Cameroon 2014 Article Iv Consultation

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 149838322X
Size: 70.49 MB
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KEY ISSUES Context. Cameroon’s macroeconomic outlook and risks have deteriorated slightly since the Article IV consultation in 2013. Economic activity has remained strong and inflation subdued, but the fiscal position has worsened; public debt has been rising at a less sustainable pace; government deposits have dwindled; and payment delays have continued. The anticipated growth path may not suffice to reach upper-middle-income country status by 2035. Focus of the consultation and risks. The overarching policy issue remains unchanged: how to set Cameroon on a higher growth path, while mitigating low but growing risks to macroeconomic stability. Spillovers from regional insecurity have become the main exogenous risk; endogenous risks stem from rising contingent liabilities and credit concentration. Past policy advice remains relevant. Key policy recommendations: • Strengthen cash management and expenditure controls to prevent a further accumulation of payment deferrals. • Close the financing gap in 2014, and adopt a downward path for the non-oil primary deficit to rebuild fiscal space and preserve macroeconomic stability. • Improve non-oil revenue by broadening the tax base and streamlining tax exemptions. • Reprioritize public expenditure by reducing fuel subsidies gradually; provide targeted compensation measures for the most vulnerable. • Increase the selectivity of investment projects and adopt a rigorous screening of the financing terms to ensure debt sustainability. • Pursue the resolution of three small distressed banks and support the strengthening of regional bank and microfinance supervision. • Promote higher and more inclusive growth through better targeted educational and social spending, a propitious business climate, and deeper regional integration.

Cameroon

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1484369955
Size: 59.35 MB
Format: PDF, Mobi
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This paper presents key discussions of Cameroon’s 2013 Article IV Consultation. Economic activity in Cameroon has continued to recover gradually from the global financial crisis in 2008–2009, and inflation has remained subdued. In light of growing vulnerabilities, the report suggests to adopt a plan to reduce fuel subsidies gradually, accompanied by targeted social programs for the neediest, to free up resources for public investment. It is also necessary to accelerate resolution of distressed banks and enhance the regulatory framework to promote lending.

Cameroon

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1455205184
Size: 79.87 MB
Format: PDF
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Cameroon showed incipient signs of recovery from the global financial crisis. Although growth performance remained constrained under the Poverty Reduction Growth Facility (PRGF), tax and customs administrations were strengthened, macroeconomic stability was preserved, and debt relief under the Heavily Indebted Poor Countries (HIPC) and Multilateral Debt Relief Initiatives (MDRI) helped firm up debt sustainability. Executive Directors welcomed the new program aimed to accelerate growth through infrastructure development, development of rural and mining sectors, improvement in human resources, regional integration, and export diversification. They emphasized the need to maintain fiscal and financial stability to preserve economic growth.

Republic Of Congo

Author: International Monetary Fund. African Dept.;International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1484322029
Size: 80.96 MB
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This paper assesses the Republic of Congo’s discussions in 2013 Article IV Consultation. Though having abundance of natural resources, notably oil and iron ore, Congo has achieved limited progress in poverty alleviation, and remains vulnerable to external shocks. Weak governance and business conditions are significant constraints to private sector development and growth inclusiveness. The IMF report shows that Congo’s main challenge is to ensure long-term macroeconomic stability in the face of oil revenue volatility and exhaustibility, and to make growth more inclusive.

Global Implications Of Lower Oil Prices

Author: Mr. Aasim M. Husain
Publisher: International Monetary Fund
ISBN: 1513507133
Size: 22.26 MB
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The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.

Financial Integration In Latin America

Author: Mr.Charles Enoch
Publisher: International Monetary Fund
ISBN: 1475577133
Size: 61.91 MB
Format: PDF, Docs
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With growth slowing across much of the Latin America as a result of the end of the commodity supercycle and economic rebalancing in China, as well as fragmentation of the international banking system, policies to stimulate growth are needed. This book examines the financial landscapes of seven Latin American economies—Brazil, Chile, Colombia, Mexico, Panama, Peru, and Uruguay—and makes a case for them to pursue regional financial integration. Chapters set out the benefits to the region of financial integration, the barriers to cross-border activity in banks, insurance companies, pension funds, and capital markets, as well as recommendations to address these barriers. Finally, the volume makes the case that regional integration now could be a step toward global integration in the short term.

Africa On The Move

Author: Mr. Lamin Leigh
Publisher: International Monetary Fund
ISBN: 1498384269
Size: 45.11 MB
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This book describes the reforms needed to move small middle-income countries in sub-Saharan Africa to advanced-economy status. The result of intense discussions with public officials in the countries covered, the book blends rigorous theory, econometrics, and practitioners' insights to come up with practical recommendations for policymakers. It spans topics from macroeconomic vulnerability and reserve adequacy to labor market institutions and financial inclusion. The book is a must-read for researchers interested in the economic issues facing developing countries in sub-Saharan Africa.