Closing speech

Closing speech by H.E. Paul BIYA on the occasion of the Extraordinary Summit of Heads of State of Central Africa on the economic and monetary situation of the sub-region

Your Excellencies, Dear Brothers,

Ladies and Gentlemen,

                In my opening speech, I clearly noted that our sub-region was going through a difficult period due to external shocks that may slow down its growth and, hence, undermine its development goals.

                However, I also expressed my firm conviction that if, together, we were prepared to take the decisions required by the situation, we could, with the support of our partners, return to the path of economic progress.

                I believe this special summit has enabled us to clearly assess the challenges we have to meet and to, in a concerted manner, adopt solutions which can help us to sail through these stormy waters.

                I believe it is necessary to underscore this momentum of active solidarity encouraged by our traditional friends, which seeks to pull our sub-region out of its current difficulties. Seemingly, our discussions have clearly shown that joint action would ensure greater efficiency in the current context.

                Of course, this will not mean that we should not take targeted measures to address the specific problems of each of our countries.

                The collective strategy that needs to be implemented should address a number of key issues:

                At the fiscal level, in order to maintain a sustainable balance, it would be necessary to broaden the tax base to increase revenue and improve the quality of spending.

                At the same time, it would be necessary to ensure that these adjustment measures do not impede growth and do not worsen the living conditions of the most vulnerable segments of the population.

                With regard to public debt, measures should be taken to ensure its sustainability.

                In the same vein, it would be necessary for our bilateral and multilateral partners to be more flexible, owing to the sharp fall in commodity prices.

                As far as our monetary policy is concerned, our Central Bank has provided support to cushion fiscal shocks. However, other levers should be used to preserve our monetary stability which is threatened by balance-of-payments problems.

                Support from the IMF would certainly be indispensable, in cooperation with France, our partner in the monetary field.

                It goes without saying that the success of this strategy also depends on accelerating integration within our sub-region, diversifying our economy and improving the business climate in our various countries.

Your Excellencies, Dear Brothers,

                I firmly believe in the common destiny that binds us within our sub-region. This explains why I think that, individually and collectively, we must, in cooperation with our partners, make every effort to give our sub-region the best chance of achieving renewed growth.

                It is in the interest of each and everyone.

                Thank you for your attention.