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IMF Chief Tasks CEMAC on Economic Reforms

By Modupe Gbadeyanka

Heads of States of Central African countries have been charged to intensify their collaboration to design and implement the economic reforms needed to re-establish macroeconomic stability in each country and the region as a whole.

This appeal was made by Managing Director of the International Monetary fund (IMF), Ms Christine Lagarde, during her visit to Yaoundé, Cameroon, for the summit.

The IMF chief noted that during her trip to Cameroon, she discussed the economic impact on the six Central African Economic and Monetary Community (CEMAC) economies of the severe shocks that have hit the region in recent years.

She observed that a sharp decline in commodity prices, in particular of oil, as well as security threats and civil unrest in the Central African Republic have profoundly impacted the region’s external and fiscal balances.

“Addressing the current regional imbalances requires a strong and coordinated policy response. I encouraged CEMAC leaders to intensify their collaboration to design and implement the economic reforms needed to re-establish macroeconomic stability in each country and the region as a whole.

“This, together with reforms to foster diversification, will lay the foundation for a sustained rebound in growth. I also welcomed the authorities’ intentions to consider measures to mitigate adverse impacts on the most vulnerable segments of the population,” she said.

Ms Lagarde emphasised that, ““The IMF stands ready to work closely with all governments in the region to help them during this challenging period.

“We will continue to support CEMAC countries as well as the regional institutions, including through capacity development to the CEMAC Commission, the BEAC, and the COBAC in the areas of public finance management and monetary policy.”

“I would like to sincerely thank President Paul Biya, President Obiang in his capacity of CEMAC President, and all CEMAC Heads of State for their warm welcome and wonderful hospitality.

“The IMF remains CEMAC’s partner in meeting its economic challenges,” she submitted.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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