Highlights: This Tuesday, April 25, was held in Bercy the first ministerial meeting France-CEMAC since 2021. All the finance ministers of the monetary zone, governors and heads of CEMAC institutions were present. The meeting provided an opportunity to take stock and relaunch discussions on the financial plan in a post-Covid context. Despite very different economic situations between its member countries, with inflation at 4.6% in 2022 and a growth rate of 3.5%, the CemAC zone has been able to withstand the various shocks.

This Tuesday, April 25, was held in Bercy the first ministerial meeting France-CEMAC since 2021. All the finance ministers of the monetary zone, the governors and heads of institutions...

In Paris, the France-CEMAC ministerial meeting relaunches discussions

The Cemac-France ministerial meeting, in Bercy, on April 25, 2023. Bercy. In the center, Congolese Minister Jean-Baptiste Ondaye and French Minister Bruno Le Maire. © Charlotte COSSET/ RFI

Text by: Charlotte Cosset Follow

2 min

This Tuesday, April 25, was held in Bercy the first ministerial meeting France-CEMAC since 2021. All the finance ministers of the monetary zone, governors and heads of CEMAC institutions were present. So do the French representatives.

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The meeting provided an opportunity to take stock and relaunch discussions on the financial plan in a post-Covid context. Despite very different economic situations between its member countries and with inflation at 4.6% in 2022 and a growth rate of 3.5%, the CEMAC zone has been able to withstand the various shocks. However, the challenges remain numerous: debt, infrastructure development, industrialization, climate change.

The question of financing for the deployment of regional integration projects and more broadly the development of States was raised. In this area, Bruno Le Maire defended the various initiatives launched or supported by the France, including the restructuring of international financial institutions and development banks.

The financial needs of developing countries are growing. The tightening of financing conditions weakens these economies. We must therefore find new financing modalities, reform international financing and reform the World Bank. All this is one of the absolutely major challenges of the summit for a new financial pact

🔴LIVE | Concluding speech of the Central African Economic and Monetary Community by @ BrunoLeMaire and Jean-Baptiste Ondaye 👇 https://t.co/g7tjc2yqgZ

— Ministry of Economy and Finance (@Economie_Gouv) April 25, 2023

Other avenues put forward: the better mobilization of Special Drawing Rights or the increase in private sector investment...

Ministers stressed the need to mobilize new sources of financing from the international community and the private sector. CEMAC ministers also discussed the difficulties of their public finances in the global economic context. Jean-Baptiste Ondaye, Congolese Minister of Economy, President of the Ministerial Committee of the Central African Monetary Union reported the questions on this subject.

Is the sanctions mechanism for non-compliance with the criteria still relevant in the current environment? The question was asked by various speakers. How can it evolve with the full support of the Member States? Exceptional economic circumstances – COVID-19, the Russian-Ukrainian war, inflation – largely explain the non-compliance with the criteria and the significant investment needs. But the most important thing is to see the trend that shows a gradual return to compliance with the criteria by 2025-2026.

In a statement issued Tuesday evening, Bercy said that the participants "stressed that the regional integration of the CEMAC and its monetary cooperation with the France (...) also contribute to strengthening the economies of the subregion and partly protecting them from inflation. ».

Digital currency, the fight against money laundering and the financing of terrorism, diversification of economies, reconstitution of financial savings and reform of subsidies to free up fiscal room for manoeuvre were also discussed. The reflection will continue next June at the summit for a new financial pact.

>> Also listen: Daniel Ona Ondo: "Good management of our currencies can exempt us from the guarantee of the French Treasury"

In Paris, the France-CEMAC ministerial meeting relaunches discussions

In Paris, the France-CEMAC ministerial meeting relaunches discussions

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