The International Monetary Fund is seeking to accelerate negotiations on new programmes with three Central African economies as rising debt and tighter regional financing conditions put pressure on public finances across the CEMAC bloc.
In September, the IMF sent missions to the Republic of Congo, Gabon and Cameroon as it seeks to advance discussions on new arrangements, Africa Intelligence reported. The talks come as governments across the region face growing pressure to manage debt, reduce financing gaps and preserve stability in the regional financial system.
Congo (Brazzaville) faces the most severe debt pressures among the three. IMF data show that public debt reached an estimated 97.2% of GDP at the end of 2025, while the country continued to accumulate domestic and external arrears. The Fund has classified Congo’s debt as being in distress, although it considers the debt sustainable if the government maintains significant fiscal adjustment and improves debt management.
The country also faces tight financing conditions in the regional market. The IMF warned that reduced appetite among regional banks for Congolese government securities, combined with lower oil prices, could create additional funding pressures. Congo’s economy remains heavily dependent on hydrocarbons, making public finances particularly sensitive to oil-market conditions.
Gabon has been moving toward a new IMF arrangement since March, when the government formally requested a program following discussions with the Fund. IMF officials said the talks focused on fiscal and financial policies, public financial management and reforms aimed at safeguarding macroeconomic stability in Gabon and the wider region.
Cameroon presents a different case. Its previous IMF-supported program ended in July 2025, but the Fund continues to identify significant liquidity risks. Cameroon’s public debt remains comparatively lower than Congo’s, yet the IMF classifies the country as being at high risk of debt distress because of elevated debt-service costs, weak export performance and tightening financing conditions.
The pressure is not limited to individual governments. IMF analysis of CEMAC has highlighted the growing exposure of regional banks to sovereign debt, with government loans and securities accounting for about 30% of total bank assets at the end of 2024, up from 10% in 2015. This creates risks that fiscal problems in one country could spread through the region’s banking system.
Against this backdrop, faster progress on new IMF programs could give Congo, Gabon and Cameroon access to additional financing while tying that support to fiscal and structural reforms. For CEMAC, the negotiations also form part of a broader effort to ease pressure on a regional financial market that is increasingly being asked to finance heavily indebted governments.
