The International Monetary Fund (IMF) has declared that it has reached a staff-level agreement with the Central African Republic on the second review of the Extended Credit Facility (ECF). This agreement sets the stage for the impending approval of the second review of the ECF-supported program by the IMF Executive Board, provided certain economic policy conditions are met.
An IMF team, led by Mr. Albert Touna Mama, conducted discussions with Central African Republic (CAR) authorities in Bangui and Washington DC regarding the second review of CAR’s ECF-supported program. According to an IMF press release, these meetings involved engagements with President Touadéra, Prime Minister Moloua, and other senior officials. The dialogue centered around CAR's progress in stabilizing its economy and achieving fiscal consolidation amidst significant economic and social challenges. The effective implementation of reforms, particularly in the fuel market, was underscored as critical for addressing these challenges within fiscal constraints.
Mama stated in an IMF press release: "Central African Republic is continuing to make progress in stabilizing its economy and in achieving fiscal consolidation, in spite of an extremely challenging economic and social context. Government tax revenues—a prerequisite if the government is to meet the needs of the CAR people on a long-term basis—increased by 0.5 percent of GDP in 2023. The resumption of budget support from the African Development Bank and from the IMF as well as assistance from the World Bank have served to improve the country’s prospects for financing on the regional market, to ensure fiscal continuity and to safeguard the delivery of basic social services."
According to information provided on its About webpage, The IMF operates as a global organization with 190 member countries. It aims to foster sustainable growth and prosperity worldwide by supporting economic policies conducive to financial stability and monetary cooperation. Ultimately, it seeks to enhance productivity, job creation, and economic well-being under governance and accountability provided by its member countries.