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Central Africa: The “yes, but…” answer of Cameroon’s Biya and his peers to the IMF

By Alain Faujas, Omer Mbadi
Posted on Friday, 27 August 2021 09:44

Cameroon President Paul Biya on 22 March 2018 (Lintao Zhang/Pool Photo via AP, File

The head of the IMF, Kristalina Georgieva, expressed her satisfaction after participating in the Extraordinary Virtual Summit of the Heads of State of the Communauté Économique des États de l'Afrique Centrale (CEMAC) on 18 August 2021. “I welcome the commitment of CEMAC heads of state to deep structural reforms to radically transform and diversify the region, continue to support regional institutions and reduce its dependence on commodities,” she said a few hours after the summit.

Broadly speaking, Georgieva got what she was looking for. “All participants expressed their support for the IMF’s proposed reforms. Everyone is in favour of having a second programme cycle with the Fund,” said a participant who wished to remain anonymous.