Republic of Congo: Staff-Monitored Program
International Monetary Fund, Jun 3, 2008 - Business & Economics - 60 pages
Social and political stability has improved in Congo, but the security situation is fragile. Executive Directors welcomed the Staff-Monitored Program (SMP), which was designed to safeguard fiscal and external stability. They stressed the need for stabilizing the economy and pursuing structural reforms with a view for achieving sustainable growth, reducing poverty, diversifying the economy, and benefiting from enhanced HIPC Initiative debt relief. As a sign of their renewed commitment to reengagement with the IMF, authorities established a new organizational structure for better monitoring and implementation of the economic and financial program.
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adopt a comprehensive audit authorities basic primary basis BEAC Billions of CFA broad money capital expenditure cash advance CEMAC central government CFA francs CFAF commercialization of Congolese comprehensive action plan Congolese oil continuous quantitative indicator current expenditure debt management debt relief decline deﬁned development partners diagnostic study domestic end-June end-March ensure export external debt Finance ﬁnancial ﬁscal foreign Fund staff estimates govemment government will adopt government’s HIPC implementation improve International Monetary Fund June 30 line with best medium term MEFP Millennium Development Goals Ministry Monetary non-oil GDP oil GDP oil primary oil production oil revenue oil sector oil-collateralized operations organic budget law Paris Club Percent of GDP percent of non-oil petroleum petroleum product PRGF arrangement primary balance public investment management reforming CORAF Republic of Congo SNPC spending Staff Monitored Program strategy structural benchmark tax and customs technical TOFE transparency World Bank world oil prices