The Council of Economy and Finance Ministers of the CEMAC sub regions , that met by videoconference on August 10, has approved new measures to prevent the occurrence of risks and strengthen the resilience of countries in the sub-region.
The 35th meeting of ministers of the Central African Economic Union (UEAC), a specialized body of the Central African Economic and Monetary Community (CEMAC), intends to prepare the sub-region for a post-economic recovery. -Covid-19. The regulation establishing the early warning mechanism for macroeconomic imbalances is one of the measures envisaged by the Council of Ministers to protect countries from economic and financial crises in the future.
Indeed, the coronavirus health crisis has plunged the Cémac economies back into recession, leading to a contraction of GDP of around 4 to 6% depending on the assumptions, the deterioration of the terms of trade, as well as budgetary and balance of payments balances. The financing needs of the sub-region are estimated at nearly 1500 billion CFA francs. In addition to international solidarity to fill this gap, the Cémac zone is called upon to stay the course of economic reforms which notably sanction economic diversification and increased mobilization of domestic tax revenues.
On the social level, the President of the CEMAC Commission, Prof. Daniel Ona Ondo, has sounded the doorbell on the devastating consequences of the Covid-19 pandemic. “The measures taken to fight the pandemic have significantly impacted economic activities. The informal sector, which has always played a role of social safety valve, has been severely tested. This resulted in an increase in precariousness and poverty for many of our fellow citizens, “he said.
Prof. Daniel Ona Ondo underlined the efforts undertaken by the community bodies to pull the CEMAC zone out of the rut, in particular within the Steering Committee for Economic and Financial Reforms (FREF-CEMAC). At its recent meeting, on August 3, FREF-CEMAC insisted on accelerating structural reforms for sustainable, sustainable and inclusive growth; on consolidating the sustainability of public finances and the resilience of economies to shocks; on the development of the private sector as an engine of economic recovery; on the completion of regional integration and the construction of the common market and finally on the acceleration of the implementation of integrative projects.
The 35th session of the UEAC Council of Ministers was chaired by Ousmane Alamine Mey, Minister of Economy, Planning and Territorial Development of Cameroon. The main mission of the UEAC Council of Ministers is to jointly establish the conditions for harmonious economic and social development, within the framework of an open market and an appropriate legal environment.
