Revealed At Last - This Is Why Paul Biya Went To N'djamena - Cameroon News

On the agenda of the extraordinary summit of heads of state which opens today, the follow-up of the reforms undertaken to face the economic difficulties of the sub-region and the questions of integration.

It is a Chadian capital adorned with the colors of the member countries of the Economic and Monetary Community of Central Africa (CEMAC) which hosts this Tuesday, October 31, 2017, another extraordinary summit of the sub-regional organization. From Hassan Djamous International Airport to the various hotels where President Idriss Deby Itno's guests descend, passing through the main arteries of this coquettish Sahelian city and where the thermometer sometimes does not hesitate to climb up to 35 degrees, the flags six Member States float in the wind alongside the many banners announcing the event.
Revealed At Last  - This Is Why Paul Biya Went To N'djamena
In an environment where people calmly go about their business. It is therefore necessary from the outset to specify the context in which these works will be held. Central Africa is still facing serious economic problems as a result of falling commodity prices, particularly oil, which is the main export resource for most of its member countries. From nearly US $ 107 in July 2014, black gold prices have struggled to reach US $ 50 since last year.

However, when we know the contribution of the oil sector to the budget revenues of the states concerned, we understand very quickly the difficulty they face today to meet their commitments. In some countries in the CEMAC zone, oil revenues accounted for nearly 70% of the budget. This windfall is struggling to reach 30% today.

Although it seems to be an exception to the rule, particularly because of the diversified structure of its economy, oil only accounting for barely 5% of its gross domestic product, Cameroon is the one who quickly rang the bells mobilization to get the sub-region out of bankruptcy. This was the meaning of the extraordinary summit of CEMAC heads of state convened in Yaounde on December 23, 2016 by the President of the Republic Paul Biya.

This meeting, which saw the participation of Christine Lagarde, Managing Director of the International Monetary Fund (IMF) and Michel Sapin, then French Minister for the Economy and Finance, led to 21 resolutions that the CEMAC countries are striving for. to put into practice since then, in order to permanently reverse the negative trends of the economy of the sub-region.
Among these, there have been bilateral negotiations that they have opened with the IMF. In the specific case of Cameroon, these discussions led on 26 June to the approval of the Bretton Woods institution's board of directors of a three-year agreement under the Extended Credit Facility (ECF) of US $ 666.2 million or about FF 400 billion.

Another strong requirement of the Heads of State during the works of Yaoundé, the acceleration of the finalization of the free movement of people and goods, in accordance with the provisions of the additional act N ° 01/13 of June 25, 2013. A Following the meeting organized at the initiative of the Cameroonian Head of State, his counterparts from Gabon and Equatorial Guinea had then committed, during the 13th Ordinary Session of the Conference of Heads of State of CEMAC held in Djibloho in Equatorial Guinea on February 17, 2017, to apply this principle.

It is in this wake that we welcome the decisions taken on 17 and 19 October 2017 by Gabon and Equatorial Guinea to abolish visas for CEMAC nationals. In addition, the summit of the Chadian capital will also be the opportunity to proceed to the transfer of service to the presidency of the CEMAC Commission between the outgoing, Congolese Pierre Moussa, and the incoming, the Gabonese Daniel Ona Ondo. Also expected, the appointment of new leaders of some community institutions.

Source - Revealed At Last  - This Is Why Paul Biya Went To N'djamena

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