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While improving, CEMAC’s economic situation remains fragile. Growth picked up slightly but remains well below potential. Governments’ fiscal consolidation efforts, along with BEAC’s tighter monetary policy and stricter enforcement of foreign exchange regulations, have contributed to a significant reduction in the region’s fiscal and external imbalances. All CEMAC countries are committed to macroeconomic policies agreed with IMF staff to support the economic recovery and financial sustainability of each country and of the region. The regional central bank and banking supervisor continue to implement policies in support of the IMF-supported programs with CEMAC members. However, fiscal slippages in some countries contributed to the underperformance of international reserve accumulation in early 2018. Looking ahead, a further improvement in the economic and financial situation is projected, assuming full implementation of policy commitments by CEMAC member states and regional institutions. This outlook remains subject to substantial risks from possible weaker program implementation, lower oil prices, and insufficient external financing.

Banks and Banking --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Public Finance --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Fiscal Policy --- International Investment --- Long-term Capital Movements --- Energy: Demand and Supply --- Prices --- Debt --- Debt Management --- Sovereign Debt --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banking --- International economics --- Currency --- Foreign exchange --- Public finance & taxation --- Monetary economics --- Fiscal stance --- Foreign assets --- Foreign exchange regulations --- Oil prices --- Fiscal policy --- External position --- Public debt --- Credit --- Money --- Banks and banking --- Investments, Foreign --- Debts, Public --- Central Africa Economic and Monetary Community