Tuesday 27 December 2016

FCFA: CEMAC Heads of State reject IMF imposed devaluation

CEMAC Heads of State met in Yaounde last Friday
The President of the Republic of Cameroon, His Excellency Paul BIYA, has joined forces with regional leaders to stabilise the economies of the Central African Economic and Monetary Community, CEMAC.
                Six Heads of State of the Central African sub-region met in Yaounde on Friday 23 December 2016 in an extraordinary summit, convened by the Cameroonian Head of State.
                21 resolutions were made at the end of the conclave. The most outstanding resolution was the outright refusal to devalue the currency, the Franc CFA.
                In his opening remarks, the Head of State appealed for a quick response to a looming economic crisis in the sub region, caused by a drastic drop in oil prices, the upsurge of insecurity, and the political instability in the CAR.                                                President BIYA said an immediate and common solution must be sought to avoid worsening repercussions on the livelihood of the populations.
                BIYA’s address was followed by the holding of an in-camera session with the following heads of state participating: Faustin-Archange Touadera of the Central African Republic (CAR); Idriss Deby Itno of Chad; Teodoro Obiang Nguema Mbasogo of Equatorial Guinea; Denis Sassou Nguesso of Congo; and Ali Bongo Ondimba of Gabon.

                Equally in attendance were: the economy and finance ministers of the sub-region; the Managing Director of the IMF, Christine Lagarde; the French Minister for the Economy and Finance, Michel Sapin; the President of the CEMAC Commission, Pierre Moussa; and the Governor of BEAC, Lucas Abaga Nchama.
                The ministers presented a report of a meeting held yesterday in Yaounde, while Christine Lagarde and Michel Sapin outlined pathways to rapidly adjust the CEMAC economies with international partners



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