CEMAC and the IMF

Challenging Economic Times in CEMAC

The countries of the Central African Economic and Monetary Community (Gabon, Cameroon, Chad, the Central African Republic, the Republic of Congo and Equatorial Guinea) have been hit hard by a series of severe shocks: a sharp decline in oil prices, civil conflicts in some parts, refugees’ flows, and droughts. Economic growth is at its lowest levels in 20 years.  Regional international reserves have declined rapidly to cover only two months of imports. The IMF is working closely with country and regional authorities to help address current macroeconomic challenges.

Working Together

Recognizing the urgency of the situation, the Heads of States met in December 2016 in Yaoundé and decided to restore the conditions for macroeconomic stability and growth through concerted efforts. They also called on the Fund for help and support and agreed that each member state not already under a Fund-supported program would urgently seek assistance of the Fund to support their adjustments efforts. 

As a result, the IMF Executive Board recently approved financial assistance for Gabon, Cameroon and Chad. Discussions are underway with the Republic of Congo and Equatorial Guinea. The IMF’s support aims to help restore macroeconomic stability and debt sustainability; reform the management of public resources to strengthen transparency, and diversify the economies, while protecting social spending.