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Mr. Mario de Zamaroczy, Mr. Vincent Fleuriet, and Mr. Jose G Gijon
This paper discusses possible reserve management approaches in the Central African Economic and Monetary Community (CEMAC). The paper looks beyond the region’s current oil crisis and proposes a new approach to international reserve management in the medium term.
Mr. Mario de Zamaroczy, Mr. Vincent Fleuriet, and Mr. Jose G Gijon
This paper discusses possible reserve management approaches in the Central African Economic and Monetary Community (CEMAC). The paper looks beyond the region’s current oil crisis and proposes a new approach to international reserve management in the medium term.
Mr. Charalambos G Tsangarides and Mr. Jan Kees Martijn
This paper provides an update on the main elements of the reform agenda concerning the CEMAC trade regime as well as a tentative quantitative assessment of selected effects on tariff revenues and trade patterns. Notwithstanding data limitations, the key messages from the analysis are as follows. First, there is a need for a renewed political commitment to regional integration. In addition, key measures for improving compliance with the requirements for a customs union need to be introduced, including limiting tariff exemptions, phasing out remaining surcharges, strengthening the determination of products' country origin, and enhancing customs administration. There is also a need to improve transportation infrastructure and organization. Finally, there is a strong case for tariff reduction, with or without an EPA. Trade liberalization would help boost economic growth and poverty alleviation and limit risks of trade diversion with an EPA. Tariff reform should be complemented by improvements in domestic revenue mobilization.
International Monetary Fund
The creation, in 1994, of the Central African Economic and Monetary Community (CEMAC) customs union was a major step in the regional integration process in central Africa. The implementation of the agreed regime by the member countries, however, has remained unsatisfactory. A 2002–03 initiative to improve policy implementation has largely stalled. Several recent initiatives concerning external trade provide new challenges and opportunities for welfare-enhancing reforms. Although the 1994 reforms that created the CEMAC customs union were a major step forward, the trade regime remains plagued by poor implementation.
Mrs. Stefania Bazzoni and Mr. Karim A. Nashashibi
This paper investigates the relationship between fiscal performance in 28 sub-Saharan African countries over the 1980-91 period with movements in the exchange rates, the terms of trade, and other macroeconomic aggregates. It finds that the tax base in most of these countries is heavily dependent on imports and import substitutes. Consequently, an overvaluation of the exchange rate in countries which adopted a fixed exchange rate strategy undermines the tax base and results in a widening of the fiscal deficit when the purpose of the strategy is to restore the real exchange rate to its equilibrium through fiscal contraction. Those countries which pursued a variable exchange rate strategy failed in attaining price stability, but exchange rate adjustment was critical in contributing to other macroeconomic objectives, particularly fiscal balance, competitiveness, and growth.