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Extraordinary Summit of CEMAC

11. Accordingly, further collective and concerted efforts are needed to
substantially improve the sub-region’s macroeconomic framework,
including accelerating economic diversification and fiscal consolidation.

12. Following these presentations, the Heads of State:

 reaffirmed their commitment to community solidarity amid shocks,
through a consistent and coordinated regional strategy to preserve
fiscal sustainability, financial sector stability and a stronger
CEMAC external position; and

 commended the progress made in recent years in implementing
economic and financial reforms.

13. Furthermore, the Conference:

 urged Member States to continue fiscal consolidation through
bilateral discussions with technical and financial partners, as well
as to regularly produce and disseminate reliable and
comprehensive fiscal, economic and financial data needed for
multilateral surveillance, monetary policy and sector policies;

 reaffirmed the full and inclusive implementation of the Exchange
Regulation, through diligent repatriation of foreign exchange by
economic operators and, more particularly, through the signing,
before 30 April 2025, of the escrow account agreements for mine
reclamation funds (MRF) by extractive industries (oil and mining);

 urged the IMF, World Bank and all other partners to support States
and the Central Bank in the repatriation and domiciliation of oil
revenues;

 reiterated the commitment of States to the independence and
capacity building of the Central Bank, the Central African Banking
Commission and all the other Community institutions.

 prescribed the strengthening of the multilateral surveillance system
through implementation of the early warning mechanism for
macroeconomic imbalances, the adoption of a body of sanctions
for breaches of multilateral surveillance rules and the systematic
development of Triennial Convergence Programmes.

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Novembre/Décembre – November/December 2024