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Central African Republic: Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waivers for Nonobservance of Performance Criterion, Modification of Performance Criteria, Augmentation of Access, Extension of Time Under the Arrangement, and Financing Assurances Review

Author(s):
International Monetary Fund
Published Date:
August 2009
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Appendix I: Central African Republic Relations with the Fund

(As of April 30, 2009)

I. Membership Status: Joined: 07/10/1963; Article VIII

II. General Resources Account:

SDR million% Quota
Quota55.70100.00
Fund holdings of currency55.5399.69
Reserve position in Fund0.180.32

III. SDR Department:

SDR million% Allocation
Net cumulative allocation9.33100.00
Holdings0.040.44

IV. Outstanding Purchases and Loans:

SDR million% Quota
PRGF arrangements39.2870.52

V. Latest Financial Arrangements:

AmountAmount
ApprovalExpirationApprovedDrawn
TypeDateDate(SDR millions)
PRGFDec. 22, 2006Dec. 21, 200944.5635.26
PRGFJul. 20, 1998Jan. 19, 200249.4424.48
Stand-ByMar. 28, 1994Mar. 27, 199516.4810.71

VI. Projected Payments to the Fund (without HIPC Assistance)5

(SDR million; based on existing use of resources and present holdings of SDRs):
Forthcoming
20092010201120122013
Principal1.621.600.801.765.01
Charges/interest0.220.220.220.210.19
Total1.851.821.021.975.20

VII. Implementation of HIPC Initiative:

Enhanced
I. Commitment of HIPC AssistanceFramework
Decision point dateSeptember 2007
Assistance committed by all creditors (US$ million)6583.00
Of which: IMF Assistance (US$ million)26.98
(SDR equivalent in millions)17.33
Completion point dateFloating
II. Disbursement of IMF Assistance (SDR million)
Assistance disbursed to the member6.59
Interim assistance6.59
Completion point balance--
Additional disbursement of interest income7--
Total disbursements6.59

VIII. Implementation of Multilateral Debt Relief Initiative (MDRI): Not applicable

IX. Safeguards Assessments: The Bank of the Central African States (BEAC) is the regional central bank of the Central African States. The most recent safeguards assessment of the BEAC was completed on August 30, 2004. In accordance with the four year cycle established for assessments of regional central banks, an update assessment was initiated in April 2008. The preliminary findings of this assessment indicate that implementation of previous safeguards recommendations on financial reporting, internal audit, and internal control has been limited, and that the changing risk profile of the BEAC foreign exchange holdings requires further actions to strengthen safeguards at the BEAC. Completion of the update assessment, however, requires an official response from the BEAC authorities that has yet to be received.

Exchange Rate Arrangement

The Central African Republic is a member of a monetary association with a common central bank, the BEAC. The exchange system common to all members operates without restrictions on the making of payments and transfers for current international transactions. The CFA franc is pegged to the euro at the fixed rate of CFAF 655.957 = €1. On April 30, 2009, the rate of the CFA franc in terms of SDRs was SDR 1 = CFAF 740.12.

Article IV Consultations

The Central African Republic is currently on the standard 24-month cycle for Article IV consultations for program countries. The last Article IV consultation was concluded on September 28, 2007.

Resident Representative

The Fund’s office in Bangui reopened in October 2007 (after being closed in September 2003). The Resident Representative is Mr. Joseph Ntamatungiro.

Table.Central African Republic: Recent Technical Assistance
DateDepartmentPurpose
Apr. 2001FADFollow-up on the introduction of the VAT and discuss measures
to improve tax and customs revenue collection.
Jan.–Feb. 2004STAReview and follow-up of the General Data Dissemination
System (GDDS); TA in government finance statistics.
Mar. 2004FADTo assist the authorities in the area of revenue administration.
Apr. 2004FADPublic financial management.
Aug.–Oct. 2004FADTax administration.
Feb.–Dec. 2005FADPublic financial management.
May 2005FADFollow-up on implementation of tax administration reforms;
review of progress made since the end of the three-month
assignment of an FAD tax expert.
Jun.-Jul. 2005STAGovernment finance statistics.
Jul. 2005STAReal sector data.
May 2006FADRecovery of tax arrears.
May 2006FADFax administration reform.
Sep.–Oct. 2006STAMonetary and financial statistics.
Jan. 2007–Aug.FADPublic financial management.
2008
Apr.–May 2007FADFiscal implications of alternative fuel pricing policies and their
distributional impact on vulnerable household groups, including
mitigating measures.
Oct. 2007AFRITAC/FADCustom administration; and follow-up on the new customs
organizational structure.
Oct. 2007AFRITAC/FADFollow up on implementation of tax administration reforms and
review of progress made since the expert’s previous visit in
May 2006.
Nov.–Dec. 2007FADInspection of FAD resident PFM advisor.
Dec. 2007AFRITAC/STANational account data.
Mar. 2008AFRITAC/MCMDebt management.
Jun. 2008AFRITACFollow-up on implementation of tax administration
Jun. 2008AFRITACFollow-up on implementation of customs administration
Aug. 2008AFRITAC/STANational account data.
Sep. 2008AFRITACPublic financial management.
Sep.–Oct. 2008AFRITAC/FADIntroduction of new accounting framework and budget
classification system.
Oct. 2008AFRITACTax collection and use of tax administration information.
Jan. 2009AFRITACFollow-up on implementation of tax collection reform measures.
Mar. 2009AFRITAC/FADAccounting procedures reforms.
Mar. 2009AFRITACElaboration of public debt management manual.
Mar. 2009AFRITACImprovement in the coordination of customs procedures.
May 2009AFRITAC/FADProgress of tax administration reforms and formulate medium-term reform strategy.
May 2009AFRITACNational account data.

APPENDIX II: Central African Republic Joint Bank-Fund Work Program, 2009–10

TitleProductsProvisional timing of missionsActual or Expected delivery date
A. Mutual information on relevant work programs
World Bank work program in the next 12 monthsCountry Partnership Strategy (CPS) joint with AfDBNovember 2008July 2009
DPO III

  • Budget support
December 2008March 2009
Response to the Energy CrisisOctober 2008February 2009
  • The project aims to restore reliable electricity supply to ENERCA’s customers in Bangui by addressing maintenance and rehabilitation of three diesel units at the Bangui Thermal Power Station; Replacement of a 10 MW transformer at Boali 1; introduction of more efficient lighting devices and Loss Reduction Program
Vulnerable Groups Community DevelopmentMarch 2009
  • The project aims to improve basic local government services, especially for rehabilitation, capacity building and equipping of health and education centers in 9 of the country’s 16 regions.
IMF work program in the next 12 monthsMacroeconomic policy analysis and advice
  • Fifth PRGF review and Article IV consultation
  • Sixth PRGF review
September 2009 March 2010December 2009 June 2010
Technical assistance
  • Revenue administration
January 2009

March 2009

May 2009 (HQ)
  • Public debt management
March 2009

Q3 2009 (HQ)
  • Public financial management
May 2009

Q4 2009
  • Statistics
July 2009

August 2009
B. Requests for work program inputs
Fund request to BankPeriodic update on progress
Bank request to FundRegular update of medium-term macroeconomic framework covering the period until 2014
C. Agreement on joint products and missions
Joint products in the next 12 months
  • Joint Debt Sustainability Analysis
  • HIPC completion point document
April 2009

April 2009
June 2009

June 2009
5

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section,

6

Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence, these two amounts cannot be added.

7

Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.

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