The current chairperson of the Economic and Monetary Community of Central African States, President Paul Biya of Cameroon has taken the pulse of the socioeconomic situation in the sub region.
This was during the opening of the extraordinary Summit of CEMAC holding at the Unity Palace in Yaounde.
The summit is holding under the theme: “Review of the Economic, Monetary and Financial Situation in the CEMAC Zone and Analysis of its Prospects”.
The opening ceremony that had only one speech began with the singing of the CEMAC anthem.
President Paul Biya saluted the benefits of the support CEMAC countries receive from the African Development Bank, the International Monetary Fund, France and other partners.
He recalled that in 2016 when the Macro economic situation affected the reserves of member countries as well as exchange, CEMAC leaders met in Yaounde to prevent the eminent crisis.
He saluted member states for the application of the resolutions taken three years ago.
The saluted the stability and economic growth recorded so far with inflation maintained at below 3 percent.
Internal and external deficit have also been considerably reduced.
He also noted that internal debt stands at below 50 percent of the Gross Domestic Product of the sub region.
He said despite the progress registered there are still vulnerabilities at the macroeconomic, political and commercial levels globally.
The situation has prompted the International monetary fund to reduce its projections.
The highlighted on the need to intensify the diversification of the economies of the sub region.
He also mentioned security challenges facing some member state adding that the current meeting is intended to seek complimentary measures bearing in mind that the primary objective is to enhance growth and youth employment.
The summit is expected to come up with resolutions that will enhance prosperity and stability in the sub region.