01934cas a2200241 a 4500 AALejournalIMF002819 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451842548 1018-5941 BD-DhAAL BD-DhAAL Wiegand, Johannes. Fiscal Surveillance in a Petro Zone : The Case of the CEMAC / Johannes Wiegand. Washington, D.C. : International Monetary Fund, 2004. 1 online resource (26 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper discusses fiscal surveillance criteria for the countries of the Central African Monetary and Economic Union (CEMAC), most of which depend heavily on oil exports. At present, the CEMAC's macroeconomic surveillance exercise sets as fiscal target a floor on the basic budgetary balance. This appears inadequate, for at least two reasons. First, fluctuations in oil prices and, hence, oil receipts obscure the underlying fiscal stance. Second, oil resources are limited, which suggests that some of today's oil receipts should be saved to finance future consumption. The paper develops easy-to-calculate indicators that take both aspects into account. A retrospective analysis based on these alternative indicators reveals that in recent years, the CEMAC's surveillance exercise has tended to accommodate stances of fiscal policy that are at odds with sound management of oil wealth. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2004/008 Full text available on IMF http://elibrary.imf.org/view/journals/001/2004/008/001.2004.issue-008-en.xml IMF e-Library