Tourist information about Central African Republic
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| Bangui Tourist Information |
Useful information about Central African Republic
Central African Republic Background
The former French colony of Ubangi-Shari became the Central African Republic upon independence in 1960. After three tumultuous decades of misrule - mostly by military governments - a civilian government was installed in 1993.
Central African Republic Economy
Subsistence agriculture, together with forestry, remains the backbone of the economy of the Central African Republic (CAR), with more than 70% of the population living in outlying areas. The agricultural sector generates half of GDP. Timber has accounted for about 16% of export earnings and the diamond industry for 54%. Important constraints to economic development include the CAR's landlocked position, a poor transportation system, a largely unskilled work force, and a legacy of misdirected macroeconomic policies. The 50% devaluation of the currencies of 14 Francophone African nations on 12 January 1994 had mixed effects on the CAR's economy. Diamond, timber, coffee, and cotton exports increased, leading an estimated rise of GDP of 7% in 1994 and nearly 5% in 1995. Military rebellions and social unrest in 1996 were accompanied by widespread destruction of property and a drop in GDP of 2%. The IMF approved an Extended Structure Adjustment Facility in 1998 and the World Bank extended further credits in 1999 and approved a $10 million loan in early 2001. As of January 2002, many civil servants were owed as much as 16 months pay during the PATASSE administration, as well as 14 months pay from the KOLINGBA administration.
