The Managing Director of the IMF, Christine Lagarde convicted recently by a French court for negligence is in Cameroon for the December 23rd emergency meeting of heads of state of the CEMAC countries. President Biya received Mrs Lagarde for nearly one hour before the start of the meeting and explained in his opening remarks that he had considered it useful to invite the IMF boss.
Christine Lagarde is expected to make valuable contributions and provide useful insights into the IMF’s perception of the economic problems of the Sub region. Several African countries have recently sought support from the IMF. Benin is currently under discussion for a precautionary facility, Côte d’Ivoire, despite its strong growth has reached an agreement with the institution to contain the exogenous shocks, Egypt got $ 12 billion and Mozambique has reportedly reopened discussions with the international financial establishment.
However, the IMF direction does not seem to be popular in the opinion of all the leaders of the Sub Saharan region. The CEMAC heads of state are more favorable to the implementation of an endogenous strategy within the framework of the Program of the economic, monetary and financial reforms.
By Sonne Peter