IMF sees oil boom opportunity for central Africa

An oil boom has handed central Africa a “great opportunity” to tackle poverty, the head of the IMF said on Tuesday, but the political will was lacking for the reforms required.

International Monetary Fund Managing Director Rodrigo Rato urged a summit of the Central African Economic and Monetary Community (CEMAC) to tear down trade barriers and fight rampant corruption to curb poverty rates of over 80 percent.

Five of the six CEMAC countries — which groups Cameroon, Central African Republic, Congo Republic, Chad, Equatorial Guinea, and Gabon — are oil producers.

Reuters