2015年-IMF国际货币组织全球_The_Central_African_Republic_Request_for_the_Disbursement_Under_the_Rapid_Credit_Facility_67页_1mb

Central African Republic: IMF Rapid Credit Facility Disbursement Summary

Core Content

The Central African Republic (C.A.R.) received a disbursement of SDR 8.355 million (about US$11.8 million) under the Rapid Credit Facility (RCF) from the IMF on September 15, 2015. This follows an earlier disbursement of SDR 5.57 million in March 2015, bringing total cumulative disbursements under the RCF to SDR 22.28 million (40 percent of the country's quota). The financial support is intended to assist the authorities in addressing urgent balance of payments needs and to support their emergency economic recovery program.

Main Points

Context

• The C.A.R. is slowly recovering from the 2013 political and security crisis, which led to the collapse of the economy and a humanitarian emergency.
• The country is a fragile, landlocked, low-income nation dependent on international assistance.
• Security has improved in many regions due to the deployment of UN troops (MINUSCA) and the reduction of French military presence.
• The inclusive political dialogue (IPD) has made progress, leading to the scheduling of national elections in October and November 2015.

Economic Developments

• Preliminary data indicate that the first half of 2015 saw economic activity aligning with the authorities' quantitative objectives.
• Real GDP growth for 2015 was revised to 5.5 percent, slightly down from the initial projection of 5.7 percent due to slower-than-expected resumption of forestry and mining activities.
• Inflation remained stable at 5.7 percent, supported by improved food supply and distribution networks.
• Domestic primary spending was contained at CFAF 37.5 billion, below the target of CFAF 48.8 billion, reflecting lower-than-planned outlays on goods and services and transfers.
• The government cleared domestic payment arrears, including two quarters of pensions, and remained current on wage and debt service payments.

Performance Under the RCF

• The performance under the RCF was broadly satisfactory.
• Authorities met their quantitative and policy objectives by end-June 2015, despite challenging conditions.
• Key structural reforms were completed, including the appointment of the head of the Treasury and the adoption of an action plan to strengthen revenue mobilization.
• The second phase of the civil service roster cleaning was also completed by mid-July 2015.

Key Policy Recommendations

• Enhance Revenue Collection: Implement reforms in tax policy, revenue administration, and limit tax and customs exemptions.
• Strengthen Treasury Management: Align spending with available resources to ensure a sound execution of the treasury management plan and avoid payment arrears.
• Return to Normal Budget Procedures: Strengthen the treasury single account and implement a fully operational financial management information system.
• Prepare for a Medium-Term Budget and Management Framework: Support the political transition and address long-term development challenges.
• Enhance Outreach and Governance: Enable development partners to scale up their interventions to promote sustained growth and poverty reduction.

Risks and Challenges

• Security remains a key risk, with some regions still insecure and the potential for increased political tensions during the upcoming elections.
• A protracted political transition and lower external support could negatively impact economic prospects.
• Continued financial and technical assistance from the international community is crucial to support the authorities' reform program and reduce poverty.

Political and Security Progress

• The transition authorities have made significant strides in improving security and restoring state authority.
• The inclusive political dialogue has led to the adoption of a peace accord, the release of child soldiers, and the establishment of a Truth, Justice and Reconciliation Commission.
• The DDR program is being implemented to improve security ahead of the elections, with donor support covering the US$30 million cost.
• The government is working on a comprehensive security reform, including reducing the national army by 1,000 troops and modernizing it by 2018.

Diamond Sector

• The diamond sector, a key economic activity, is partially affected by the export ban due to ongoing insecurity in the Central-Eastern region.
• The Kimberley Process Certification Scheme (KPCS) has partially lifted the export ban for diamonds from the Western regions where security has improved.
• The government is designing a new mining policy to enhance the sector's contribution to the economy, including combating fraud, improving regulation, and shifting to a market-determined pricing structure.

Support from International Partners

• The IMF disbursement is accompanied by technical assistance from donors to improve tax and customs procedures, treasury management, and public financial management.
• The World Bank, the European Union, the African Development Bank, and France have participated in the political and economic discussions.
• Donor support has been critical in helping the C.A.R. authorities cover their balance of payments needs and implement their emergency economic program.

Conclusion

The IMF's disbursement under the RCF is a significant step towards supporting the C.A.R.'s recovery and economic stabilization. Continued international financial and technical assistance will be essential to address the remaining challenges and ensure the country's transition to a more stable and sustainable economic phase. The Fund will continue to play a key role in coordinating international efforts to support the government's strategies for growth and social development.