• Cameroon, Congo, and Gabon seek new IMF programs after previous ones expired
• Regional bloc commits to sustaining reforms and rebuilding reserves
• Progress depends on delayed IMF review of CEMAC common policies

CEMAC countries have committed to negotiating new programs with the International Monetary Fund (IMF), following a high-level meeting held on March 17, 2026, in Paris.

The pledge was made during a gathering of finance ministers, central bank governors, and institutional leaders from the six-member bloc alongside French officials. The outcome was detailed in an official communiqué published on March 23 by the Bank of Central African States (BEAC).

“CEMAC states have committed to working collectively and individually to ensure the proper implementation of IMF-supported programs and to conclude new programs, in order to maintain fiscal sustainability and strengthen foreign exchange reserves,” the statement said. France also reaffirmed its support for the region’s macroeconomic and financial stability and pledged continued backing in engagements with development partners, including the IMF.

In practical terms, Cameroon and Congo—whose latest IMF programs ended in July and March 2025 respectively—along with Gabon, which completed its program in July 2024, have all committed to entering new arrangements with the Fund. Chad, the Central African Republic, and Equatorial Guinea, which remain under IMF programs, pledged to continue their cooperation.

Budget support at stake

Cameroon’s position reflects earlier statements by Finance Minister Louis Paul Motazé, who in October 2025 stressed the importance of renewing ties with the IMF to secure continued budget support.

Between 2017 and 2025, Cameroon received about CFA2,600 billion in budget support under two IMF programs. “We would no longer have access to these resources without a new program. That means we would need to find alternative financing. This is why we believe it is necessary to consider a new agreement,” Motazé said at the time.

The final decision had been referred to the presidency, and the commitment made in Paris appears to reflect that arbitration.

A key regional condition remains

Despite the renewed political alignment around new IMF programs, a key condition still needs to be met at the regional level. The continuation and approval of national programs depend on the completion of the IMF’s review of CEMAC’s common policies.

Originally scheduled for December 2025, the review has been delayed due to misalignment between national fiscal policies and the regional strategy, as well as incomplete agreements on reform support measures, according to BEAC documents.

The delay has already affected program reviews and disbursements for Chad and the Central African Republic. It is now also holding back new IMF arrangements for Cameroon, Congo, and Gabon.

Brice R. Mbodiam, Business in Cameroon