Your Excellencies, Dear Brothers,
The Managing Director of the International Monetary Fund,
The French Minister of Economy and Finance,
Ladies and Gentlemen,
First of all, I would like to wish you and the delegations accompanying you a warm welcome and a pleasant stay in Cameroon.
I also wish to thank you most sincerely for honouring our invitation to this meeting. Your presence once more bears testimony to your attachment to our sub-region and your constant concern to ensure that it meets its challenges.
I am particularly pleased to acknowledge the presence of Madam Christine Lagarde, Managing Director of the International Monetary Fund, and Mr Michel Sapin, Minister of Economy and Finance of France who were kind enough to travel to Yaounde to be with us today.
As you are aware, our sub-region has for long enjoyed appreciable macroeconomic stability characterized by strong growth, low inflation and abundant foreign exchange reserves.
The situation is not the same today.
The prices of our commodities, including oil, have fallen sharply. Coupled with other exogenous shocks (terrorism, numerous forms of insecurity), the crisis has contributed significantly to weakening our economies. Their growth has slowed down, inflation has increased and our foreign exchange reserves have dropped considerably.
If this situation were to persist, it could undermine the foundations of our sub-region and our Economic and Monetary Community.
We must therefore act quickly. We must act in concert.
We are aware that current projections do not indicate an improvement on international commodity markets in the near future.
Your Excellencies, Dear Brothers,
This meeting gives us the opportunity to map out a common response to an uncertain international economic environment. Such response should take into account the need to preserve the economic stability and long-term sustainability of our sub-region.
Our common response should also take into account the social constraints of our States, within a context where we have to meet the pressing needs of our populations.
Your Excellencies, Dear Brothers,
In view of the situation I have just described, allow me to express the firm conviction that the constant and active solidarity which we have always shown should once more be put to use.
We must find the most appropriate ways to safely emerge from the crisis.
The address by the Managing Director of the International Monetary Fund will certainly provide useful insights into the Institution's perception of the economic problems of our sub-region.
The sound advice and constant technical assistance of the IMF and other development partners will undoubtedly be very useful to us.
Our sub-region cannot be at a standstill.
If we remain united and supportive, if we translate our political will into appropriate measures, I am convinced that we will return to progress and co-prosperity.
Thank you for your kind attention.
Yaounde, 23 December 2016
