Central African Economic and Monetary Community (CEMAC): Selected Issues

International Monetary Fund

No 2017/393, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses the CEMAC Regional convergence framework that aims at ensuring that national policies are consistent with a smooth functioning of CEMAC’s economic and monetary union. Established in 1999, a few years after the 1994 devaluation, as part of the Convergence and Stability Pact, it aims at addressing the coordination challenges posed by CEMAC’s common monetary policies and decentralized fiscal policies. CEMAC Regional convergence framework aims at ensuring that national policies are consistent with a smooth functioning of CEMAC’s economic and monetary union. Established in 1999, a few years after the 1994 devaluation, as part of the Convergence and Stability Pact, it aims at addressing the coordination challenges posed by CEMAC’s common monetary policies and decentralized fiscal policies. Owing in part to the weaknesses, the fiscal convergence framework has not been sufficient to prevent a sharp deterioration in public accounts over the last few years.

Keywords: ISCR; CR; bank; government; Broadening CEMAC; balance; revenue; CEMAC countries government; government expenditure path; sovereign-banks nexus; convergence framework; repayment plan; oil-producing country; sovereigns vis-à-vis bank; member-state government; banking activity; Fiscal stance; Oil; gas and mining taxes; Fiscal governance; Fiscal sustainability; Europe (search for similar items in EconPapers)
Pages: 29
Date: 2017-12-19
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Citations: View citations in EconPapers (2)

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