IMF staff concludes visit to Central African Republic
Washington, DC, US (PANA) - An International Monetary Fund (IMF) team, led by Mr. Albert Touna Mama, visited Bangui from 9 to 16 January to continue discussions under the country’s programme of reforms supported by the Extended Credit Facility (ECF), including public financial management, revenue administration, fuel market reforms, and governance.
In a statement issued at the end of the visit, Mr. Touna Mama said the mission made progress on measures needed to improve the fiscal performance going forward and accelerate the reforms under the Central African Republic’s (CAR) ECF-supported programme.
A press release by the IMF said the team commended the authorities’ recent initiatives to limit non-priority spending.
He said the mission encouraged a “steadfast implementation” of PFM reforms, especially with the systematic use of the integrated financial information system at the General Directorate of the Treasury and sectoral ministries, including for extraordinary expenditures.
Further, efforts should also focus on revenue administration, particularly expediting remaining steps toward further increasing taxpayer registration, filling, and payment through the new electronic declaration system at the General Directorate of Taxes and Domains (E-tax), Mr. Touna Mama said.
The IMF mission said a sustainable increase in revenue mobilization over the medium term will require a greater contribution from all tax bases, including from fuel sales.
An audit of fuel procurement costs will go a long way in supporting the reform of the fuel price structures with the view of improving revenue collection and lowering pump prices, Mr. Touna Mama said.
He added that efforts to raise highly concessional financing would help alleviate debt vulnerabilities and reduce crowding out of social spending by debt servicing costs.
-0- PANA MA 21Jan2024
