UMAC Board approve financial agreement between BEAC and WB

The Ministerial Committee of the Central Africa Monetary Union (UMAC), at a Board Meeting held recently in Yaunde, Cameroon, approved the financial agreement negotiated between the Bank of Central African States (BEAC) and the World Bank (WB) in benefit of BEAC, the Central Africa Banking Commission (COBAC) and the The Task Force on Money Laundering in Central Africa (GABAC).

The Board, overseen by the Minister for the Economy in Cameroon, Jean Marie Ogandaga, statutory president of UMAC, named Genoveva Andeme Obiang as National Director of BEAC for Equatorial Guinea.

During the meeting, a report was delivered on the progress of implementation of the bank strategic plan, particularly at a general level of plan implementation.

In addition, the board reviewed the situation regarding the currency reserve and its management framework, while also studying the recent evolution in the macroeconomic situation on a global and subregional level, and perspectives for 2028. At the same time they looked at growth forecasts for 2018, and raised the rate to +2.5%m, against an initial forecast of +1.9%, among other issues.

The board recalled the context marked by the strengthening and recovery of global economic activity, in relation to the price of basic products exported by CEMAC countries, an increase in oil production, and a constant reduction in public investment.

After hearing reports from the Audit Committee for the second quarter of 2018, and the audit carried out by COBAC and BDEAC, the board also took note of the corresponding recommendations.

The Board approved the finance agreement negotiated between the BEAC and the World Bank in favour of three institutions: BEAC, COBAC and GABAC.

Furthermore, the board followed with interest the points of information related to the forecast for the next three years for the bank; the bank’s investment programme; the implementation of actions to bring together two exchanges in the community and the review of the BEAC statutes.

Source: Equatorial Guinea Press and Information Office

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