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International Monetary Fund. African Dept.
This Selected Issues paper discusses the structure of the financial sector in Chad and describes the key macro-financial linkages. Macro-financial linkages in Chad are driven by a government sector that dominates economic activities in the more modern sectors of the economy, thanks to oil-related revenues. The main macro-financial linkages are indirect through the associated sharp fiscal adjustment and the government’s quest for additional financing. Direct credit risks linked to the oil sector appear limited. However, there seems to be a link between declining oil prices and deteriorating banking soundness indicators. The current economic conditions negatively affect private companies dependent on public contracts, potentially hitting the health of banks’ loan portfolios.
International Monetary Fund. African Dept.
This Selected Issues paper compares the growth performance of Central African Economic and Monetary Community (CEMAC) countries with that of comparative countries. During the last two decades, the average growth of CEMAC countries has been slower than the sub-Saharan African average. The results of the analysis show that convergence of CEMAC countries toward emerging market levels has stalled, while some lower-income, faster-growing economies have been catching up. Decomposing growth by contributing factors reveals that the total factor productivity has had a negative impact on CEMAC’s growth.
International Monetary Fund. African Dept.
This paper discusses common policies of the member countries of the Central African Economic and Monetary Community (CEMAC). Medium-term prospects for CEMAC are uncertain. Despite their recent stabilization, oil prices are projected to remain well below pre-shock levels in the medium term. In addition, oil production is projected to start falling after 2017. The Executive Directors have encouraged the authorities to accelerate the reform of the monetary policy framework to improve transmission channels and better manage systemic liquidity. They have also stressed the importance of full compliance with the pooling of foreign exchange earnings with the regional central bank, and called for stepped-up efforts to implement outstanding safeguards recommendations.
Ms. Sharmini Coorey and Mr. Bernardin Akitoby

Abstract

En dépit de ses vastes richesses pétrolières, l'Afrique centrale se débat encore pour promouvoir une croissance robuste et solidaire, ou pour offrir suffisamment de perspectives d'emploi à sa population, en particulier aux jeunes. S'appuyant sur de nouveaux travaux, cet ouvrage explique les défis macroéconomiques que doit relever la région, examine la gestion de la richesse pétrolière et ses répercussions pour la réduction de la pauvreté et présente quatre études de cas représentatives des enseignements qui ont été tirés.

Ms. Sharmini Coorey and Mr. Bernardin Akitoby

Abstract

Despite its vast oil wealth, central Africa still struggles to sustain strong, inclusive economic growth and to generate sufficient employment opportunities, particularly for its fast-growing youth population. Drawing on new research, Oil Wealth in Central Africa lays out the macroeconomic and growth challenges facing the region; examines oil wealth management and its implications for poverty reduction; and includes four case studies that exemplify lessons learned.

International Monetary Fund
This paper discusses the common policies adopted by the members of the Central African Economic and Monetary Community (CEMAC). The macroeconomic performance was good in 2011 with improved fiscal balances, public investment programs, and higher reserves. However, CEMAC is facing challenges from deep-seated structural problems, including uncoordinated fiscal policy, financial sector weaknesses, and obstacles to growth and competitiveness. The Executive Board recommends monetary policies for financial stability and suggest making monetary policies an efficient tool of macroeconomic management. Also, the Board recommends strengthening of governance of CEMAC’s common institutions.
International Monetary Fund
Member countries of the Central African Economic and Monetary Community are recovering from the global financial crisis, although growth in 2011 has not returned to precrisis levels. Executive Directors welcomed the region’s economic recovery from the global financial crisis and its overall positive outlook. Directors noted, however, that the recovery has been uneven across member countries and that inflation is on the rise owing to high international food and fuel prices. Directors encouraged the authorities to adopt an appropriate policy mix to contain inflationary pressures in the short term.
Mr. Gaston K Mpatswe, Mr. Sampawende J Tapsoba, and Mr. Robert C York
This paper examines fiscal cyclicality in the CEMAC region during 1980-2008. The issue has attracted very little empirical interest but is important if fiscal policies are to play a role in mitigating external shocks that exacerbate economic cycles across the region. We assess whether fiscal policies across these six countries have been procyclical using panel data to elaborate our analysis. Like in other sub-Saharan countries, total public expenditure in the CEMAC is found to be strongly procyclical. This is most pronounced for public investment, which overreacts to output growth with elasticity above 1. We further find that institutional weaknesses and poor governance partly explain this behavior. In contrast, the existence of an IMF-supported program can be a counterbalancing influence in attenuating this bias.
International Monetary Fund

Abstract

Over the past two decades, Nigeria has not reaped fully the benefits of its national wealth despite its efforts at structural adjustment. This paper concludes that the facts do not justify the negative image that structural adjustment has had in Nigeria. Vigorous market reforms and tight financial policies had resulted in economic growth and employment expansion, but they were abandoned too soon to have sustained benefits.