Monday , June 21 2021

Cameroon: The IMF welcomes the economic recovery

# Other countries : The International Monetary Fund welcomed the third review of the three-year economic program 2017-2020 with this country. As a result, the financial institution will provide an additional 46 billion CFAF as part of Extended Credit Facility.

On Monday, November 12, 2018, in the capital of the country, Yaounde, there was a restoration of the third review of the three-year economic program for 2017-2020 between Cameroon and the International Monetary Fund (IMF). This was in the presence of the Cameroon ministers responsible for finance and the economy. The IMF delegation was led by Corinne Delechat. After a week of working behind closed doors with the Cameroon authorities, the latter expressed his satisfaction with the press.

"We are experiencing gradual economic growth in 2018. In 2018, we will change from 3.5% in 2017 to 3.8%, allowing a payment of around 46 billion CFA francs or CFA 85 billion in total for the year and CFA 240 billion cumulated since the beginning of the program (…) The outlook for 2019 is expected to continue to grow to 4.4% "- said the head of the IMF delegation.

The prosperity in the Cameroon economy is particularly supported by the gradual recovery of performance indicators, with controlled inflation, dynamic non-fuel activity and growing rate of growth.

READ ALSO: Cameroon-IMF: a three-year plan negotiated

However, to maintain the course, the Cameroon government will have to continue to control the budget deficit, reduce the state's lifestyle, diversify the economy, etc. Budget support is also expected from other development partners, including the World Bank (WB), African Development Bank (AfDB) and the French Agency Development (AFD). Concluded in June 2017. The economic program between Cameroon and the IMF provides for the implementation of fiscal reforms and global support of around 378 billion CFA francs.

After presenting this assessment to the IMF Board in December, and after the announcement of the announced funds, Cameroon will receive about 286 billion CFA francs under this Extended Credit Line.

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