the BDP6+ IT application common to all CEMAC countries is still experiencing computational issues, and this has delayed the publication of the results, as well as hampering the automated compilation of the IIP. BOP statistics reflect relatively good transactions coverage, but financial instruments breakdown should be improved for reconciliation with monetary and external debt statistics. |
| II. Data Standards and Quality |
| The Republic of Congo has not yet implemented the enhanced General Data Dissemination System (e-GDDS). The metadata posted on the Fund’s Dissemination Standards Bulletin Board (DSBB) have not been updated since 2003, although the IMF multisector mission conducted in September 2019 assisted the authorities with this task. |
| I. 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 are weak but are improving with assistance from AFRITAC Central. The National Statistics Institute (NSI) of the Ministry of Planning provides GDP data broken down by expenditure and sector both in nominal and real terms. The NSI compiled national accounts estimates for 2005 (the new base year) and for 2006–17 as part of the move to the SNA93 system of accounts, and the authorities are working with AFRITAC Central to improve these estimates. The recent access to value added tax data should significantly improve source data and the quality of GDP estimates. A system of provisional accounts is also being implemented and will provide estimates for the most recent years. The NSI is also developing monthly and quarterly indicators of economic activities. Annual data on central government employment are available from the Ministry of Finance. |
| 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: Work is advancing on the adoption of the CEMAC TOFE Directive based on GFSM 2001/2014. CD activities focus on expanding GFS reporting to include extra budgetary units, social security funds and local governments, and improve timeliness and data quality, in particular regarding inconsistencies between above and below-the-line. Moreover, there are significant inconsistencies between the outstanding stock of debt and future debt service payments, and debt stock data cannot readily be reconciled with flow data in the fiscal accounts. Concerns still exist regarding the reconciliation of fiscal and monetary statistics. |
| 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 STA and 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. For OFCs, the priority is to cover the insurance sector as the largest OFC subsector. In the CEMAC countries, the OFC sector is around 15% of the financial sector. Collaboration between BEAC and the regional supervisory entity for insurance corporations (CIMA) is key for this expansion. The Bank of Central African States (BEAC) has not reported data for the Republic of Congo to the Financial Access Survey (FAS) since 2015. Until 2015, BEAC reported some data and indicators of the FAS, including the two indicators adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (commercial bank branches per 100,000 adults and ATMs per 100,000 adults). |
| Financial sector surveillance: Republic of Congo report to STA all core and some encouraged financial soundness indicators. |
| Balance of payments: BOP statistics have been submitted to STA until 2016, a remarkable improvement achieved under the JSA-AFR project, while an IIP has been produced for the first time but not submitted. Work on quarterly BOP data for 2017 and 2018 has been completed. However, the BDP6+ IT application common to all CEMAC countries is still experiencing computational issues, and this has delayed the publication of the results, as well as hampering the automated compilation of the IIP. BOP statistics reflect relatively good transactions coverage, but financial instruments breakdown should be improved for reconciliation with monetary and external debt statistics. |
| II. Data Standards and Quality |
| The Republic of Congo has not yet implemented the enhanced General Data Dissemination System (e-GDDS). The metadata posted on the Fund’s Dissemination Standards Bulletin Board (DSBB) have not been updated since 2003, although the IMF multisector mission conducted in September 2019 assisted the authorities with this task. |
Republic of Congo: Table of Common Indicators Required for Surveillance
(As of December 3, 2019)
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 December 3, 2019)
| 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 | August 2019 | October 2019 | M | M | M |
| Reserve/Base Money | August 2019 | October 20195 | M | M | M |
| Broad Money | August 2019 | October 2019 | M | M | M |
| Central Bank Balance Sheet | August 2019 | October 2019 | M | M | M |
| Consolidated Balance Sheet of the Banking System | August 2019 | October 2019 | M | M | M |
| Interest Rates2 | August 2019 | October 2019 | M | M | M |
| Consumer Price Index | September 2019 | October 2019 | 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 | August 2019 | October 2019 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | September 2019 | October 2019 | Q | Q | |
| External Current Account Balance | December 2016 | March 2019 | A | A | A |
| Exports and Imports of Goods and Services | December 2016 | March 2019 | A | A | A |
| GDP/GNP | December 2017 | May 2019 | A | A | A |
| Gross External Debt | September 2019 | October 2019 | 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 December 3, 2019)
| 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 | August 2019 | October 2019 | M | M | M |
| Reserve/Base Money | August 2019 | October 20195 | M | M | M |
| Broad Money | August 2019 | October 2019 | M | M | M |
| Central Bank Balance Sheet | August 2019 | October 2019 | M | M | M |
| Consolidated Balance Sheet of the Banking System | August 2019 | October 2019 | M | M | M |
| Interest Rates2 | August 2019 | October 2019 | M | M | M |
| Consumer Price Index | September 2019 | October 2019 | 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 | August 2019 | October 2019 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | September 2019 | October 2019 | Q | Q | |
| External Current Account Balance | December 2016 | March 2019 | A | A | A |
| Exports and Imports of Goods and Services | December 2016 | March 2019 | A | A | A |
| GDP/GNP | December 2017 | May 2019 | A | A | A |
| Gross External Debt | September 2019 | October 2019 | 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).