Republic of Congo: Staff Report for the 2003 Article IV Consultation and a New Staff-Monitored Program

International Monetary Fund

No 2003/193, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper examines the Republic of Congo’s 2003 Article IV Consultation and a New Staff-Monitored Program (SMP). Performance under IMF-supported programs and recent SMPs was disappointing. Major progress has been made in consolidating security and peace, and in establishing democratic institutions. The public finances deteriorated in 2002, reflecting a combination of expenditure overruns and a drop in non-oil revenue collection. The drop in non-oil revenue was more pronounced at customs, owing to large-scale fraud and widespread use of ad hoc exemptions. As a result, most targets under the 2002 SMP were missed.

Keywords: ISCR; CR; government; debt; petroleum price Brent; obligations vis-à-vis; Société Nationale des Pétroles du Congo; concessional debt; debt obligations vis-à-vis; debt service; Oil prices; Oil; gas and mining taxes; Fiscal stance; Oil sector; Africa (search for similar items in EconPapers)
Pages: 82
Date: 2003-06-30
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