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International Monetary Fund. African Dept.

On behalf of the CEMAC authorities, we would like to thank the Executive Board, Management, and staff for the continued support to CEMAC member states and regional institutions in the implementation of the regional strategy to strengthen internal and external stability of the currency union. As the regional economy recovers from the pandemic, the authorities are particularly grateful for the strong Fund support provided to the region during the health crisis, which has been critical to mitigate its human, social and economic impact in the region after

International Monetary Fund. African Dept.

On behalf of our CEMAC authorities, we would like to thank Executive Directors, Management and Staff for their continued technical and financial support to the CEMAC regional institutions and member countries during this difficult pandemic time. The recent SDR allocation has provided much needed policy space which the national authorities are using to address urgent and priority health, social and investment spending, and reinforce debt sustainability. The regional authorities have appreciated the constructive discussions held with staff in October

International Monetary Fund. African Dept.
The regional strategy has helped stabilize the regional economic position thanks to large fiscal consolidation efforts, a tighter monetary policy, and external financial assistance. The external position improved, and external reserves picked up. However, the region remains dependent on oil revenues, with little progress in economic diversification, under-performing budget non-oil revenues and weaknesses in the financial sector. The policy assurances included in BEAC’s letter of December 2018 were implemented as planned and the CEMAC authorities reiterated their full commitment to the strategy and their readiness to implement additional corrective measures if needed. Progress was made towards new IMF-supported program in Congo and Equatorial Guinea.
International Monetary Fund. African Dept.

On behalf of our CEMAC authorities, we would like to thank Executive Directors, Management and Staff for their continued technical and financial support to the CEMAC regional institutions and member countries during this difficult pandemic time. The recent SDR allocation has provided much needed policy space which the national authorities are using to address urgent and priority health, social and investment spending, and reinforce debt sustainability. The regional authorities have appreciated the constructive discussions held with staff in October

International Monetary Fund. African Dept.

1. On behalf of the CEMAC authorities, we would like to express our appreciation to Management and staff for their strong support to some member countries during these difficult times brought about by the COVID-19 pandemic, the associated sharp fall in oil prices, and protracted security challenges in the Lake Chad. The staff report gives a good account of the discussions held virtually in November. 2. The pandemic started at a time when the outlook for CEMAC was improving as the CEMAC’s national authorities and regional institutions were implementing their

International Monetary Fund. African Dept.
The regional strategy has helped stabilize the regional economic position thanks to large fiscal consolidation efforts, a tighter monetary policy, and external financial assistance. The external position improved, and external reserves picked up. However, the region remains dependent on oil revenues, with little progress in economic diversification, under-performing budget non-oil revenues and weaknesses in the financial sector. The policy assurances included in BEAC’s letter of December 2018 were implemented as planned and the CEMAC authorities reiterated their full commitment to the strategy and their readiness to implement additional corrective measures if needed. Progress was made towards new IMF-supported program in Congo and Equatorial Guinea.
International Monetary Fund. African Dept.

external financial assistance. The external position improved, and external reserves picked up. However, the region remains dependent on oil revenues, with little progress in economic diversification, under-performing budget non-oil revenues and weaknesses in the financial sector. The policy assurances included in BEAC’s letter of December 2018 were implemented as planned and the CEMAC authorities reiterated their full commitment to the strategy and their readiness to implement additional corrective measures if needed. Progress was made towards new IMF

International Monetary Fund. African Dept.
This paper highlights annual discussions on Central African Economic and Monetary Community’s (CEMAC) Common Policies in Support of Member Countries Reform Programs. Tighter macroeconomic and financial policies helped to avert a deeper crisis, and gross external reserves increased more rapidly in recent months, also helped by a stronger implementation of CEMAC foreign exchange regulations. Reforms to support a more diversified and inclusive growth, including by improving governance and the business climate, should gain momentum to make current efforts to buttress the external position of the region sustainable. The outlook for 2019 and beyond foresees further improvement in regional reserves assuming CEMAC countries remain committed to their program objectives and new programs with Cameroon, Central African Republic and Equatorial Guinea could start around end-2019.