Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Staff Report; and Statement by the Executive Director

Central African Economic and Monetary Community: Common Policies in Support of Member Countries Reform Programs-Staff Report; and Statement by the Executive Director
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Volume/Issue: Volume 2024 Issue 193
Publication date: June 2024
ISBN: 9798400280054
$20.00
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Exports and Imports , Finance , Economics- Macroeconomics , Public Finance , CEMAC member country , CEMAC authorities , Policy recommendation , policy rate hike , IMF's transparency policy , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Fiscal stance , Financial sector stability , Arrears , Global

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Summary

The CEMAC’s economy lost some momentum in 2023 and the external position deteriorated somewhat, while inflation cooled but remained high. Updated statistics revealed a much more deteriorated fiscal situation than originally estimated. The near-term outlook is one of continued recovery, with growth projected at 3.6 percent in 2024, reflecting still-high oil prices and a strong rebound in oil output. In the medium term, however, sustained growth projected at the regional level masks divergences across the region, with weaker economic performance in countries with no program or off-track Fund-supported programs. In the absence of decisive corrective actions, and with current policies unchanged, fiscal and external imbalances are set to widen in the medium term, threatening to reverse reserve accumulation and add to financial stability risks.