Saturday , January 23 2021

Cameroon: IMF welcomes economic recovery

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

The restitution of the third review of the three-year economic program of 2017-2020 between Cameroon and the International Monetary Fund (IMF) took place on Monday, November 12, 2018, in the capital, Yaoundé. This was in the presence of Cameroon’s ministers responsible for finance and economics. The IMF delegation was led by Corinna Delreche. After a week of working behind closed doors with the authorities of Cameroon, the latter expressed his satisfaction with the press.

“We are gradually increasing growth in 2018. We are moving from 3.5% in 2017 to 3.8% in 2018. This will allow paying about 46 billion CFA francs or 85 billion CFA francs per year and 240 billion CFA accumulated from the beginning of the program (…) Prospects for 2019 will continue to grow to 4.4% growth, ”said the head IMF delegation.

The good performance of the Cameroonian economy is particularly conducive to a gradual recovery in performance indicators, controlled inflation, dynamic non-oil activities and growing growth rates.

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

However, in order to stay up to date, the Cameroonian government will have to continue to control the budget deficit, reducing the state’s lifestyle, diversifying the economy, etc. The budget is also expected to be supported by other development partners, including the World Bank (WB), the African Development Bank (AfDB ) and the French Development Agency (AFD). The economic program between Cameroon and the IMF, concluded in June 2017, provides for the implementation of budget reforms and global support of approximately 378 billion CFA francs.

Upon submission of this review to the IMF Executive Board in December and after the announcement of pledged funds, Cameroon will receive about 286 billion CFA francs under this expanded loan facility.

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