Thursday , June 1 2023

Cameroon: IMF welcomes economic recovery.


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

The restoration 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 Yard. It was in front of cabinet ministers of finance and economy. The IMF delegation was led by Corinne Delechat. After working one week later with the Cameroonian authorities, the latter marked the satisfaction of the press with a fine.

"We are recovering gradually in 2018. We will move from 3.5% in 2017 to 3.8% in 2018, and we will be able to spend a total of 460 billion CFA francs, or a total of 85 billion CFA francs. Since then, cumulative 240 billion CFA (…) IMF delegation said the outlook for 2019 will continue to recover with 4.4 percent growth.

The good performance of the Cameroon economy is particularly favored due to the gradual recovery of performance indicators, along with inflationary controls, dynamic non-oil market activity and growth rates.

Also read: Cameroon – IMF: Three-Year Plan Under Negotiation

However, in order to maintain the course, the Cameroon government will have to continue with budget deficit control, national lifestyle reduction and economic diversification. 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). The economic program between Cameroon and IMF, signed in June 2017, provides budgetary reform and global support of approximately 378 billion CFA francs.

After submitting this review to the IMF Executive Board in December and announcement of the announced funds, Cameroon will receive approximately 286 billion CFA francs according to this credit facility.

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