Central African Leaders Push for Repatriation of State Assets and Export Revenues

Central African leaders have initiated urgent fiscal and monetary measures to stabilize their economies, focusing on the repatriation of state assets and export revenues, especially in the extractive sector. This move follows a regional summit addressing slow growth, climate challenges, and tightening global financial conditions.

Central African leaders are taking action to support the region's struggling economies by mandating urgent fiscal and monetary reforms, including the repatriation of state assets and export revenues.

At a summit in Brazzaville, the six leaders prioritized the immediate return of export revenues from firms in the extractive sector. They seek to finalize negotiations with companies to repatriate funds earmarked for the environmental restoration of areas impacted by oil production, a key step for enhancing liquidity in the regional banking system.

Amid slowing growth and external financial pressures, the summit, organized by the Central African Economic and Monetary Community, emphasized aligning national budgets with IMF commitments and reinforcing debt sustainability. The new initiatives address challenges such as declining commodity prices and climate-related shocks.

(With inputs from agencies.)