At the conclusion of the CEMAC Heads of State meeting, Abebe Aemro Selassie, Director of the IMF's African Department, issued a statement highlighting progress and ongoing challenges in the region.
"CEMAC countries and regional institutions have made substantial strides in the reform agenda since the 2021 Summit which brought together Heads of State, CEMAC regional institutions and the IMF," Selassie stated. He noted that the recent summit was an opportunity to assess CEMAC's macroeconomic situation, review reform progress, and set coordinated economic policies for sustainable growth.
Selassie emphasized that "the IMF staff welcomes the regions’ renewed commitment to the principles of fiscal and external sustainability." This includes policies aimed at rebuilding financial buffers, improving public spending efficiency, increasing non-oil revenue mobilization, clearing domestic arrears to support private sector growth, maintaining financial system stability, and addressing debt vulnerabilities. He called for bold actions to enhance transparency in public finances and in the oil and gas sector.
Despite these advancements, Selassie acknowledged persistent challenges such as high public debt levels, lack of diversification, governance issues, institutional weaknesses, and slow improvements in poverty reduction and living standards. He pointed out that "the current uneven implementation pace of the reform agenda constrains the region’s potential growth."
The IMF remains committed to supporting CEMAC countries. The summit has laid important groundwork for advancing discussions on regional policy assurances and safeguarding macroeconomic stability. Discussions between IMF staff and country authorities continue to focus on efforts needed for sustainable fiscal adjustments and strengthening debt sustainability.