Tuesday , May 17 2022

Cameroon: IMF welcomes economic recovery



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#Other countries : The International Monetary Fund expressed satisfaction with the third review of the three-year economic program, covering the period of 2017-2020, with the country. As a result, the financial institution will raise 46 billion CFAFs under the Extended Loan Facility.

The third revision of the 2017-2020 three-year economic program between Cameroon and the International Monetary Fund (IMF) took place on November 12, 2018 in the capital city of Yaounde. He was in the presence of Cameroonian ministers in charge of finance and economy. The IMF delegation was headed by Corinne Delechat. After working for a week behind closed doors with the Cameroonian authorities, the latter expressed their satisfaction with the press.

"We recorded a gradual recovery in growth in 2018. We are increasing from 3.5% in 2017 to 3.8% in 2018. This will allow a total of approximately 46 billion CFA francs or 85 billion CFA francs. Since the beginning of the program and the cumulative cumulative (başkan) IMF delegation of 240 billion CFA announces that the outlook for 2019 will return to 4.4% growth.

The good performance of the Cameroon economy is especially favored by the gradual recovery of performance indicators, controlled inflation, a dynamic non-oil activity and an increasing growth rate.


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


However, in order to stay in the course, the budget deficit control of the Cameroonian government, the reduction of the state lifestyle, the diversification of the economy and so on. 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). In June 2017, the economic program between Cameroon and the IMF provided the implementation of budgetary reforms and about 378 billion CFA francs.

Cameroon will receive approximately 286 billion CFA francs under this Extended Loan Facility after submission of this review to the IMF Board in December and the release of the announced funds.

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