IMF chief Lagarde warns central Africa against falling oil prices

The IMF chief Christine Lagarde on Saturday said economic growth rate in the six-nation Economic and Monetary Community of Central Africa dropped to 2 percent down from an estimated 4 percent last year.

According to figures given by Lagarde, oil prices also have dropped by close to 70 per cent since June 2014 -from a peak of 120 dollars per barrel to 32 dollars.

Oil is produced in five of the six countries of the sub-region, including Cameroon, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon.

The IMF chief also said the economies have been hit by security concerns, particularly on attacks by the Islamist Boko Haram terrorist group of north-eastern Nigeria.

Leave a Comment