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Cemac: Beac’s net foreign assets to increase by €1.1bln in 2019

Cemac: Beac’s net foreign assets to increase by €1.1bln in 2019
  • Comments   -   Monday, 04 March 2019 10:17

(Business in Cameroon) - Net foreign assets (NFA) of the Bank of Central African Countries -Beac- are on a good path this year, the International Monetary Fund pointed in a recent report on common policies within the Cemac region.

In 2019, assuming that the new IMF’s economic programs are approved with Congo and Equatorial Guinea to meet financing needs for their balance of payment, and that related to external budget aid is disbursed, the net foreign asset would increase by €1.1bln (XAF720 biillion) and would return to their projected bullish trend,” IMF indicated.

Whilst an improvement of Beac’s performance is forecasted for 2019, the bank however missed objectives with the IMF in 2018. The report states that the projected shortfall in the bank’s NFAs at €430 million, or about XAF281 billion at the end of 2018, is entirely due to the postponement of IMF-supported programs with Congo and Equatorial Guinea and subsequently of the external budget support valued at nearly €440 million, or XAF288 billion.

S.A

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