Managing Director of the International Monetary Fund (IMF), Washington DC, Ms. Kristalina Georgieva has revealed that the IMF will continue to work with the six (6) Central African Economic and Monetary Community (CEMAC) countries to overcome their economic challenges.
Ms. Georgieva, by participating virtually in the Heads of State of Central Africa summit organized by Cameroon’s President Paul Biya, who also serves in the capacity of CEMAC’s President, revealed the IMF’s plans to continue to work with the CEMAC countries.
“Exchanges during today’s summit have been very fruitful. We discussed the economic impact of the pandemic on the six countries of the Central African Economic and Monetary Community (CEMAC).
“Last year the health crisis, combined with an ensuing decline in oil prices and security issues, led to a deep recession and imposed a heavy toll on the region, weakening the countries’ fiscal positions and depleting external reserves.
“In response, the IMF provided unprecedented emergency financial support and continues to work with the CEMAC countries to help them overcome the tremendous challenges they face.”
Ms. Kristalina Georgieva
Furthermore, the IMF Director stated the need for macroeconomic policies coordination among the six (6) CEMAC countries. This, she disclosed, would help CEMAC to emerge stronger from the current global crises.
“I emphasized that closely coordinated macroeconomic policies among all six countries and regional institutions are necessary to bolster CEMAC’s external and internal stability in the short term and help the region emerge stronger from the crisis in the period ahead.
“I also stressed that CEMAC needs to continue fighting the health crisis and accelerate the vaccination campaign to ensure a sustainable recovery.
“The upcoming allocation of Special Drawing Rights should be used prudently and transparently. I recommended devoting it to address urgent needs and reserve build-up.”
Ms. Kristalina Georgieva
Additionally, Ms. Georgieva stressed the urgent need for CEMAC to work on its regional agenda to create job opportunities for the huge emerging labour force, and to improve living standards. She also indicated the need for transparency in public finance among others.
“Today’s discussions also focused on the need to push forward the regional reform agenda to help create job opportunities for the rapidly growing labor force and improve living standards.
“I welcome the commitment of CEMAC Heads of State to deep structural reforms to radically transform and diversify the region, continue to support regional institutions, and reduce its dependence on commodities.
“Enhancing transparency in public finances and the oil and gas sector, strengthening revenue mobilization, supporting strong governance, and implementing business-friendly reforms will be particularly important.”
Ms. Kristalina Georgieva
Ms. Georgieva used the opportunity to show appreciation to President Paul Biya and the organisers of the summit. She also hinted at the continued partnership between IMF and the CEMAC countries.
The CEMAC countries include the Heads of States of Cameroon, Congo, Equatorial Guinea, Gabon, Chad, and the Central African Republic.
“The IMF remains CEMAC’s partner in meeting its economic challenges, working closely with all governments and regional institutions.”
Ms. Kristalina Georgieva
Additionally, President Paul Biya stated that CEMAC possesses all the economic and human assets needed to guarantee the economic development of its members.
President Biya highlighted the urgent need to strengthen and diversify CEMAC economies, improve the business climate and increase the level of private investment.
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