(Business in Cameroon) - The Bank of Central African States (BEAC) will soon organize a high-level international conference in the framework of CEMAC countries’ 2nd programme with the IMF.
This is revealed in a release recently published by the bank. In the release, Abbas Mahamat Tolli (photos), Governor of the BEAC, indicates that in January 2020, he led a mission for a working visit to the IMF and the World Bank in Washington, US.
“In line with CEMAC Head of States’ decision, IMF and BEAC’s executives emphasized on a pressing need to elaborate a 2nd program cycle resolutely focused on growth and poverty reduction objectives. They, therefore, agreed to now give priority to measures and policies aimed at boosting a job-generating and inclusive growth,” the governor explains.
He also adds that the 2nd program cycle will be officially launched during the said high-level conference.
During the working visit, BEAC executives also met with Ceyla Pazarbasioglu [vice president, equitable growth, finance, and institutions at the World Bank Group] and Diarétou Gaye, World Bank Director of Strategy and Operations for the Africa region. During their meeting, they discussed the need to further the economic and financial reforms of CEMAC countries and institutions.
“The World Bank is ready to provide its support for this crucial step. Several integrative projects are already on the group's intervention list,” the release informs.
For the implementation of the objectives of this 2nd program cycle, the governor of the BEAC stressed on the need to increase the funds granted to CEMAC member countries for the realization of projects such as integrative road projects and electricity connection.
During their meeting in late 2016, in Yaoundé, CEMAC countries agreed on a 3-year structural adjustment of their Economic and Fiscal Policies, with the support of institutions like the IMF. Equatorial Guinea and Congo delayed the signature of their programme, which was completed in H2, 2019.
According to experts, CEMAC needs those programmes with the IMF to restore its external financial equilibrium.