2019年-IMF国际货币组织全球_Central_African_Economic_and_Monetary_Community_CEMAC_Selected_Issues_60页_1mb

Summary of CEMAC Selected Issues Paper

Core Content

This document presents a comprehensive analysis of governance and fiscal consolidation efforts within the Central African Economic and Monetary Community (CEMAC). It emphasizes the importance of good governance and transparency in reducing systemic corruption, which has been a significant challenge in the region. The paper outlines the regional framework for public financial management (PFM), anti-money laundering (AML)/combating the financing of terrorism (CFT), and the management of extractive sector resources, particularly oil. It also highlights the need for improved non-oil fiscal revenue mobilization to support economic diversification and stability.

Main Viewpoints

• Good governance is critical for macroeconomic stability and inclusive growth. Weak governance and corruption are associated with lower economic growth, reduced investment, and increased inequality.
• CEMAC's economic structure is heavily dependent on oil exports, which has created a lack of diversification and vulnerability to external shocks.
• Regional cooperation is essential in addressing governance issues, as national actions alone are insufficient due to the nature of economic and monetary union.
• Transparency and accountability are key elements of the CEMAC PFM framework, which aims to improve the efficiency and integrity of public resource management.
• Non-oil revenue mobilization is a priority for fiscal consolidation, given the low level of non-oil revenues and the need to reduce dependency on oil.
• CEMAC countries lag behind their Sub-Saharan African (SSA) counterparts in governance and corruption indicators, highlighting the need for reform.
• Implementation gaps persist in the transposition of regional directives into national laws, undermining the effectiveness of the CEMAC framework.

Key Information

Regional Governance and Corruption

• Governance refers to the framework for exercising authority, while good governance relates to the quality and impact of governance.
• Corruption is defined as the abuse of public office for private gain, and it is closely linked to poor governance and economic outcomes.
• CEMAC countries score lower than SSA countries and the rest of the world in governance and corruption indicators, indicating a need for improvement.

Impact on Economic Activity

• Corruption and weak governance reduce economic growth, increase inequality, and entrench poverty.
• Studies show that improving governance and reducing corruption can significantly enhance growth and inclusivity.
• The correlation between corruption and growth is stronger in low-income countries.

CEMAC Framework for Public Financial Management (PFM)

• CEMAC has developed a regional framework for PFM based on six directives.
• Directive 06/2011 on Transparency and Good Governance is central to this framework and outlines principles for public accountability and transparency.
• It mandates the publication of all revenues, including those from natural resources, and the use of open competition in public procurement.
• The directive also requires the creation of a Court of Accounts in each member state to ensure external control.

Implementation Challenges

• Directive 06/2011 is not fully implemented in all CEMAC countries, notably Equatorial Guinea.
• Some key principles of the directive are not applied consistently, such as the transparency of contracts related to natural resource exploitation and public procurement.
• Transposition of directives into national legislation is uneven, with some countries failing to enact them, which hinders the effectiveness of the regional framework.

Fiscal Consolidation and Non-Oil Revenue

• CEMAC countries need to increase non-oil fiscal revenue to reduce dependency on oil and promote economic diversification.
• Trends in revenue mobilization show that non-oil revenues remain low, affecting fiscal sustainability.
• The paper discusses ways to improve non-oil revenue, including enhancing tax collection, improving VAT systems, and increasing direct tax revenues.

Key Sections Overview

A. Introduction

• Highlights the importance of good governance and anti-corruption measures for economic stability and growth.
• Notes the CEMAC's focus on addressing the root causes of the economic crisis, particularly the over-reliance on oil.

B. Background

• CEMAC has been affected by a sharp decline in oil prices since 2014.
• A coordinated fiscal adjustment effort was initiated in 2016 to restore stability.
• Regional governance frameworks are necessary to address the systemic issues in public resource management.

C. Scope of Governance Issues in CEMAC

• Governance issues are closely tied to the economic structure of CEMAC, which is dominated by extractive industries.
• The public sector remains a key driver of aggregate demand, making effective governance in public finance essential.
• CEMAC banks are important in preventing corruption by avoiding safe havens for illicit funds.

D. Background: Defining Governance and Corruption

• Governance is defined as the institutions, mechanisms, and practices through which governmental power is exercised.
• Corruption is defined as the abuse of public office for private gain and is often linked to public finance and regulation.
• Weaknesses in accountability and transparency can create an environment conducive to corruption.

E. Impact of Governance and Corruption on Economic Activity

• Corruption and weak governance have a negative impact on growth, investment, and inequality.
• A meta-analysis by the IMF confirms that improving governance and reducing corruption can lead to stronger and more inclusive growth.
• The effect is more pronounced in low-income countries, where governance is weaker.

F. CEMAC Framework for PFM

• The framework includes six directives covering transparency, public accounting, budget law, and fiscal reporting.
• Directive 06/2011 is the cornerstone of the PFM framework, focusing on transparency and good governance.
• Implementation of these directives is incomplete in many CEMAC countries, especially in public procurement and resource management.

Recommendations

• A gradual and sustained approach is needed to address governance and corruption issues.
• Regional coordination is essential to ensure the effective implementation of CEMAC directives.
• Capacity building and institutional reforms are necessary to improve transparency, accountability, and public financial management.
• Strengthening non-oil revenue through better tax collection and policy reforms is a priority for fiscal sustainability.

References and Supporting Data

• The paper uses IMF assessments, third-party indicators, and FATF compliance to evaluate governance and corruption.
• PEFA scores and corruption perception indices are used to compare governance performance across CEMAC and other regions.
• Box 2 highlights the growth dividend of governance improvements, with significant negative impacts of corruption on growth.
• Figure 1 and Figure 2 illustrate the governance and corruption indicators for CEMAC, SSA, and the rest of the world, showing the region's poor performance.

Conclusion

• Enhancing governance and reducing corruption is a critical step for CEMAC's economic development.
• A regional approach is necessary to address the complex and interlinked issues of public financial management, AML/CFT, and extractive sector governance.
• The implementation of CEMAC directives is key to achieving these goals, and requires both national commitment and regional support.