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Mr. Bruno Imbert, Hoda Selim, Ms. Gwenaelle Suc, and Qing Zhao

detrimental macro-fiscal effects and eventually undermine overall budget integrity and credibility. This paper takes stock of unorthodox expenditure procedures in CEMAC and WAEMU countries— procedure that bypass the legal or intended PFM framework—and assesses the potential fiscal impact of these procedures. The paper draws on assessments of PFM systems (including Public Expenditure and Financial Accountability (PEFA) assessments, Public Investment Management Assessments, and Fiscal Transparency Evaluations), as well as on findings from the IMF’s technical assistance (TA

Mr. Bruno Imbert, Hoda Selim, Ms. Gwenaelle Suc, and Qing Zhao
This paper takes stock of unorthodox expenditure procedures in CEMAC and WAEMU countries and assesses their potential fiscal impact. “Unorthodox procedures” are defined as spending practices that bypass legal provisions governing public expenditure processes and circumvent regular controls or other budgetary rules, including those related to budget time limits, approved ceilings, or approved appropriations. The paper shows that despite PFM reforms, recourse to such procedures has persisted—resulting in the accumulation of arrears; inadequate fiscal reporting, including large stock-flow adjustments; and corruption vulnerabilities.
Mr. Bruno Imbert, Hoda Selim, Ms. Gwenaelle Suc, and Qing Zhao

Copyright Page © 2022 International Monetary Fund WP/22/148 IMF Working Paper Fiscal Affairs Department Unorthodox Expenditure Procedures in CEMAC and WAEMU Countries Prepared by Bruno Imbert, Hoda Selim, Gwénaëlle Suc, and Qing Zhao * Authorized for distribution by Manal Fouad July 2022 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate . The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its

International Monetary Fund

-functioning payment systems are needed to tap this new financial services technology. Retail payment systems and regional real-time gross settlement procedures in CEMAC are under construction, though lack of experience, capacity, and coordination at the BEAC have delayed implementation. There is no senior body responsible for all aspects of the payment systems. Problems could arise in information dissemination between the national units and the region. An electricity breakdown, in particular, could jeopardize the functioning of the Congolese payment unit. Credit to Private

International Monetary Fund
This Selected Issues paper on the Republic of Congo analyzes the challenges of sustainable growth in the Republic of Congo. The paper highlights that it is paramount for the authorities to avoid repeating the experience of the 1980s, particularly in light of the projected decline in oil production over the next decade. It proposes a macroeconomic policy strategy that takes advantage of this unique opportunity to foster higher sustainable growth. The paper also provides a summary of various recent assessments of the quality of the Congo's public financial management system.
International Monetary Fund
This background paper focuses on the experiences of evolving monetary policy frameworks in nine individual countries and three thematic groupings of countries. The country case studies are complemented by analyses of common issues faced by countries in currency unions in the CFA franc zone, selected resource rich countries, and advanced economies and emerging markets during their modernization process of monetary policy regimes. Finally, the background paper also contains a discussion on the benefits of effective communication in conducting monetary policy.
International Monetary Fund

(Principle V) 188. The experiences of CEMAC and WAEMU are fully consistent with the rationale for establishing an operating framework in which the policy stance is formulated and implemented in terms of a single operating target . WAEMU has a relatively transparent corridor-style arrangement in which the BCEAO’s discount and deposit facilities are reasonably effective in providing the ceiling and the floor for the overnight interbank rate. The operating procedures in CEMAC are much more complex and opaque, involving adjustments to four different refinancing instruments