Download or read book Central African Republic Request for a Staff Monitored Program written by International Monetary and published by International Monetary Fund. This book was released on 2022-02-07 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: President Touadéra was reelected for a second term, despite attempts by armed groups to prevent the general and presidential elections from being held. While the security situation has improved since these groups’ attacks on Bangui were repulsed in January, the prolonged closure of the trade corridor with Cameroon had a substantial economic and fiscal impact, significantly affecting the growth prospects for this year and the cash position of the government. The government’s relations with development partners have deteriorated causing delays in grants disbursements. The number of Covid-19 cases and deaths temporarily increased in the Spring but has returned to a very low level. The three-year ECF arrangement approved in December 2019 is off track, with most performance criteria and structural benchmarks missed prior to the intensification of the domestic conflict, and the third review has not been completed.

Download or read book Central African Republic Request for a Staff Monitored Program written by International Monetary Fund. African Dept. and published by INTERNATIONAL MONETARY FUND. This book was released on 2022-02-15 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: President Touadéra was reelected for a second term, despite attempts by armed groups to prevent the general and presidential elections from being held. While the security situation has improved since these groups’ attacks on Bangui were repulsed in January, the prolonged closure of the trade corridor with Cameroon had a substantial economic and fiscal impact, significantly affecting the growth prospects for this year and the cash position of the government. The government’s relations with development partners have deteriorated causing delays in grants disbursements. The number of Covid-19 cases and deaths temporarily increased in the Spring but has returned to a very low level. The three-year ECF arrangement approved in December 2019 is off track, with most performance criteria and structural benchmarks missed prior to the intensification of the domestic conflict, and the third review has not been completed.

Download or read book Central African Republic written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2014-06-17 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on Central African Republic’s (CAR) Request for Disbursement Under the Rapid Credit Facility (RCF) and Cancellation of the Extended Credit Facility Arrangement. The transitional government in CAR is facing daunting challenges. Improved security, donor support, and normalizing salary payments will be crucial to start a recovery in 2014. The macroeconomic outlook is subject to uncertainty and risks. The IMF staff supports the authorities’ request for assistance under the RCF in view of their currently limited capacity to implement policies of an upper credit tranche-quality economic program, the large and urgent balance-of-payments needs, and the catalytic effect of IMF support on other external assistance.

Download or read book Democratic Republic of the Congo written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2020-05-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents Democratic Republic of the Congo’s (DRC) Request for Disbursement Under the Rapid Credit Facility (RCF). DRC is experiencing a severe shock as a result of the Covid-19 pandemic. The short-term economic outlook has deteriorated quickly due to the fall of minerals’ prices and the impact of needed containment and mitigation measures. The IMF’s emergency financial support under the RCF is expected to address DRC’s urgent balance of payments needs while supporting this temporary fiscal loosening. Additional assistance from other development partners is expected to close the remaining external financing gap and ease budget financing needs. The authorities’ commitment to publish monthly audits of coronavirus disease 2019 related expenditures is welcome, to ensure transparency in the use of public funding. The implementation of the policies and structural reforms to which the authorities committed under the staff-monitored program agreed in December remains key to ensuring macroeconomic stability and restoring sustained inclusive growth. These include strengthening transparency and governance in the fiscal and mining sectors, boosting revenue mobilization, maintaining financial stability, and halting central bank financing of the deficit.

Download or read book Central African Republic First Review Under the Staff Monitored Program written by International Monetary and published by International Monetary Fund. This book was released on 2022-04-27 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fragile security environment has improved following the attempt by armed groups to seize power at the turn of the year 2021. The reopening of the Douala-Bangui corridor reinvigorated activity and curbed inflationary pressures. The third Covid-19 wave is receding, but vaccination has been slow. President Touadéra has launched the Republican dialogue peace initiative alongside the Luanda Road Map spearheaded by neighboring countries. The surrender of a key rebel leader to the International Criminal Court represents a key step in the peace process. Donors have delayed disbursing budget support pending greater transparency in the government’s security-related spending. This poses substantial fiscal and social risks given the heavy reliance on budget support. The sharp deterioration in terms of trade, reflecting food and fuel price shocks, compounded by geo-political spillovers, will exacerbate existing vulnerabilities and further erode policy space.

Download or read book Social Safeguards and Program Design in PRGT and PSI Supported Programs written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2017-06-06 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fund provides considerable support to low-income countries (LICs). This includes concessional financing from the Poverty Reduction and Growth Trust (PRGT), which currently carries an interest rate of zero percent. Since 2010, over half of Fund-supported arrangements have involved a PRGT facility. Support for poverty reduction is a core objective of arrangements supported by these facilities. This paper examines how PRGT-supported programs safeguard spending on poor and vulnerable groups within the broader framework of promoting inclusive growth. In some cases, national poverty reduction programs seek to shift expenditures toward social programs in the context of generally higher spending supported by domestic revenue mobilization, grants, or debt financing. In other cases, the goal is to safeguard poor and vulnerable groups from fiscal adjustment and reform measures that could adversely affect them by adopting countervailing policy measures to strengthen social safety nets. In discussing social safeguards, this paper focuses on how and if these objectives are reflected satisfactorily in the design of PRGT and PSI-supported programs. The effectiveness of social spending in improving social outcomes, including by durably reducing poverty, is beyond the scope of the paper.

Download or read book Central African Republic written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-05-02 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: CAR is on the brink of a humanitarian crisis with acute food insecurity and access to health care drastically impaired. Social tensions have ratcheted up, including strikes in various sectors, on the back of a cost-of-living crisis triggered by the Russian invasion of Ukraine. Political tensions have also escalated from the President’s plans of a third mandate requiring revisions to the constitution. The 2021 suspension of budget support—which deprived the government of 5 percent of GDP in financing—is now constraining, following the erosion of buffers, including the 2021 SDR allocation. The protracted balance of payment need is preventing the authorities from delivering basic public services to an already afflicted population. Against this backdrop, the authorities have requested Fund financing assistance.

Download or read book Central African Republic written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2021-02-01 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Covid-19 pandemic had a substantial impact on C.A.R.’s economy but appears now somewhat contained. The number of positive cases and related deaths has been very limited over the last few months, even though most containment measures have been progressively loosened. Despite some progress since the February 2019 peace agreement, the security situation remains precarious. Despite some delays in voter registration, the first round of the presidential and general elections is still scheduled on December 27.

Download or read book Democratic Republic of the Congo written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2020-01-30 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: While macroeconomic policies in recent years have succeeded in restoring elements of macroeconomic stability under difficult circumstances, macroeconomic conditions are nonetheless precarious. The recent fall in commodity prices, new spending initiatives, and looser spending oversight during the political transition period have led to a weaker fiscal position mostly financed by the central bank. In that context, international reserves have fallen to critically low levels (one week of import coverage). Balance of payments needs remain both urgent and protracted.

Download or read book Republic of Madagascar written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2015-12-01 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Madagascar’s Staff-Monitored Program (SMP) and Request for Disbursement under the Rapid Credit Facility (RCF). Madagascar’s economic recovery has failed to gain momentum in 2015, largely due to external shocks, persistent political instability, and weak governance. Nonetheless, the authorities have implemented an adequate policy mix that has broadly maintained macroeconomic stability. In light of urgent balance of payments needs, the Malagasy authorities are requesting a second disbursement under the RCF, accompanied by a SMP. The IMF staff supports the authorities’ request for a disbursement under the RCF based on the policy track record over the past six months.

Download or read book Central African Republic written by and published by . This book was released on 2014 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The March 24, 2013, seizing of power by a coalition of rebels (Séléka) triggered a political and security crisis that resulted in a sharp contraction of economic activity, budgetary pressures, widespread destruction of administrative and economic infrastructures, a paralysis of the public administration, intercommunity conflicts, and a major humanitarian crisis. The new transitional government in place since the beginning of 2014 is facing significant challenges, including restoring security, reviving economic activity, and rebuilding the democratic process. As donors reengage, the economy is expected to recover slightly in 2014, subject to improvement in security conditions that would allow a resumption of agriculture activities and trade. Program issues: The authorities wish to inform the International Monetary Fund (IMF) of their decision to cancel with immediate effect the Extended Credit Facility (ECF) arrangement that was approved on June 25, 2012. They are requesting a disbursement of SDR 8.355 million (15 percent of quota, or about US$12.9 million) under the Rapid Credit Facility (RCF) to help meet their urgent balance of payments needs and support their economic program for 2014 and their reengagement with development partners. A successor RCF could follow before the end of the year, conditional upon the continued presence of urgent balance of payments needs and satisfactory performance under this RCF. Timely provision of pledged financial and technical assistance is crucial to sustain the momentum and exit from the emergency situation. Main policy recommendations: Prepare the ground for the return of a normal budgetary process. Limit spending executed under emergency procedures, and reconnect the budget and accounting systems. Ensure transparency and accountability in the use of public resources. Establish effective functioning of a Treasury Committee and a multi-partner Committee to monitor and manage public finances to reduce fiduciary risks. Implement a prudent fiscal policy and restore fiscal discipline. Strengthen revenue mobilization, better prioritize spending, improve cash flow management, and gradually clear domestic arrears. In the medium term, foster inclusive growth and create employment opportunities. Develop inclusive processes for conflict resolution, create fiscal space for social and other priority spending, and improve the business environment"--Abstract.

Download or read book Republic of South Sudan written by International Monetary and published by International Monetary Fund. This book was released on 2021-04-02 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: South Sudan is a very fragile post-conflict country. After five years of civil conflict, the warring parties came to an agreement for power-sharing in September 2018 and formed a unity government in February 2020. However, peace remains fragile in the face of difficult humanitarian and economic conditions. Already very high levels of poverty and food insecurity have been exacerbated by severe flooding in recent months. The floods (the worst in 60 years) have killed livestock, destroyed food stocks, and damaged crops ahead of the main harvest season. South Sudan’s economy has been hit hard by lower international oil prices following the COVID-19 pandemic.

Download or read book Central African Republic written by International Monetary Fund and published by International Monetary Fund. This book was released on 1997-04-17 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes economic developments in the Central African Republic during 1990–97. After four years of decline, the real gross domestic product of the Central African Republic (GDP at market prices) recovered in 1994 at the estimated rate of 7.7 percent. This primarily reflected the positive effects of the January 1994 devaluation of the CFA franc on the competitive position of the country, which had been continuously eroding since the mid-1980s. In 1995, real GDP continued to grow, although at a slower rate, estimated at 2.4 percent, largely because of the resilient informal sector.

Download or read book Republic of South Sudan written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-03-09 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dire and deteriorating humanitarian situation. About two-thirds of South Sudan’s population is experiencing severe food insecurity, the highest level since independence. This is a result of multiple compounding factors, including severe multi-year floods due to climate shocks, inter-communal violence in parts of the country, and the impact of Russia’s war in Ukraine that is contributing to high global food and fuel prices.

Download or read book Republic of Madagascar written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2016-08-16 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the Republic of Madagascar’s request for an arrangement under the Extended Credit Facility (ECF) and first review under the Staff Monitored Program (SMP). Madagascar’s macroeconomic performance was broadly satisfactory under the SMP, which ran from September 2015 to the end of March 2016. The authorities’ ECF-supported program, anchored on their National Development Plan, aims to reinforce macroeconomic stability and promote sustainable and inclusive growth. It focuses on promoting robust and inclusive growth, combining improved access to education, health care, and social protection with infrastructure and private sector development. The IMF staff supports the authorities’ request for an ECF.

Download or read book Privatization and Alternative Public Sector Reform in Sub Saharan Africa written by K. Bayliss and published by Springer. This book was released on 2007-11-12 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: it is increasingly apparent that the privatization experiment in sub-Saharan Africa has failed. This book shows that the state is set to dominate service delivery for the foreseeable future in much of the region, and that the public sector must be considered as a viable policy option for the delivery of water and electricity.

Download or read book Chad written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2013-09-09 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the effect of an IMF Staff-Monitored Program for Chad to enhance economic development. Weak institutional capacity and governance concerns have limited economic development and donor support in Chad. It is highlighted that the reduction in the nonoil primary deficit envisaged in the 2013 budget appears appropriate, but expenditures linked to the regional security situation and lower than anticipated oil revenues imply large financing needs. There are significant economic and political risks to program implementation,; the regional security situation remains volatile, and the economy is highly dependent on volatile oil revenue.