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Central African States to fine-tune second round of programs with the IMF

Most countries are completing their macroeconomic reform programs this year with the Bretton Woods institution. They want to negotiate new partnerships with the IMF on post-coronavirus development and growth issues.

The foundations of these so-called second-generation economic stimulus programs were laid on August 3 at the end of the eleventh ordinary session of the steering committee of the Economic and Financial Reform Program of the African Economic and Monetary Community. central (PREF-CEMAC), held by videoconference.

In fact, future programs may focus on the fight against poverty, improving the content of the household basket, supporting local products severely affected by the coronavirus pandemic, strengthening basic social services. . The PREF-CEMAC steering committee has even drawn up an emergency plan for the economic recovery of the sub-region which it will submit to the conference of heads of state.

This draft emergency plan contains three categories of measures: the first is structurally linked to the economic and financial reforms underway. The second category concerns the production impetus that the leaders want to give to the sub-region, through the creation of production chains ranging from the raw material to the last product. It will also take into account the needs in terms of training and human development. The last category of the emergency plan concerns exceptional measures linked to the Covid-19 pandemic.

The Congolese Minister of Economy, Industry and Public Portfolio, Gilbert Ondongo, chairs the PREF-CEMAC steering committee. It reassures about the success of the common roadmap with beneficial effects for each member country. The recovery plan provides for a distribution of roles between member states, CEMAC bodies, the Central Bank, the Development Bank of Central African States, as well as development partners.

The good news comes from the Community financial market. “The Douala (Cameroon) and Libreville (Gabon) stock exchanges are now unified. Central Africa has a single stock exchange: the stock exchange for concrete operations is carried out in Douala, the operation of controls, regularization and supervision takes place in Libreville, “Gilbert Ondongo said.