Press Release No. 16/579

Statement by IMF Managing Director Christine Lagarde at the Conclusion of her Meetings with the Heads of State of Central Africa

December 23, 2016

• Fruitful discussions with Central African States Leaders in Yaounde on the challenges facing the region
• Fund remains a partner of the region as they strive to pave the way for sustainable growth

Ms. Christine Lagarde, Managing Director of the International Monetary fund (IMF), issued the following statement today in Yaoundé after her participation to a Heads of States of Central Africa summit:

“Discussions during today’s summit in Yaoundé today have been very fruitful. We discussed the economic impact on the six Central African Economic and Monetary Community (CEMAC) economies of the severe shocks that have hit the region in recent years. A sharp decline in commodity prices, in particular of oil, as well as security threats and civil unrest in the Central African Republic have profoundly impacted the region’s external and fiscal balances.

“Addressing the current regional imbalances requires a strong and coordinated policy response. I encouraged CEMAC leaders to intensify their collaboration to design and implement the economic reforms needed to reestablish macroeconomic stability in each country and the region as a whole. This, together with reforms to foster diversification, will lay the foundation for a sustained rebound in growth. I also welcomed the authorities’ intentions to consider measures to mitigate adverse impacts on the most vulnerable segments of the population.

“The IMF stands ready to work closely with all governments in the region to help them during this challenging period. We will continue to support CEMAC countries as well as the regional institutions, including through capacity development to the CEMAC Commission, the Bank of Central African States (BEAC), and the Central Africa Banking Commission (COBAC) in the areas of public finance management and monetary policy.

“I would like to sincerely thank President Paul Biya, President Obiang in his capacity of CEMAC President, and all CEMAC Heads of State for their warm welcome and wonderful hospitality. The IMF remains CEMAC’s partner in meeting its economic challenges.”