Cameroon and Co Condemned To Stay In Franc Zone

The finance ministers, the presidents of the regional institutions and the governors of the central banks of the Franc Zone in a meeting in Paris France Monday, October 8 showed no signs of plans to leave the Franc Zone in the long or shot run; but rather committed to built and strengthen the Franc zone.

The Cameroonians delegation lead by Ministers Louis Paul Motaze and Ousman Alamine May, and under participating delegations brainstormed under the presidency of Mr. Bruno LE MAIRE, Minister of Economy and Finance of the French Republic.

In an economic context marked by a resumption of growth across the African continent, the finance ministers, the presidents of regional institutions and central bank governors reiterated their desire to work for the development of the Franc Zone and to implement sustainable economic policies focused on strengthening domestic resource mobilization and diversification, in order to limit the risks of external economic and financial dependence. They reiterated their willingness to continue to make the Franc Zone an area of ​​active coordination of public policies, in conjunction with the main donors and institutions. Such a space, which has a unique dimension in Africa, remains a factor of stability and development.

The meeting noted a slight improvement in nominal convergence, which, however, remains below the expected results. In particular, they noted the risks arising from rapid re-indebtedness and large fiscal deficits, which could undermine the internal and external balances of the States concerned, and recalled the importance of rapidly and strongly improving the mobilization of domestic resources. To ensure the proper functioning of currency unions and to preserve the sustainability of development trajectories, the finance ministers, the presidents of regional institutions and the governors of central banks have agreed on the need for a coordinated approach. In this context, the participants stressed the need to continue the implementation of measures to reinforce this regional integration, a factor of resilience and solidarity of the States of the Franc Zone in the face of negative exogenous shocks in a current uncertain international economic environment. In this respect, the participants reiterate the importance of continuing to implement the regular monitoring of the recommendations adopted at the Franc Zone Ministers’ meetings.

Participants noted that a large majority of countries in the region continue to implement a program with the IMF and receive financial support from, among others, the World Bank, the African Development Bank, the European Union and the World Bank. La France. However, Finance Ministers, Regional Institution Presidents and Central Bank Governors stressed the need to implement in concrete terms the structural reform plans agreed under these programs in order to improve the macroeconomic situation and recover the path of inclusive and sustainable growth.

Following the meeting of the Franco Zone Ministers in Brazzaville in April 2018, the Finance Ministers, the Presidents of Regional Institutions and the Governors of the Central Banks continued their exchanges on the issues of the fight against money laundering. and the financing of terrorism (AML / CFT). They thank all the actors including GIABA, GABAC, CLAB and the World Bank for the co-production of a report. They agreed on a specific action plan and timetable drawn from this report and invited the relevant national and regional authorities to implement it within the time frame suggested by this plan. An update on the progress of the implementation of these measures,

At the luncheon, Directors representing France and French-speaking African countries at the World Bank and the IMF discussed the forthcoming annual meetings of the IMF and the World Bank, to be held in Bali from October 12 to 14, 2018 .

By Nformi Sandah