Central African Economic and Monetary Community: Recent Developments and Regional Policy Issues

Author: International Monetary Fund

Volume/Issue: Volume 2003 Issue 398

Publication date: December 2003

ISBN: 9781451806502

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Taxation - General , ISCR , CR , CEMAC authorities , CFA franc , oil GDP , CEMAC , lower-than-expected oil-sector growth , member countries of the CEMAC , CEMAC country , nominal GDP growth , Fiscal stance , Monetary policy instruments , Oil , gas and mining taxes , Sub-Saharan Africa , Central Africa , Africa , West Africa

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Summary

Macroeconomic developments in the Central African Economic and Monetary Community (CEMAC) region have been satisfactory, but risks to macroeconomic stability persist. The process of convergence remains slow and needs strengthening, notably through the adoption of a fiscal rule and the elimination of bank financing of fiscal deficits. Continued efforts by the banking regulator are needed to strengthen the banking sector. There is a need to accelerate structural reforms, strengthen basic infrastructure, and adopt common sectoral policies aimed at diversifying the regional economy.