On behalf of the CEMAC authorities, we express our appreciation to staff, Management and the Executive Board for the continued support to CEMAC countries and institutions notably in fending off the crisis triggered by the 2014–15 downfall of global oil prices and exacerbated by security challenges.
Under the implementation of Fund-supported programs and pre-program adjustment efforts, significant progress has been achieved by member countries in fiscal consolidation and jump-starting growth, although significant work remains to be done on the structural front to strengthen resilience. These efforts, sustained by regional institutions policies, notably the regional central bank (BEAC), banking supervisory body (COBAC) and CEMAC Commission, have started to yield appreciable results as evidenced in the gradual restoration of macroeconomic stability and rebuilding of external reserves. In addition, the solidary nature of the regional strategy to exit the crisis has advanced, with entry into IMF-supported program of Congo last July and positive prospects for a program for Equatorial Guinea by year-end.
Going forward, the CEMAC authorities intend to pursue their adjustment and reform agenda at both national and regional levels. They are cognizant that recent performance remains fragile considering the global uncertainties and elevated downside risks. Against this backdrop, the Second Tripartite discussions held in Yaoundé on October 2nd, 2019, issued recommendations to stay the course with the regional strategy and take corrective measures as needed.
Encouraged by the progress made thus far and aware that the sub-region is at a cross-roads, CEMAC Heads of State and government, in their Extraordinary Summit of November 22, 2019 held in Yaoundé, have reiterated their firm commitment to maintain the reform momentum in a collective and solidary manner, with a view to reinforce macroeconomic stability, boost growth and strengthen the external viability of the monetary and economic union.