Urgent Call for Action in Central Africa's Economic Crisis

Cameroon's President Paul Biya urged urgent measures to avert severe economic repercussions for Central African nations grappling with dwindling net external reserves. Shared monetary policy and external shocks exacerbate the region’s economic instability. Biya emphasized immediate action to maintain macroeconomic stability amid dire warnings from the IMF and global partners.

Cameroon's President, Paul Biya, issued a stark warning on Monday about the 'disastrous consequences' looming over the Economic and Monetary Community of Central Africa if prompt actions are not taken to address declining net external reserves.

The member nations—Cameroon, Gabon, Chad, Equatorial Guinea, Central African Republic, and the Republic of Congo—are experiencing hardship due to COVID-19's lasting effects and global economic shocks, affecting their foreign exchange reserves needed for imports and debt payments.

Biya stressed the urgency for substantial regional measures to stabilize economics and finance, aligning with International Monetary Fund's call for coordinated efforts to redress fiscal imbalances amid ongoing domestic challenges like oil production decline and civil conflicts.

(With inputs from agencies.)