The Heads of State of the member countries of the Economic and Monetary Community for Central African States (CEMAC) met in an extraordinary session this Thursday, 25th October in N’Djamena. The session was devoted to the economic situation in the sub-region.
The regional leaders agreed that despite some encouraging signs, the end of the economic crisis in the region is still uncertain. The session concluded that it was urgent to accelerate the implementation of structural reforms, recommended by the IMF, to boost growth.
The Heads of State and Government of the CEMAC member countries have again sounded the alarm and made new commitments to end of the crisis.
The leaders scrutinised the effects of the crisis affecting CEMAC countries since 2014 as well as the commitments made in December 2016 in Yaoundé during a previous extraordinary summit devoted to the economic situation in the community.
Chadian President Idriss Deby Itno, current chairman of the sub-regional organization, held discussions prior to the summit with CEMAC Commission President Daniel Ona Ondo, the organization’s economic and finance ministers to discuss the changing economic context and the prospects for the next few years.
The outcome of the meeting was that despite some encouraging signs, the situation has not changed much. There are risks of compromising the objectives included in the common crisis recovery plan adopted in December 2016.
The President Chad highlighted the need to accelerate the pace of implementation of structural reforms agreed in with the IMF. He called on leaders of Central African countries to once again committee themselves to pursuing reform efforts in order to revive the regional economic and enable sub-region emergence.
According to President Déby, the summit is held in a context marked by a particularly trying economic situation”, in which the sub-region is struggling to cope.
The Chadian head of state presented the updated forecasts for the sub-region which should resume in 2018 with a relative recovery of its growth estimated at 1.7%.
An exit from the recession of the last two years has been driven by an improvement in current fiscal and external deficits, thanks in particular to the economic and financial recovery measures adopted by the Bank of Central African States (BEAC).