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Central African Republic: Second Review Under the Extended Credit Facility, Requests for a Waiver of Nonobservance of Continuous Performance Criterion, Augmentation of Access, and Financing Assurance Review-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic
Author:
International Monetary Fund. African Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2024: Issue 198
Language:
English
Publication Date:
28 Jun 2024
DOI:
https://doi.org/10.5089/9798400282171.002
ISBN:
9798400282171
ISSN:
1934-7685
Pages:
103
Keywords:
monopoly importer; CAR authorities; fuel importer; storage regime; fuel market; Arrears; Price structures; Global; Central Africa
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This paper highlights Central African Republic’s Second Review under the Arrangement under the Extended Credit Facility, Requests for a Waiver of Nonobservance of Continuous Performance Criterion, Augmentation of Access, and Financing Assurances Review. The economy is projected to grow by 1.4 percent in 2024, up from the 0.7 percent posted in 2023, while inflation gradually declines in subsequent years. These projections hinge on expediting reforms to the fuel market. Program implementation was broadly satisfactory considering significant fragilities and uncertainties. Performance under the program has been broadly satisfactory. All but one of the quantitative performance criteria were met, reflecting the authorities’ efforts last December to recover past due taxes and delay spending. The exception was the continuous performance criterion on the nonaccumulation of external arrears, which was missed due to liquidity pressures and the lack of coordination between cash and debt management units. An increase in revenue mobilization in 2024 will hinge on adhering to the action plan. The latter aims to improve the transparency of fuel price structures, align policy reforms with program goals, enhance collaboration among stakeholders, and bolster regulatory enforcement.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund