Republic of Congo : Staff Report for the 2012 Article IV Consultation.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. African Department.

Contributor:

International Monetary Fund.

Series:

IMF Staff Country Reports; Country Report ; No. 2012/283

IMF country report ; no. 12/283

IMF Staff Country Reports

Language:

English

Subjects (All):

Economic development--Congo (Brazzaville).

Economic development.

Congo (Brazzaville)--Economic conditions.

Congo (Brazzaville).

Physical Description:

1 online resource (60 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2012.

Language Note:

English

Summary:

The key issue facing Congo is how to use oil and mineral resources effectively in support of inclusive growth. Economic conditions are supportive--macroeconomic stability is in place, the terms of trade are favorable, and the external position is strong. External risks are mitigated by membership in CEMAC, under which all members benefit from the French convertibility guarantee, and large fiscal buffers. Yet, growth has not been inclusive. Over half of the population lives in poverty and a labor skills mismatch results in high unemployment and underemployment, especially among youth. The difficult business climate holds back diversification. On March 4, 2012 a munitions depot exploded in Brazzaville causing death and destruction; near-term policies focus on reconstruction and addressing the humanitarian crisis.

Contents:

Cover; CONTENTS; CONGO AT THE CROSSROADS; DEVELOPMENTS AND THE CHALLENGES AHEAD; A. Growth has been sustained, but not inclusive; BOXES; 1. Financial Sector Developments; B. Scaling up is justified, but the supplemental budget poses risks to macroeconomic stability and expenditure quality; 2. Fiscal Developments and the 2012 Budget; C. The external position is strong, but competitiveness remains an issue; OUTLOOK AND RISKS; 3. External Stability and Competitiveness; REPORT ON THE POLICY DISCUSSIONS; A. Near-term fiscal policy-addressing the fallout of the explosions

B. Strengthening fiscal policy-anchors and expenditure qualityC. Fostering inclusive growth; STAFF APPRAISAL; TABLES; 1. Selected Economic and Financial Indicators, 2008-17; 2. Medium Term Balance of Payments, 2008-17; 3a. Central Government Operations, 2008-17; 3b. Central Government Operations, 2008-17; 3c. Statement of Central Government Operations, 2008-17; 3d. Integrated Financial Balance Sheet of the Central Government, 2011-13; 4. Monetary Survey, 2008-13; 5. Banking Sector Financial Soundness Indicators, 2007-11; 6. Millenium Development Goals, 1990-2009; ANNEXES

I. Employment in Congo-How to Make the Labor Market and Education System More Supportive of Inclusive Growth?II. Assessing the Potential Inflationary Impact of the 2012 Supplemental Budget; III. An Approach to Anchoring Fiscal Policy; CONTENTS; I. FUND RELATIONS; II. WORLD BANK - IMF COLLABORATION; III. STATISTICAL ISSUES; IV. Public Information Notice

Notes:

"October 2012."

Description based on print version record.

ISBN:

9781475512854

1475512856

9781475512847

1475512848

9781283866798

128386679X

9781475512861

1475512864