(Business in Cameroon) - At the end of the IMF administrative board’s meeting to discuss CEMAC countries’ common policies to support its member countries’ reform agenda, the Bretton Woods institution praised the stabilization of economic conditions within CEMAC recently.
According to the institution, this stabilization is characterized by a rebound in regional growth, overall budgetary position close to equilibrium and accumulation of foreign reserve exceeding expectations.
Indeed, after sluggish growth in 2017, the economy grew slightly to 1.7% in 2018 and 3% at end June 2019, according to the region’s central bank’s director Abbas Mahamat TOLLI.
This performance is almost the same as the forecasts made by the central bank’s monetary policy committee at the end of its meeting this year, on March 21, 2019, in Ndjamena.
In addition, CEMAC countries’ foreign reserves reached XAF3,822 billion at end June 2019. On December 31, 2017, it was estimated at XAF2,552 billion and XAF3,360 billion at end 2018.