Working session for the National Monetary and Finance Committee of the Republic of Equatorial Guinea

The National Monetary and Finance Committee of the Republic of Equatorial Guinea met at the BEAC headquarters in Malabo II on Tuesday 5th December, under the directorship of its president, Miguel Engonga Obiang Eyang, to look at matters regarding the economy in Equatorial Guinea and the Economic and Monetary Community of Central Africa (CEMAC).

The meeting was attended by the President of the Central Africa Banking Commission (COBAC) and the Governor of the Bank of Bank of Central African States (BEAC), the Chadian Abbas Mahamat Tolli, together with the Minister for Finance and Budgets from the Republic of Equatorial Guinea and president of the committee, Miguel Engonga Obiang Eyang.

After approving the agenda read by the First Deputy Director of BEAC in Equatorial Guinea, Genoveva Andeme Obiang, and following approval of the minutes from 7th July 2017, the CEMAC looked at the document of recommendations from the previous meeting, and analysed the national and international economic, monetary and financial situation from 30th September 2017.

When covering the state of the global economy, the committee pointed out the strength of the main advanced economies and that of the People’s Republic of China, together with the economies of the main emerging countries as a result of the growth in internal demand and, according to the forecasts of the International Monetary Fund (IMF), global growth should increase from 3.2% in 2016 to 3.6% in 2017, and grow 3.7% in 2018.

In addition to the matters covered, the committee reported on the monetary and financial situation to 30th September 2017, in which loans to the economy fell 3.3% between 2016 and 2017.

The meeting was attended by the head of the BEAC in Equatorial Guinea, Ivan Bacale Ebe Molina; the Minister of State for Regional Integration, Baltasar Engonga Edjo, and the Minister for the Economy, Planning and Public Investment, Eucario Bakale Angue, among other authorities.

Source: Official Web Page of the Government of the Republic of Equatorial Guinea

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