The extraordinary summit of CEMAC Heads of State that was chaired by President Paul Biya saw participants bank on concerted action to move the sub-region forward.
Discussions at the summit held by video conference last August 18, 2021 were intense and fruitful, according to Paul Biya. The global health context, which has deeply affected the economies of CEMAC member states, is still very preoccupying though they are still holding up. And so to meet the objectives of the summit, which were to assess the macroeconomic situation in CEMAC amid the Covid-19 pandemic, analyse appropriate recovery measures to strengthen the resilience of the sub-region’s economies and fast-track their structural transformation for sustained, sustainable, inclusive and job-creating growth, the Heads of State arrived at pertinent conclusions in a final communiqué.
The optimal goal was forging as a common block towards obstacles to economic recovery, by showing community solidarity in addressing health, security and economic shocks through the implementation of a coherent and coordinated strategy to preserve public finance viability and strengthen CEMAC’s external position. No doubt Paul Biya noted that “to revive our economies, we will bank on strong, sustainable and inclusive growth by placing the wellbeing of our fellow citizens at the centre of our concerns.” Regarding implementing appropriate fiscal policies, the call was to do so based on increased mobilization of non-oil revenue, stepping up public expenditure quality and effectiveness, and rigorous public debt management. Member states will have to now more than ever streamline the financial system by formulating credible and comprehensive arrears payment strategies that take into account the impacts of the health crisis. In the drive towards ridding the sub region of the virus that continues to wreak havoc, CEMAC members affirmed their determination to step up vaccination campaigns to protect the populations. This would encourage measured reopening of the economies of the sub-region by taking advantage of bilateral and multilateral initiatives, support and solidarity of the international community for wide and equitable access to vaccine and for the promotion of a true pharmaceutical industry in the sub-region. It was decided that to give a new and strong impetus to the regional economic and financial recovery strategy, through the second-generation economic and financial programmes would be concluded with the IMF, with the backing of other institutions.
Amid growing uncertainties with new sources of vulnerability world over, Paul Biya ascertained that to address these challenges, the community should draw on its experience of past crises to develop new response plans.
Claudette CHIN
