CEMAC leaders reject second devaluation of the common currency 2

The extraordinary summit of the CEMAC region has ended in Yaounde this Friday with 21 resolutions adopted to resolve the economic and financial crisis which has rocked the countries in the region.

Cameroon Concord News understands that the leaders also set up a committee to monitor the implementation of the 21 resolutions. Paul Biya and his counterparts gave a vehement “no” to the devaluation of the common currency.

The Heads of state opted for the austerity measures prescribed by the International Monetary Fund (IMF), which provides for drastic adjustments.

Some of the resolutions included the Implementation of an infrastructure policy to promote sustainable development for the benefit of the population,the commitment to community solidarity in the face of current and future economic and security shocks and above all, a monetary policy which involves freezing the ceilings of statutory advances of BEAC to the level set in 2014.

In his closing remarks, Mr Biya reminded his counterparts that “bilateral and multilateral partners should be given” flexibility”

By Kingsley Ebong