The CEMAC region recently reaffirmed in Paris that the IMF remains a central pillar for the stability of its foreign exchange reserves and public finances. This dynamic reinforces the anchoring of the Central African CFA franc, but also underscores the sub-region’s strong dependence on support from the Washington-based institution.

A Strategic Meeting in Paris

On March 17, 2026, CEMAC finance ministers and central bank governors met in Paris to discuss the zone’s macroeconomic trajectory with the IMF and their partners.

This meeting follows up on the extraordinary summit held in Brazzaville on January 22, 2026, where the heads of state had already emphasized the need to maintain active programs with the IMF.

Why the IMF Has Become Indispensable

The CEMAC member states have committed to finalizing the IMF’s Common Policy Review, a prerequisite for continuing current programs and concluding new national agreements.

The authorities recognize that these programs are essential for preserving the sustainability of public finances and strengthening foreign exchange reserves in a context of recurring external shocks.

Foreign Exchange Reserves Under Pressure

The data presented in Brazzaville highlighted a sharp decline in external reserves by 2025, linked to insufficient repatriation of export earnings, increased debt servicing, and a less favorable international environment.

Without IMF financial support, the Central African Economic and Monetary Community (CEMAC) estimates that import coverage could fall from approximately 1.9 months in 2026 to nearly 1.2 months in 2029, compared to 2.3 months in 2025, while IMF financing represents nearly 40% of the zone’s foreign exchange reserves.

Fiscal discipline and reforms at the heart of the agenda

The member states stated their readiness to “work collectively and individually” to ensure the successful implementation of programs and the conclusion of new agreements, by strengthening fiscal discipline, structural reforms, and the repatriation of export earnings.

France, a long-standing partner of the zone, reiterated its support for the current framework and for the conclusion of new programs with the IMF, while also calling for an acceleration of reforms.

Challenges to the Credibility of the CEMAC CFA Franc

The strength of foreign exchange reserves remains central to the credibility of the fixed exchange rate regime linking the CEMAC CFA franc to the euro.

By strengthening its ties with the IMF, CEMAC seeks to secure a dual objective: to protect itself against a balance of payments shock and to reassure investors, markets, and partners about the sustainability of its monetary peg.

What are the prospects for member states?

Several countries, including Cameroon and Gabon, have already begun discussions on new programs, seeking to secure additional budgetary support and strengthen their macroeconomic stability.

The medium-term trajectory will depend on the region’s ability to translate its commitments into concrete reforms: improved governance, mobilization of domestic revenue, diversification away from hydrocarbons, and better compliance with exchange control regulations.