The Ministerial Committee of the Central Africa Monetary Union (UMAC), at its recent ordinary meeting, looked at the structural measures proposed by the International Monetary Fund (IMF) and highlighted the efforts made at a member State level in order to halt the economic crisis.
The communication meeting on the economic situation in CEMAC and within the context of relations with the IMF, held in Yaunde, was overseen by the Minister for the Economy in Cameroon, Jean Marie Oganda, current president of the UMAC.
Furthermore, the Ministerial Committee looked at he communication by the IMF delegation, led by the Director of its African Department, Abebe Salesse, together with the Administrator for Central African and Western Africa, and the Resident Representative in Cameroon from the institution.
The committee looked at the situation of currency reserves, the recent macroeconomic evolution on a global and sub-regional level, and the forecasts for 2018 and the strengthening of the recovery in the export of basic products from CEMAC countries; the increase in the price of oil and a constant reduction in public investment.
With respect to the implementation of the Bank of Central African States (BEAC) and Central African States Development Bank (BDEAC) convention, the Ministerial Committee decided to submit to the BDEAC General Assembly the recommendations from the auditor appointed by COBAC.
Source: Equatorial Guinea Press and Information Office