International Monetary Fund fears further decline in Beac reserves

The International Monetary Fund (IMF) fears a further decline in the Central African Economic and Monetary Community (CEMAC) reserves at their central bank, the Bank of Central African States (Beac). This is the message passed by Mitsuhiro Furusawa, deputy director-general of the institution, then visiting Cameroon from 14 to 15 September.

"Beac reserves have stabilized, but they remain weak. The delays in reaching an agreement on an IMF-backed program with the Republic of Congo and Equatorial Guinea could lead to a further decline in reserves, "Mursuhiro Furusawa said.

He recalled that in December 2016, at the Yaounde summit, the IMF and other development partners pledged to help the Cemac region emerge from the current economic crisis through a three-year program (2017-2019). So far, only Cameroon, Gabon and Chad and the Central African Republic have concluded an economic adjustment program with the IMF.

On July 11, 2017, Beac indicated that its cushion of official reserves is still comfortable by nearly 2,800 billion CFA francs in 2017, against 165 billion CFA francs in 1993. These official reserves that guarantee the external stability of the FCFA used in the Cemac zone represent 2.1 months of imports of goods and services in 2017, compared with 1.3 months in 1993.


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