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Yaoundé - 20 November 2018 -
Economy

CEMAC Heads of State reiterate their commitment to a coordinated response to crisis

CEMAC Heads of State reiterate their commitment to a coordinated response to crisis
  • Comments   -   Friday, 26 October 2018 17:20

(Business in Cameroon) - Gathered for an extraordinary summit October 25 in Ndjamena, the capital of Chad, the Heads of State and Government of the Central African Economic and Monetary Community (CEMAC), reiterated their commitment to a coordinated exit from the crisis in the sub-region.

To this end, they encourage the region’s central bank to pursue applying measures necessary to the crisis' strategy, the recovery of the CEMAC economies and the maintenance of monetary and financial stability.

The CEMAC Commission was required to strengthen the prudential supervision of credit institutions in order to ensure the stability of the sub-regional banking system.

In addition, the Conference of Heads of State instructed ministers in charge of negotiating or monitoring the economic program with the International Monetary Fund (IMF) to efficiently implement reforms crucial to economic recovery.

Let’s mention that the IMF's economic program started since December 2016, following a growth decline to -0.4% during the year, a level never reached in the last 15 years. As well, budget balances were all in deficit.

S.A

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