The Central African Republic authorities and Fund staff have reached agreement on the economic policies that may underpin the forthcoming approval by the IMF Executive Board of the second review of the ECF-supported program; Despite an extremely challenging economic and social context, Central African Republic (CAR) continues to make headway in stabilizing its economy and in achieving fiscal consolidation; The effective implementation of reforms, particularly in the fuel market, will be key to addressing the numerous economic and social challenges facing the authorities in an environment of fiscal constraints.

A team from the International Monetary Fund (IMF), led by Mr. Albert Touna Mama, hold discussions with the Central African Republic (CAR)’s authorities in Bangui from April 03-12, 2024, and then in Washington DC on April 18, 2024, in connection with the second review of CAR’s ECF-supported program.

At the end of the discussions, Mr. Touna Mama made the following statement:

“Central African Republic is continuing to make progress in stabilizing its economy and in achieving fiscal consolidation, in spite of an extremely challenging economic and social context. Government tax revenues—a prerequisite if the government is to meet the needs of the CAR people on a long-term basis—increased by 0.5 percent of GDP in 2023. The resumption of budget support from the African Development Bank and from the IMF as well as assistance from the World Bank have served to improve the country’s prospects for financing on the regional market, to ensure fiscal continuity and to safeguard the delivery of basic social services. Economic growth is estimated as being slightly up, reaching 0.7 percent in 2023, albeit reflecting the country’s fuel and electricity supply difficulties, while inflationary pressures are beginning to ease.

“Program implementation has been broadly satisfactory, notwithstanding certain obstacles. All the quantitative performance criteria for end-December 2023—regarding tax revenue, the primary deficit, and domestic financing—have been met. Furthermore, the reforms anticipated for end-April—regarding administrative fees, taxes, fines, and levies (“menues recettes”), the interconnection between taxes and customs, the institutional strengthening of the Financial Intelligence Unit (ANIF), and the review of the organic law governing the state audit office—are on track. However, the indicative criteria regarding the floor for expenditures in favor of the social sectors and expenditures executed via exceptional procedures have not been met, reflecting the severe cash-flow pressures as well as structural constraints in expenditure execution.           

“Despite these notable achievements in fiscal consolidation, a number of economic and social challenges have still to be addressed in the short to medium terms. The first relates to the crisis confronting the energy sector (fuel and electricity), whose persistent difficulties continue to have an impact on business activity and household welfare. In addition, the succession of shocks in recent years, combined with the weakness of social safety nets, have compounded the complex humanitarian crisis which the country is experiencing. Finally, this situation is exacerbated by the limited fiscal space available to the government in view of the heightened risks affecting public debt.  

“Against this backdrop, the CAR government has adopted a series of undertakings and emergency measures under the ECF program with the aim of addressing this situation. These efforts include: (i) adopting an action plan consisting of reforms in the fuel market which are designed to end the supply constraints, boost the tax revenues associated with this sector, and provide consumers with relief; (ii) delivering a budgetary injection to the National Electricity Company, ENERCA; (iii) clearing arrears in favor of certain government suppliers while providing the local private sector with relief; and (iv) adopting measures to raise the government’s own revenues with the aim of broadening fiscal margins, etc.

“The government is pursuing key reforms in the digitalization and modernization of government finance, through the ongoing deployment of new IT systems and modern applications within the tax administration, Customs, and the Treasury, among other initiatives, with the support of technical and financial partners. Given the major challenges currently confronting public debt management, we are encouraging the authorities to press ahead with implementation of the new National Public Debt Management Committee (CNDP) chaired by the Minister of Finance, as well as the new Treasury Liquidity Committee chaired by the Head of State. These fora for dialogue are expected to allow for better decision-making in the management of the limited fiscal space available to the government.      

“In terms of outlook, we anticipate a gradual acceleration of economic activity to around 1.3 percent in 2024. However, these growth prospects will be crucially dependent on the success of the campaign for importing fuels via the Oubangui river, as well as on the extent to which electricity supply difficulties can be overcome. Accordingly, we encourage the authorities to implement the agreed action plan, take all appropriate steps to ensure the success of the ‘river campaign (campagne fleuve),’ and safeguard the attainment of the tax revenue targets which the authorities have set themselves under the ECF program.

“The mission wishes to thank the CAR authorities for their warm welcome and for the open and candid atmosphere in which the discussions were held.”

The IMF delegation met with President Touadéra, Prime Minister Moloua, Minister of Finance Ndoba, Minister of Economy Filakota, Minister of Energy Piri, BEAC National Director Chaïbou and other senior officials, as well as representatives of the community of development partners and the private sector.

Distributed by APO Group on behalf of International Monetary Fund (IMF).

Iranian Foreign Minister Hossein Amirabdollahian met with his Algerian counterpart Ahmed Ataf as he continued his diplomatic consultations in New York.

In the meeting Amirabdollahian and Ataf discussed the latest regional and international developments as well as bilateral relations.

Amirabdollahian thanked Algeria for its warm hospitality toward Iran’s president during his visit to the country to participate in the OPEC gas summit and his bilateral meetings there, calling for increased consultations and strengthening cooperation in order to stabilize and restore security in the region.

Amirabdollahian further appreciated Algeria’s role in helping stop the Zionist regime’s genocide in Gaza and also presenting the Palestine UN membership resolution at the Security Council.

He then strongly condemned the irresponsible and unconstructive US veto of the resolution.

He also stressed Iran’s readiness to improve relations between the two countries at all political, economic and cultural levels, as well as the implementation of agreements between them.

Ataf said he was pleased to meet Amirabdollahian and stressed the significance of expanding his country’s relations with Iran at all political, economic and cultural levels.

The top Algerian diplomat also appreciated the role of the Iranian president in the summit of OPEC gas producing countries and their political consultations and described it as a sign of excellent ties between Tehran and Algiers.

While thanking the diplomatic efforts of Iran to stop the war against Gaza, Ataf said the issue of Palestine is a top priority for Algeria and that his country will continue its efforts to end the war.

In the end, the two foreign ministers again demanded that relations between Tehran and Algiers be boosted at all political, cultural and economic levels.

They also underlined the need to follow up on the implementation of bilateral agreements.

Distributed by APO Group on behalf of Ministry of Foreign Affairs – Islamic Republic of Iran.

In a significant move to advance the rights and welfare of children in Nigeria, the United Nations Children’s Fund (UNICEF), the Nigerian Guild of Editors, and the Diamond Awards for Media Excellence (DAME) have signed a Memorandum of Understanding (MOU). This partnership aims to leverage media’s influential power to promote and protect children’s rights across the nation.

The collaboration will focus on advocacy and awareness campaigns, capacity building for journalists, shared research, recognition of impactful media contributions, and influencing policy to support children’s rights. The MOU underscores a commitment from all parties to work collectively towards a society that upholds and advances the welfare of its youngest members.

“This partnership with the Nigerian Guild of Editors and DAME harnesses the media’s immense potential as an advocate for the welfare of children. Media not only informs public opinion but also influences those in power to enact changes that favour children’s rights. By joining forces, we are setting a course to transform how children’s rights are reported and addressed in the media, ensuring every child’s rights are respected, protected, and fulfilled.” Said Cristian Munduate, UNICEF Representative in Nigeria.

The President of the Nigerian Guild of Editors, Eze Anaba, highlighted the role of media in societal change, saying, “Media has the profound capacity to shape perspectives and effect real change. Through this MOU, we are pledging to uphold the integrity of journalism by focusing our collective expertise on sensitive and impactful reporting concerning children’s rights. We are committed to working together to build a robust framework that supports this cause.”

The Trustee of DAME, Lanre Idowu, emphasized the importance of excellence in journalism, “Recognition through awards plays a crucial role in elevating journalistic standards. By focusing on issues such as child rights, education, and health, we aim to spotlight and incentivize the media to cover stories that can lead to substantial social impact. This partnership is not just about awarding excellence, but about creating a movement for meaningful media engagement on issues that affect the most vulnerable in our society.”

The MOU which is for a period of two years, outlines cooperation to enhance public advocacy and awareness of children’s rights through media campaigns and journalistic content focused on education, health, nutrition and protection. It includes developing training programmes for journalists to improve reporting on vulnerable populations and sharing up-to-date research to enrich media content. Additionally, it promotes awards recognizing outstanding journalism that aligns with UNICEF’s priorities and uses media influence to drive policy changes that benefit children’s welfare.

Distributed by APO Group on behalf of UNICEF Nigeria.

The forum gathered leaders in government, finance and business from across the Economic Community of West African States (ECOWAS). They unpacked ways that investment can improve farming and food security across West Africa.

The ECOWAS Bank for Investment and Development (EBID) hosted the event in Lome, Togo, from 4 to 5 April.

Togo Prime Minister Victoire Tomegah Dogbé opened the forum, held under the theme ‘Transforming ECOWAS Communities in a Challenging Environment’.

She emphasized the need for a wide range of investment across human capital, energy, the digital economy, and infrastructure.

Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), spoke by video about how regional integration can strengthen investments.

Simon Tiemtore, President of Vista Group Holding, and Kanayo Awani, Executive Vice President of the African Export-Import Bank (Afreximbank) stressed the importance of collaborative efforts and innovative strategies to advance investment priorities.

Discussions during the forum addressed crucial topics such as food security, fortifying agricultural supply chains, and enhancing security in West Africa.

Panellists proposed strategies for tackling challenges in agriculture, underscoring the significance of cooperation and innovation for sustainable development.

They underscored major challenges around access to finance, which seriously affects small businesses, particularly for agribusinesses and young entrepreneurs. Among the solutions discussed were ways development finance institutions such as EBID could make facilitate access to loans.

This is one of the issues that the International Trade Centre (ITC) addresses with the ECOWAS Commission through the West Africa Competitiveness Programme (WACOMP).

WACOMP facilitated the participation of nine investment promotion agencies from West Africa. These agencies showcased investment projects in their countries. The delegates engaged with business leaders on investments in critical areas such as agriculture, infrastructure development, support to small businesses, energy and climate change.

Participants deliberated on concrete projects and investment opportunities, with a focus on fostering employment, financing infrastructure, and embracing climate-resilient energy solutions. Along with  ITC and the ECOWAS Commission, the delegation met with EBID management on how to strengthen collaboration to support the inflow of investment in the region.  

Distributed by APO Group on behalf of International Trade Centre.