Central African Economic and Monetary Community (CEMAC): Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2016 Issue 277

Publication date: August 2016

ISBN: 9781475529685

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , ISCR , CR , CEMAC authority , authority , FAD CEMAC , CEMAC Commission , oil-price shock , weaker-than-expected oil price recovery , CEMAC country , envisaged policy , Oil prices , Fiscal stance , Fiscal consolidation , Purchasing power parity , Central Africa

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Summary

This paper discusses the common policies needed for the member countries of the Central African Economic and Monetary Community (CEMAC). CEMAC growth was subdued in 2015. It slowed to 1.6 percent, from 4.9 percent in 2014, because of reduced public investment and lower oil production. Policies to counter the oil-price shock need to focus on fiscal consolidation and real-economy reforms. In the wake of the oil-price shock, monetary financing has been the primary response tool. Fiscal policy coordination among members should be strengthened, and fiscal discipline enforcement is needed. Real-economy reforms, focusing on improving the business climate and boosting private investment, are also needed to preserve macroeconomic stability.