It is an institution set up in 2016 to respond to the shock caused to the economies by the fall in oil prices on the six CEMAC member countries (Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of Congo), five of which are dependent on petroleum exports for a large share of fiscal revenue and foreign currency receipts.
There is a Monitoring Unit, essentially made up of representatives of the Steering Committee, and a Technical Secretariat with past-time service from specialists in the various CEMAC bodies.
[2] The PREF-CEMAC was initially charged with designing and carrying out "rapid, vigorous, and coordinated actions" to restore macroeconomic health to a region in recession.
Results were broadly positive: growth returned, foreign exchange reserves rose, as did fiscal revenues; two regional financial markets were consolidated; free circulation of goods and persons in the CEMAC area was finally implemented; donor funds were raised to carry out major regional construction projects; and countries successfully negotiated and implemented IMF programs.
In response, CEMAC members agreed a Phase II for the CREF-CEMAC, covering 2021-25, including the negotiation of "second generation" programs with the IMF.