Republic of Congo: Review of Performance under the Staff-Monitored Program and Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 007

Publication date: January 2005

ISBN: 9781451808551

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Taxation - General , Industries - Energy , Public Policy - Social Services and Welfare , ISCR , CR , government , PRGF arrangement , Congolese authorities , E&P Congo , staff appraisal , PRGF loan , Oil sector , Oil , gas and mining taxes , Poverty reduction strategy , Arrears , Africa

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Summary

This paper reviews Congo’s Performance Under the Staff-Monitored Program (SMP) and Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility. Improvements in the political environment and an increased focus on economic management since late 2002 have already led to stronger economic growth and lower inflation. The 2004 SMP produced good results. All the program’s quantitative budgetary and financial indicators were met. Major progress was made in improving oil sector transparency with the widespread dissemination of information on the Internet, which is particularly noteworthy and exemplary among countries in Africa.