Republic of Congo: 2004 Article IV Consultation and New Staff-Monitored Program—Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Congo
International Monetary Fund, Aug 2, 2004 - Business & Economics - 105 pages
This paper examines Congo’s 2004 Article IV Consultation and New Staff-Monitored Program (SMP). In the context of improved security, the pace of economic activity in the non-oil sector has increased. Non-oil real GDP increased by about 10 percent per year on average during 2000–03. Consumer price inflation decelerated significantly in the postwar period. The fiscal position in 2003 improved from the exceptionally poor performance of 2002, but the underlying fiscal effort was weak relative to the 2003 budget.
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IV Report on the Discussions
V Financing Gap Capacity to Pay and External Debt
VI Regional Integration and Trade Regime
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arrears payment audit August 31 baseline minus basic primary ﬁscal basis BEAC billions of CFA Brazzaville budget budgetary ceiling CEMAC certiﬁcation CFA francs CFAF collateralized conﬂicts Congolese authorities CORAF current expenditure debt including leasing debt relief debt service due deﬁned domestic arrears ensure estimates and projections exports extemal auditor external arrears external debt ﬁnancing gap fiscal ﬂows govemment govemment’s historical average minus implementation improve increase International Monetary Fund investment loans macroeconomic Memorandum items minus one standard Monetary monitored national oil non-oil GDP non-oil revenue non-oil sector ofﬁcial oil companies oil sector transparency oil-collateralized debt operations Paris Club creditors percent of GDP Pointe-Noire poverty reduction Primary balance primary ﬁscal balance Proj ratio Real GDP growth reforms Republic of Congo rescheduling settlement SNPC SNPC’s staff-monitored program standard deviation starting January statistics strategy Table Target transfers treasury U.S. dollars World Bank