IMF approves $25m for Central African Republic

The International Monetary Fund (IMF) completed the second review of the Central African Republic’s (CAR) Extended Credit Facility (ECF) arrangement, approving an SDR 18.60 million (approx. $25 million) disbursement. This brings total disbursements to SDR 49.07 million (approx. $65 million), supporting CAR’s balance of payments and essential public services.

According to the IMF statement, CAR’s economy is projected to grow by 1.4 per cent in 2024, up from 0.7 per cent in 2023, with inflation expected to gradually decline.

These improvements hinge on fuel market reforms. The review also approved augmented access under the ECF to address delayed capital expenditure decisions in 2023.

Moreover, key reforms include stabilising the fuel market, enhancing governance, and improving public financial management. Deputy Managing Director Kenji Okamura highlighted the importance of continued structural reforms and proactive debt management.

The ECF arrangement, supported by CEMAC regional institutions, aims to boost CAR’s economic stability and growth.

Attribution: IMF.