IMF review of common policies: the lock on everything
CEMAC countries' economic programmes with the International Monetary Fund depend on a little-known regional exercise: the review of common policies. An explainer on an issue that weighs heavily on the zone's public finances.
Translated from French. Lire en français
A two-level review
CEMAC countries share a currency and a central bank. The IMF therefore cannot assess their situation country by country alone. Alongside national programmes, it conducts a review of common policies: the BEAC's monetary policy, the level of foreign exchange reserves, enforcement of foreign exchange regulations and financial sector stability.
Until this regional review is concluded, national programmes cannot continue and new agreements cannot be signed. Hence the image of a "lock".
Brazzaville, January 2026: the alarm
Faced with dwindling reserves and heavy debt payments, CEMAC heads of state held an extraordinary summit in Brazzaville on 22 January 2026. They adopted an action plan focused on fiscal discipline, aligning budget laws with commitments made to the IMF and improving the repatriation of export earnings.
Paris, March 2026: a renewed commitment
On 17 March 2026, CEMAC finance ministers, governors and their French partners met in Paris. They reaffirmed their determination to conclude the review of common policies, a condition for continuing and launching national programmes.
In its wake, Congo officially requested a new IMF programme in May 2026.
Why it matters for Chad
An IMF programme is not just about disbursements from the Fund. It also opens the door to budget support from other partners, such as the World Bank or the African Development Bank, and reassures investors. For Chad, as for its neighbours, a swift conclusion of the regional review is therefore a major financing issue for 2027.
Key dates
- 22 January 2026: extraordinary summit in Brazzaville
- 17 March 2026: CEMAC–France meeting in Paris
- May 2026: Congo requests a new IMF programme
- Published on:
- Wednesday, 28 October 2026
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