75 Percent Of Central African Republic’s Budget Will be Catered For By A $117 Million IMF Loan

The International Monetary Fund is planning to issue a total of USD117.46 million to Central Africa Republic that will cater for at least 75 percent of the country’s budget. A statement issued by the IMF mission revealed that they had reached staff-level agreement with CAR authorities before approval by IMF Management and the Executive Board, on an economic programme that could be supported by a three-year Extended Credit Facility arrangement.

The transition government in place implemented an emergency programme aimed at restoring security, basic government functions, and fiscal discipline, as well as rebuilding administrative capacity. IMF has called on the newly elected government to restore a sustainable budget discipline and scale up its social spending and public investment.

Central African Republic has until recently been torn by sectarian violence between the Seleka rebel coalition and government forces that led to thousands of deaths and migrations. A UN-backed envoy helped to restore calm in the country that later saw CAR hold a peaceful election in 2016.