Economic resilience: CEMAC committed to pursue the implementation of structural reforms

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En prélude au Sommet Extraordinaire de la Conférence des Chefs d’État de la Communauté Économique et Monétaire de l’Afrique Centrale (CEMAC) annoncé pour le 18 août 2021 à Yaoundé, une session extraordinaire du Conseil des Ministres de l’Union Économique de l’Afrique Centrale s’est tenue le 10 août 2021 à Douala, sous la présidence du Ministre camerounais en charge de l’Économie, Alamine OUSMANE MEY, Président en exercice dudit Conseil.

“CEMAC’s macro-economic assessment in the context of the Covid-19 pandemic and analysis of recovery measures” was the theme selected for the Douala trade. This meeting brought together the Ministers in charge of the economic, financial and integration sectors. The senior officials of the Community institutions provided an overview of the macro-economic situation of the CEMAC countries in the context of Covid-19 and an assessment of the various measures implemented so far, to address the adverse effects of this health crisis and agree on new measures to be executed.
At the end of the presentation of reports on "CEMAC’s macroeconomic assessment in the context of the Covid-19 pandemic and the analysis of remedial measures” by the President of the CEMAC Commission, Prof. Daniel Ona Ondo, the Council commended the prompt response by its State members to support development partnership since the Covid-19 pandemic, and the recovery efforts of the economies supported by the International Monetary Fund as part of the first generation of reforms. These reforms led, inter alia, to fiscal consolidation, the replenishment of foreign exchange reserves, the effective merger of the two stock markets and the successful organisation of the Paris round table to mobilise funding for the 11 integrative projects.

Although remarkable progress has been made in the field of reforms according to Alamine Ousmane Mey, recent health conditions and security crises are paralysing the macroeconomic stabilities of the sub-regional states that has been restored at the cost of enormous efforts and sacrifices. These crises call for the implementation of additional measures for the recovery and structural transformation of CEMAC economies to reorganise these economies around appropriate, resilient as well as growth and employment-bearing models. The proposals made in Douala provided the sub-region with information and analysis for judicious decisions that had to be taken at the Extraordinary Summit of the Conference of Heads of State of CEMAC, held on 18 August 2021 by videoconference.