Press Release No. 18/468

Statement by IMF Managing Director Christine Lagarde at the Conclusion of a Meeting with CEMAC High-Level Delegation

December 10, 2018

The IMF Managing Director Christine Lagarde met today in Washington with a high-level delegation of the CEMAC’s Regional Institutions, which included Mr. Ogandaga Jean-Marie, current Chairman of the Central African Monetary Union (UMAC) ministerial committee and Gabon’s Finance minister; Prof. Daniel Ona Ondo, President of the CEMAC Commission; Mr. Abbas Mahamat Tolli, Governor of the Bank of Central African States (BEAC); and Mr. Halilou Yerima Boubakary, Secretary General of the CEMAC Banking Supervisory Agency (COBAC).

The meeting was an opportunity for an open and constructive discussion on progress and challenges ahead in the implementation of the regional strategy adopted by CEMAC countries, and supported by regional institutions, in response to the sharp decline in oil prices in 2014. These efforts are currently underpinned by IMF-supported programs with four of the six CEMAC countries, while further efforts are being made to conclude IMF-supported programs with the two remaining countries. At the end of the meeting, the Managing Director made the following statement:

“My discussions with the CEMAC delegation focused on the good progress and also the challenges ahead in the implementation of the regional strategy to restore CEMAC’s external and internal stability. We agreed that efforts so far have averted a deeper crisis but that continued strong program implementation at the country level, together with the support of regional institutions will be required for the success of the strategy.

“I welcome the commitment of CEMAC authorities at all levels, under the leadership of CEMAC Heads of states, to strong policies and far-reaching reforms, critical to ensure success of IMF-supported programs in the short and medium terms.”