The Council of Ministers of the Economic Union of Central Africa has resolve to complete feasibility studies geared towards developing alternative source of funding for the Sub Region.
That was during the 36th ordinary session of the Council of Ministers meeting that held through video conference on Wednesday January 27, 2021.
Focus of the session was on the adoption of the budget of the Council for 2021.
The budget was elaborated by economic experts from the Inter-State committee of the Economic Union of Central Africa during a three day workshop from Saturday January 23 to Monday 25.
The meeting was chaired by the president of the Inter-State Committee of the Economic Union of Central Africa, Charles Assamba Ongodo, who doubles as Cameroon’s Director General of Cooperation and Regional Integration, at the Ministry of the Economy, Planning and Regional Development.
The president of the CEMAC Commision, Daniel Ona Ondo, who assisted at the meeting did not hesitate to express gratitude for the fact that the Sub Region had braved through the Covid-19 pandemic and will be able to fight against the announced second wave.
The report of the Inter-State committee was then channelled to the Council of Ministers for examination and adoption.
The budget of the Economic Union of Central Africa for 2021 was adopted by the Council of Ministers at the sum of 89.2 B FCFA with a 1.13% increase compared to last year.
Speaking at the 36th ordinary session of the Council of Ministers, the president of the Council, Cameroon’s Minister of the Economy, Planning and Regional Development, Alamine Ousmane Mey, enjoined the members of the Council to stay vigilant and mobilize human, material , technical and financial resources to boost the Sub Region which he says is at crossroads.
He called on the various economies to seek for alternative sources of income to meet up with the challenges of Covid-19 in the Sub Region.
Besides adopting the budget, special attention was given to the functioning and management of the Council with the objective of helping the Sub Region march towards the progress and well-being of it’s population.
The following would be looked into keenly;
– Structural reforms,
– Acceleration of the plan to relaunch the economy of the Community,
– Institutional and Regulatory frameworks, with interest on sustainable industrialisation strategies in the Congo basin wood sector,
– Major orientations of the Economic Policies of the different CEMAC member States.
While closing the 36th ordinary session, Minister Alamine Ousmane Mey, president of the Council of Ministers of the Economic Union of Central Africa wished better and brighter days for the Sub Region in 2021.