Central African Republic: Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Requests for Waivers of Nonobservance of Performance Criteria and Augmentation of Access, and Financing Assurance Review: Staff

Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Requests for Waivers of Nonobservance of Performance Criteria and Augmentation of Access, and Financing Assurance Review: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Central African Republic

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 215

Publication date: July 2008

ISBN: 9781451806700

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , Business and Economics - Statistics , Public Policy - Social Services and Welfare , ISCR , CR , government , PRGF arrangement , spending , PRGF loan , authorities' intention , PRGF-supported program , debt service , Central African Republic authorities , international community , governments' action , Arrears , Government finance statistics , Oil prices , Monetary statistics , Sub-Saharan Africa , Global

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Summary

This paper reviews the Central African Republic’s three-year arrangement under the poverty reduction and growth facility. Concerns about the social impact of higher fuel prices have delayed implementation of an automatic pricing formula and caused serious fiscal losses. The new financing strategy is based on issuing debt instruments in the regional financial market to improve the domestic debt profile. IMF staff recommends completion of the second review, granting of waivers for nonobservance of performance criteria, and an augmentation of access.