Central African Republic: First Review Under the Extended Credit Facility, Requests for Waivers of Nonobservance of Performance Criteria, Modification of Quantitative Performance Criteria, Rephasing of Access, and Financing Assurance Review-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic

International Monetary Fund

No 2023/362, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents Central African Republic’s First Review under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, Modification of Quantitative Performance Criteria, Rephasing of Access, and Financing Assurances Review. Program implementation has been mixed for the first review, against challenging macroeconomic backdrop in the first half of the year. The authorities are taking measures to ensure that end-December 2023 targets are met, including by shoring up revenue collection. The authorities remain committed to strong policies. The authorities should step up social spending while also prioritizing investment in additional fuel storage capacity and infrastructure to overcome revenue volatility. Strengthening public debt management would alleviate rollover risks, including by lengthening the tenor of new issuances and building cash buffers. Improving debt statistics is also important. The increase in revenues should be met by a spending structure that prioritizes social-related outlays and thus equitable growth. In parallel, the authorities should adopt a more proactive debt management approach and build cash buffers to mitigate rollover risks. Finally, fostering good governance, anti-corruption efforts, transparency and financial integrity will be critical to catalyze donor support.

Keywords: CAR authorities; financing assurances REVIEW-SUPPLEMENTARY information; fund financing to the CAR; assessment of policy issue; staff's assessment; Arrears; Global (search for similar items in EconPapers)
Pages: 101
Date: 2023-11-06
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=541206 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2023/362

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().