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Cameroon: African Monetary Fund - Nation Signs Memorandum of Understanding
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Cameroon Tribune (Yaoundé)
25 April 2008
Posted to the web 25 April 2008
Emmanuel Kendemeh
A three-member delegation from the Economic Commission of the African Union yesterday, 24 April had discussions with Cameroon's Prime Minister Ephraim Inoni "to negotiate with the Cameroon authorities a Memorandum of Understanding on the setting up of the Technical Steering Committee that will oversee the establishment of the African Monetary Fund". The leader of the delegation, the Economic Commissioner at the African Union, Dr Maxwell M. Mkwezalamba said after the discussions. He further told journalists that the Memorandum of Understanding had to be signed yesterday evening.
The African Monetary Fund whose headquarters will be in Yaounde, Cameroon, is one of the three African financial institutions. According to Dr Maxwell Mkwezalamba, the Fund which will operate as a "Clearing House, will facilitate trade within the continent and promote intra-African trade". The African Monetary Fund will equally be expected to, "undertake some macroeconomic surveillance of African member countries to make sure that their economic policies and programmes are in line".
Prime Minister Inoni, according to Dr Mkwezalamba, "underscored the commitment of the Cameroon government to the setting up of the African Monetary Fund which it views as a very big practical step to the integration of the continent". Cameroon, the Prime Minister assured, "will provide any logistical support that will be required to make sure that the Fund is operational", Mkwezalamba said.
After discussions with the African Union delegation, Prime Minister Inoni had a working session with members of a Korean delegation who are in Cameroon to conduct feasibility studies to establish three vocational training centres in the country. The delegation was led by the Director General of the International Cooperation Bureau, Human Resources Development Service of Korea, Chio Byung-gie. This was in the presence of Cameroon's Minister of Employment and Vocational Training, Zacharie Perevet. At the end of their discussions, he told journalists, "after the feasibility studies, we will make plans for the centres and submit them both to the Cameroon and Korean governments". The two governments will review the plans after which the Korean government will decide on the type of assistance based on the needs expressed by the Cameroon government.
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While welcoming the Korean delegation, Prime Minister Inoni lauded the diplomatic relations between the two countries, commending them as a good example of South-south cooperation. The Prime Minister attributed the high rate of development in Korean to adapted technical education and training. According to Prime Minister Inoni, " the technical education and training will prepare our youths who would work in the type of industries we want to set up".
WHAT KIND OF AFRICAN MONETARY FUND ARE THESE BUSK PEOPLE TALKING ABOUT? FIRST THEY HAVE TO GET PERMISSION TO DISCUSS, SUCH AGENDA FROM THE HEAD QUARTERS IN PARIS,FRANCE. SECOND FRENCH COLONY HAVE NO INDEPENDENCE ON ECONOMY, POLITICS AND MILITARY, THATS WHY THE CFA, IS OWNED BY FRANCES AND THESE COUNTRIES HAVE TO PAY LEASE TO THE FRENCH OF 65 FRANCS FOR EVERY 100 FRANCS TRANSACTION. SOO, SOO A COUNTRY WITHOUT A... [Read Full Text]
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