The PREF-CEMAC is the Economic and Financial Reform Program of the Economic and Monetary Community of Central African States (from its French form, Programme des Reformes Économiques et Financières de la Communauté Économique et Monétaire de l'Afrique centrale). 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.[1]