CEMAC zone: recession could reach 6% according to BEAC

All the indicators are certainly not red. But most of the economic indicators in the six countries of the Economic and Monetary Community of Central Africa (CEMAC) are already found the Monetary Policy Committee (CPM) of the Bank of Central African States (BEAC) at the end of the second annual session on June 24, 2020 in Yaoundé.

Analyzing the situation in Central Africa, it emerges that in the short and medium terms, the CEMAC zone is affected by the health crisis and the fall in the prices of the main export products. "

"In the first half of 2020, the revival of productive activities was slowed down in the sub-region by the disruption of supply circuits for imported products as well as by the restrictive measures adopted by the various governments to contain the effects of the pandemic. Although it is premature for the moment to fully grasp the impact of COVID-19 on national economies, it is already anticipated during this first semester a drop in production as well as a det…

No, the IMF is not proposing to tax 10% of global savings to deal with the coronavirus crisis

This proposal, widely shared on social networks, was formulated by the International Monetary Fund (IMF) in a report in October 2013. It aimed to resolve the banking and financial crisis of 2008.
 
This proposal, widely shared on social networks, was formulated by the International Monetary Fund (IMF) in a report in October 2013. It aimed to resolve the banking and financial crisis of 2008.

"The IMF suggests, for example, that to pay off all these debts, we take 10% of everyone's savings." This sentence by BFMTV economic editorialist Emmanuel Lechypre, speaking about the economic crisis caused by the coronavirus pandemic, caused a reaction on social networks. This statement has been shared thousands of times on Twitter and Facebook since Sunday May 10. However, this is an old proposal from the International Monetary Fund, dating from 2013 and obviously not concerning the current crisis. The Franceinfo False True Unit explains it to you.

A proposal dating from 2013

The idea mentioned by Emmanuel Lechypre was put forward by the International Monetary Fund in a report in October 2013. The editorialist of BFMTV confirmed to franceinfo to rely on this report to support his reasoning. But this proposal was made to resolve the 2008 banking and financial crisis. In the document in question, page 49, IMF economists questioned the possibility of a one-time capital levy at the time. The aim is to bring the eurozone countries back to their pre-2007 debt ratio. They believe that a single levy of 10%, on average, can solve the problem. According to their demonstration, it would apply to all households that have assets, while taking into account their debts. In addition, this calculation covers only 15 countries in the euro zone, which had 17 in 2013.



The Ministry of the Economy opposed to this proposal

For its part, the Ministry of Economy and Finance explains having seen many rumors about a possible taxation of savings. However, he insists that "he will not tax French savings at all". The ministry headed by Bruno Le Maire also explains that "even if it was part of the IMF recommendations, [France is] not obliged to follow them". Bercy indicates that its objective is "to support demand" to revive the national economy. Contacted by franceinfo, the International Monetary Fund, meanwhile, confirms that it has not made a statement to this effect to deal with the current economic crisis, linked to the coronavirus.