<p><strong> </strong>The Executive Board of the International Monetary Fund (IMF) has completed the 6th and final review under the Extended Credit Facility, ECF, arrangement<a> </a>for the Central African Republic. </p>



<p>ECF
is  ;a lending arrangement that provides
sustained program engagement over the medium to long term in case of protracted
balance of payments problems.</p>



<p>The
completion of the review enables a disbursement of SDR 22.84 million (about US$
31.70 million), which will bring total disbursements under the arrangement to
SDR 133.68 million (about US$ 185.56 million).</p>



<p>In
a release made available to OpenLife by IMF Media office, the three-year ECF
arrangement for the Central African Republic was approved by the IMF’s
Executive Board on July 20, 2016 for SDR 83.55 million, about US$
115.97.million and subsequently augmented twice to a total of SDR 133.68
million (about US$185.56million, 120 percent of the Central African Republic’s
quota at the IMF).</p>



<p>At
the conclusion of the Board’s discussion, Mr. Mitsuhiro Furusawa, Deputy
Managing Director and Acting Chair, stated:</p>



<p>“The
Central African Republic’s performance under the ECF arrangement remains
satisfactory despite a challenging security environment and difficult
humanitarian conditions. Since its adoption in July 2016, substantial progress
has been achieved under the ECF arrangement, including in stabilizing the
economy, reducing fiscal vulnerabilities, and improving public financial
management.</p>



<p>“The
recent peace agreement between the government and 14 armed groups could
constitute a pivotal step toward ending the ongoing crisis. Emphasizing
power-sharing, its implementation should contribute to improving security and
creating the conditions for sustained and inclusive growth.</p>



<p>“The
authorities remain committed to pursuing fiscal policy consistent with
macroeconomic stability. The 2019 revised budget provides for the gradual
allocation of additional grant financing to key government initiatives,
including the implementation of the peace agreement, the strengthening of
national security forces, and the preparation of the 2020-21 elections. </p>



<p>Further
efforts to strengthen domestic revenue mobilization, which remains weak, will
be critical to sustainably financing these initiatives.</p>



<p>“Structural
reforms have progressed, including with regard to the strengthening of the
treasury single account, streamlining of parafiscal taxes, and improved budget
transparency.</p>



<p> ;Looking ahead, structural fiscal reforms
should continue—including to further reduce the use of exceptional payment
procedures and comprehensively audit all potential domestic arrears—while being
complemented by reforms to improve the business climate and governance,
including strengthening the AML/CFT framework.</p>



<p>“The
Central African Republic’s program has been supported by the implementation of
supportive policies and reforms by the regional institutions in the areas of
foreign exchange regulations and monetary policy framework and to support an
increase in regional net foreign assets, which are critical to the program’s
success.”</p>

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