(Business in Cameroon) - After the extraordinary summit of the Economic and Monetary Community of Central African States (CEMAC), on 23 December 2016 in Yaoundé, where economic adjustments were decided for the sub-region with the support of the International Monetary Fund (IMF), the first meeting of the Steering Committee of the CEMAC economic and financial programme (PREF-CEMAC), gathering ministers of Economy from the member-States, was held on 16 and 17 January 2017 in Brazzaville, Congo.

Analysing the PREF-CEMAC action plan which will be a reference framework for the development of the country-programmes each State will have to negotiate with the Bretton Woods institutions, the Steering Committee selected five cornerstones which are: budget policies, structural reforms, regional integration, international cooperation and monetary policy and financial system. Concerning the draft decision on the terms and conditions for the application of the PREF-CEMAC, the Committee approved it and decided to submit it for signature to the President, Congolese Denis Sassou Nguesso.

As a reminder, the CEMAC countries (Cameroon, Congo, Gabon, Equatorial Guinea, Central African Republic and Chad) currently in crisis, pointed out during the 23 December 2016 summit, that strengthening the macro-economic stability, does not require an adjustment of the current exchange rate but rather, adjustment efforts on the internal and external plans coupled with adequate structural reforms. In this view, these States will follow economic programmes dictated by the IMF over a minimum period of three years to be back onto the road to recovery.

Sylvain Andzongo