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International Monetary Fund. African Dept.
Despite a more favorable external environment, marked by the rebound in global growth, fast-increasing oil prices, and unprecedented Fund financial support, CEMAC is ending 2021 in a fragile external position. Net external reserves fell throughout 2021 to reach their lowest level in decades, and gross reserves are just above three months of imports of goods and services. The launch of a second phase of the regional strategy at the August 2021 CEMAC Heads of States summit saw renewed commitments to accelerate structural, transparency, and governance reforms. The resumption of program engagements with the Fund, combined with high oil prices and significant fiscal adjustments in 2022, should allow for a turnaround, and the build-up in external reserves is expected to resume in 2022. Risks include possible adverse pandemic developments, oil price volatility, possible fiscal slippages, shortfall in external financing, and security issues.
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.
International Monetary Fund. African Dept.
On July 28, 2021, the IMF Executive Board approved a 36-month extended arrangement under the Extended Fund Facility (EFF) with a total access of SDR 388.8 million (180 percent of quota) to help Gabon respond to the economic fallout from the COVID-19 pandemic and support the authorities’ economic and financial reform program. A nascent economic recovery is underway, and the outlook is broadly positive but remains subject to considerable uncertainty and a range of risks. The war in Ukraine will affect the economy through various channels, including higher food and fuel prices.
International Monetary Fund. African Dept.
On July 28, 2021, the IMF Executive Board approved a 36-month extended arrangement under the Extended Fund Facility (EFF) with a total access of SDR 388.8 million (180 percent of quota) to help Gabon respond to the economic fallout from the COVID-19 pandemic and support the authorities’ economic and financial reform program. A nascent economic recovery is underway, and the outlook is broadly positive but remains subject to considerable uncertainty and a range of risks. The war in Ukraine will affect the economy through various channels, including higher food and fuel prices.