CEMAC Leaders Agree To Maintain FCFA at Present Parity Level

CEMAC Leaders have agreed not to devalue the CFA Franc

CEMAC Leaders have agreed not to devalue the CFA Franc

An extra ordinary summit of Heads of States of the Community of Central African States (CEMAC) summoned by President Paul Biya this Friday 23th December 2016 in Yaounde has ended with 21 resolutions, top amongs which is the decision not to devalue the CFA Francs and to stimilute economic growth amongst others.

Resolution 1: No Re-adjustment of the current currency parity.
Resolution 2: Adoption of measures to reverse the negative trends in the economy of the Sub-Region.
Resolution 3: Implementation of infrastructure to promote sustainable development for the benefit of the population.
Resolution 4: Attachment to community solidarity in the face of current and future economic and security shocks.
Resolution 5: Freeze limits on the statutory advances of the BEAC to the level set in 2014.
Resolution 6: Strengthening the supervision of the banking system and optimal use of monetary instruments.
Resolution 7: Engage BEAC in the adoption of measures to promote migration to finance by capital markets.
Resolution 8: Strictly pursue budget adjustments needed to balance public finances.
Resolution 9: Conduct targeted budgetary policies while preserving social gains.
Resolution 10: Gradually restore the balance of  the state budget to below 3% in less than 5 years.
Resolution 11: Privilege concessional financing and promote public-private partnerships.
Resolution 12: Welcomes the sound advice and technical assistance of development partners.
Resolution 13: Open and conclude bilateral negotiations with the IMF to structure an exit from the crisis.
Resolution 14: Solicitation each country for Strengthening more flexible international cooperation.
Resolution 15: Recourse to multilateral partners for the strengthening of the balance of payments and the continuation of projects.

Resolution 16: Finalizating of the free movement of people and goods and implementation of security projects.
Resolution 17: Promotion of wealth-generating activity, mobilization of internal tax revenues in the CEMAC zone.
Resolution 18: Strengthening international tax cooperation, Combating fraud, tax evasion and optimization.
Resolution 19: Diversification of the economy by making it less vulnerable and competitive in the face of trade liberalization.
Resolution 20: Follow-up measures taken at the Extraordinary Summit by the Program for Economic and Financial Reforms.
Resolution 21: Regular ministerial-level meetings for monitoring and evaluation of remedial measures.

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