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 - civilian rule was established in 1993 but lasted only a decade. In March 2003, President Ange-Felix PATASSE was deposed in a military coup led by General Francois BOZIZE, who established a transitional government. Elections held in 2005 affirmed General BOZIZE as president; he was reelected in 2011 in voting widely viewed as flawed. The government still lacks full control of the countryside, where lawlessness persists. Several rebel groups joined together in early December 2012 to launch a series of attacks that left them in control of numerous towns in the northern and central parts of the country. The rebels - unhappy with BOZIZE's government - participated in peace talks in early January 2013 which resulted in a coalition government including the rebellion's leadership. In March 2013, the coalition government dissolved, rebels seized the capital, and President BOZIZE fled the country. Rebel leader Michel DJOTODIA assumed the presidency and the following month established a National Transitional Council (CNT). In January 2014, the CNT elected Catherine SAMBA-PANZA as interim president. Elections completed in March 2016 installed independent candidate Faustin-Archange TOUADERA as president; he continues to work towards peace between the government and armed groups, and is developing a disarmament, demobilization, reintegration, and repatriation (DDRR) program to reintegrate the armed groups into society.
Subsistence agriculture, together with forestry and mining, remains the backbone of the economy of the Central African Republic (CAR), with about 60% of the population living in outlying areas. The agricultural sector generates more than half of GDP. Timber and diamonds account for most export earnings, followed by cotton. Important constraints to economic development include the CAR's landlocked geography, poor transportation system, largely unskilled work force, and legacy of misdirected macroeconomic policies. Factional fighting between the government and its opponents remains a drag on economic revitalization. Distribution of income is extraordinarily unequal. Grants from France and the international community can only partially meet humanitarian needs.Since 2009, the IMF has worked closely with the government to institute reforms that have resulted in some improvement in budget transparency, but other problems remain. The government's additional spending in the run-up to the 2011 election worsened CAR's fiscal situation. In 2012, the World Bank approved $125 million in funding for transport infrastructure and regional trade, focused on the route between CAR's capital and the port of Douala in Cameroon. In July 2016, the IMF approved a three-year extended credit facility valued at $116 million. The World Bank in late 2016 approved a $20 million grant to restore basic fiscal management, improve transparency, and assist with economic recovery.Participants in the Kimberley Process, a commitment to remove conflict diamonds from the global supply chain, partially lifted the ban on diamond exports from CAR in 2015, but persistent insecurity will prevent GDP from recovering to its pre-2013 level.