| Summary: | The sharp decline in oil revenues since 2014 continues to impair the region. In the last two years, regional economic growth has turned negative, fiscal and external imbalances have widened, public debt has risen rapidly, and financial sector vulnerabilities have increased. CEMAC national authorities are implementing fiscal adjustment policies to restore their external and fiscal stability, with the support of the IMF in four countries (Cameroon, Central African Republic, Chad and Gabon). Regional institutions also adjusted policies to assist the rebuilding of regional reserves and ensure financial sector stability. Since mid-2017, the decline in reserves has stopped, but the economic situation remains difficult. Main risks relate to an uncertain macroeconomic outlook dependent on oil prices, possible weaker-than-expected policies owing to capacity constraints and/or lack of political support, possible delays in concluding programs with the remaining countries, and still difficult security conditions
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