The International Monetary Fund (IMF), in its report on the “Regional Economic Outlook for Sub-Saharan Africa” published in May 2017, notes that many countries in 2016 have suffered from the sharp decline in commodity prices basic.
“This is particularly the case in commodity-exporting countries, notably oil-exporting countries such as Angola, Nigeria and the countries of the Central African Economic and Monetary Community (CEMAC)” Says the IMF. According to the report, delays in implementing the necessary adjustments lead to an increase in public debt, create uncertainty, hamper investment and pose even greater problems in the future.
“For the hardest hit countries, there remains an urgent need to stabilize public finances to put an end to the fall in foreign exchange reserves and offset budgetary revenue losses, especially in the Cemac countries,” the IMF said.
The insistence of this global financial institution is in line with the warning bell made last April by Kadima Kalondji, IMF resident representative in Cameroon. In 2010, Kadima Kalondji, visiting Libreville in a seminar for media men in the subregion, asserted that the foreign exchange reserves of the Community area were 6000 billion FCFA. But the latter have fallen since then and are at 2000 billion FCFA, an erosion of 4000 billion FCFA in 2016.