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CEMAC Countries Record FCFA496 Budget Deficit in First Quarter of 2020
Category :- Economy and Finance Author :- N Gelmin S 
Posted on October 13, 2020, 10:04 am
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Following a recently published note by the Bank of Central African States (BEAC) on public finances, all six CEMAC countries recorded a budget deficit of CFAF495 billion within the first quarter of 2020.

Budget deficit for CEMAC Countroes

Closely monitored by a budget deficit indicator in the CEMAC zone, the deficit has worsened as compared to the sum of CFAF15 billion budget surpluses that were realized during the first quarter of 2019.

Like in all other sectors of the economy, the deficit is blamed on the unforeseen COVID-19 pandemic, which they say affected the prices and consequently, the volume of commodities exported by countries across the region.

CEMAC Countries

According to BEAC, all CEMAC countries had fulfilled their commitments to the IMF as they maintained their stand in supporting investment and growth within the economies.

BEAC

This therefore makes it uncertain if the countries fulfilled their commitment to the IMF since the pandemic reached its peak in mid-March 2020, causing them to redirect their expenses towards preventing the spread of this pandemic.

CEMAC Countries

Following its commitment towards the IMF, Cameroon is expected to record year’s budget deficit of 1.5 percent of its GDP but the budget signed in June shows that deficit could amount to about 4.5 percent which is about CFAF986.6 billion.

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