(Ecofin Agency) - The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, has said that Central Africa needs strict public spending, economic diversification and more regional trade to bolster growth that has been hindered by falling oil prices and security threats.

Lagarde who declared this during a regional tour in Cameroon on Friday noted that growth in the resource-rich Central African Economic and Monetary Community (CEMAC) bloc which includes Cameroon, Central African Republic, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon reduced to about 2% in 2015 and might increase a little this year.

Oil price drops to about $30 per barrel this week making it difficult for countries whose economies depend mostly on exports of crude oil.

According to Lagarde, a committed reform agenda will be required in order to boost growth which decreased from 4% to 2% in 2015. She, however, urged CEMAC members to control expenses so as to cut deficits and boost regional trade, Reuters report.

Anita Fatunji