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Yaoundé - 10 December 2019 -
Finance

CEMAC: IMF and BEAC to discuss cooperation axis for regional capital market development

CEMAC: IMF and BEAC to discuss cooperation axis for regional capital market development
  • Comments   -   Friday, 29 November 2019 14:01

(Business in Cameroon) - From December 2 to 6, 2019, the IMF’s Regional Technical Assistance Center for Central Africa (Afritac Centre) will conduct a mission at the Bank of Central African States (Beac) headquarters in Yaoundé, Cameroon, in the framework of its technical assistance programme concluded with the BEAC for capital market development.

According to the mission terms of reference, areas of interventions on which Afritac Centre could support BEAC’s efforts to develop the regional financial market will be identified and agreed upon during the period.

Let’s note that this market is supposed to compensate for the discontinuation, at the IMF's request in the framework of a sub-regional crisis response strategy, of the statutory advances (20% of their budget revenues) that BEAC used to grant to CEMAC member countries. The Bretton Woods institution encouraged the member countries to have recourse to alternative financing methods to fund their economies and in that regard, it welcomed the efforts made by sub-regional authorities to create a unified financial market.

Stéphane Billé

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