Cameroon’s President Paul Biya has expressed deep concern over the deteriorating financial situation of the Economic and Monetary Community of Central African States (CEMAC).
The region, which includes Cameroon, Gabon, Chad, Equatorial Guinea, the Central African Republic, and the Republic of Congo, is facing significant economic challenges, including declining oil revenues, debt burdens, and the impact of the COVID-19 pandemic.
Biya emphasized the urgent need for concerted action to address these issues and prevent a financial crisis.
He warned that without immediate measures, the region could face severe consequences, including economic instability and social unrest.
The IMF has also highlighted the risks facing the CEMAC region, urging member countries to implement reforms and fiscal consolidation measures to improve their economic outlook.