LEADER 07530oam 22013334 450 001 9910955450203321 005 20250708134557.0 010 $a9781498320276 010 $a1498320279 010 $a9781498374422 010 $a1498374425 010 $a9781498327299 010 $a149832729X 035 $a(CKB)2670000000568115 035 $a(EBL)1790718 035 $a(SSID)ssj0001399014 035 $a(PQKBManifestationID)11896671 035 $a(PQKBTitleCode)TC0001399014 035 $a(PQKBWorkID)11446584 035 $a(PQKB)11645577 035 $a(MiAaPQ)EBC1790718 035 $a(Au-PeEL)EBL1790718 035 $a(CaPaEBR)ebr10933651 035 $a(CaONFJC)MIL645401 035 $a(OCoLC)891446767 035 $a(IMF)1COGEE2014001 035 $a(IMF)1COGEA2014001 035 $a1COGEA2014001 035 $a(EXLCZ)992670000000568115 100 $a20020129d2014 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aRepublic of Congo $eStaff Report for the 2014 Article IV Consultation 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2014. 215 $a1 online resource (75 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 08$a9781498347174 311 08$a1498347177 311 08$a9781322141466 311 08$a1322141460 327 $aCover; CONTENTS; BACKGROUND; RECENT ECONOMIC DEVELOPMENTS; FIGURES; 1. Macroeconomic Developments; BOXES; 1. Congo's Economic Relationship with China; OUTLOOK AND RISKS; 2. Governance and Business Environment; POLICY DISCUSSIONS; A. Strengthening the Fiscal Framework; 2. Public Investment, Debt Sustainability and Savings Tradeoffs; B. Strengthening Public Financial Management; C. Financial Sector Issues; D. Structural Reforms for Inclusive Growth; E. Asset and Liability Management and Other Issues; STAFF APPRAISAL; TABLES; 1. Selected Economic and Financial Indicators, 2011-19 327 $a2. Medium-Term Balance of Payments, 2011-193. Central Government Operations, 2011-19; 4. Central Government Operations, 2011-19; 5. GFS Statement of the Central Government Operations, 2011-19; 6. Monetary Survey, 2009-14; 7. Banking Sector Financial Soundness Indicators, 2009-13; 8. Millennium Development Goals, 1990-2012; ANNEXES; I. Authorities' Implementation of 2013 Policy Recommendations; II. External Sector Assessment; III. Anchoring Fiscal Policy in the Medium Term; IV. Risk Assessment Matrix; CONTENTS; RELATIONS WITH THE FUND; WORLD BANK-IMF JOINT ACTION PLAN; STATISTICAL ISSUES 327 $aAPPENDIXPress Release 330 3 $aKEY ISSUES Economic context. Growth has been strong, inflation low, and fiscal buffers and international reserves adequate. However, poverty and unemployment remain high, despite large government spending financed from oil revenue. The business climate is among the most challenging and the private credit-to-GDP ratio among the lowest in sub-Saharan Africa (SSA). Outlook and Risks. The economy is projected to expand by about 6 percent per annum between 2014 and 2019, as new oil fields come on stream and an ambitious public investment program is implemented to diversify the economy and make growth more inclusive. Oil production is expected to peak in 2017. The medium-term outlook for non-oil growth and poverty reduction hinges on progress addressing deep-seated structural weaknesses and fiscal adjustment. Risks to the outlook relate to oil price volatility and political instability. Policies. Macroeconomic policies should focus on meeting the economy?s social and development needs while mitigating risks to macroeconomic stability in the longer term. ? The growth of government spending should be arrested and the 2014 budget should not be exceeded. Amid spending pressures related to the 2015 Africa Games and the 2016 presidential elections, new fiscal developments should be reflected in a supplementary budget in 2014 to enhance transparency. ? In view of the limited remaining lifetime of oil reserves, a gradual fiscal consolidation should be targeted over the medium-term to safeguard fiscal and debt sustainability. Ongoing efforts to address implementation and absorptive capacity constraints need to be stepped up to maximize the benefits from public investments. ? Consideration should be given to adopt the non-oil primary balance as the fiscal anchor. ? The private sector?s supply response to public infrastructure spending should be maximized through implementation of reforms to improve the business climate, support private investment, and develop the financial sector. ? The pilot project for cash transfers should be well-targeted and monitored to reduce poverty. ? Compliance with reserves pooling requirements would insure the continued smooth operation of the BEAC and the exchange rate peg, which both continue to serve the Republic of Congo well. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2014/272 606 $aExports and Imports$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aStatistics$2imf 606 $aTaxation$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aBusiness Taxes and Subsidies$2imf 606 $aFiscal Policy$2imf 606 $aPublic finance & taxation$2imf 606 $aInternational economics$2imf 606 $aEconometrics & economic statistics$2imf 606 $aFinance$2imf 606 $aPublic debt$2imf 606 $aExpenditure$2imf 606 $aOil, gas and mining taxes$2imf 606 $aExternal debt$2imf 606 $aPublic financial management (PFM)$2imf 606 $aTaxes$2imf 606 $aFiscal stance$2imf 606 $aFiscal policy$2imf 606 $aDebts, Public$2imf 606 $aDebts, External$2imf 606 $aExpenditures, Public$2imf 606 $aFinance, Public$2imf 607 $aDemocratic Republic of the Congo$xEconomic conditions 607 $aCongo, Democratic Republic of the$2imf 615 7$aExports and Imports 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aStatistics 615 7$aTaxation 615 7$aNational Government Expenditures and Related Policies: General 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aInternational Lending and Debt Problems 615 7$aBusiness Taxes and Subsidies 615 7$aFiscal Policy 615 7$aPublic finance & taxation 615 7$aInternational economics 615 7$aEconometrics & economic statistics 615 7$aFinance 615 7$aPublic debt 615 7$aExpenditure 615 7$aOil, gas and mining taxes 615 7$aExternal debt 615 7$aPublic financial management (PFM) 615 7$aTaxes 615 7$aFiscal stance 615 7$aFiscal policy 615 7$aDebts, Public 615 7$aDebts, External 615 7$aExpenditures, Public 615 7$aFinance, Public 676 $a309.1675 801 0$bDcWaIMF 906 $aBOOK 912 $a9910955450203321 996 $aRepublic of Congo$94371781 997 $aUNINA