Wednesday , August 4 2021

Cameroon: IMF welcomes economic recovery

#Other countries : The International Monetary Fund expressed satisfaction with the third review of the 2017-2020 three-year economic program with the country. As a result, financial institutions will release an additional CFAF 46 billion under the Extension Credit Facility.

The work review of the 2017-2020 three-year economic program between Cameroon and the International Monetary Fund (IMF) took place on Monday, November 12, 2018 in Yaounde, the capital. It is in the presence of Cameroonian ministers who are responsible for finance and the economy. The IMF delegation was led by Corinne Delechat. After a week working behind closed doors with Cameroon authorities, the latter expressed satisfaction with the press.

"We are experiencing a gradual recovery in growth in 2018. We rose from 3.5% in 2017 to 3.8% in 2018. This will allow disbursing around 46 billion francs of CFA, or 85 billion CFA francs in total. For this year and 240 cumulative billion CFA since the beginning of the program (…) The outlook for 2019 is to continue to increase to 4.4% growth, "said the head of the IMF delegation.

The good performance of the Cameroon economy is particularly favored by the gradual recovery of performance indicators, with controlled inflation, dynamic non-oil activities and increasing growth rates.

READ ALSO: Cameroon-IMF: three-year plan under negotiation

However, to stay on track, the Cameroonian government must continue to control the budget deficit, reduce the country's lifestyle, diversify the economy, etc. Budget support is also expected from other development partners, including the World Bank (WB), the African Development Bank (AfDB) and the French Development Agency (AFD). Concluded in June 2017, economic programs between Cameroon and the IMF provided implementation of budget reform and global support of around 378 billion CFA francs.

After presenting this review to the IMF Executive Board in December, and after the release of announced funds, Cameroon will receive around 286 billion CFA francs under this Extension Credit Facility.

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