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, the financial institution will release an additional RMB 46 billion under the Expanded Credit Facility.

The return of work from the third review of the 2017-2020 three-year economic program between Cameroon and the International Monetary Fund (IMF) was held on Monday, November 12, 2018 in Yaoundé, the country's capital. It was in the presence of Cameroonian ministers in charge of finance and the economy. The IMF delegation was led by Corinne Delechat. After a week of working behind closed doors with the Cameroonian authorities, the latter expressed his satisfaction in the press.

"We have a gradual recovery in growth in 2018. We move from 3.5% in 2017 to 3.8% in 2018. This will allow us to disburse about 46 billion CFA francs, or 85 billion CFA francs in total for the year and 240 billion CFA accumulated since the beginning of the program (…) The outlook for 2019 is to continue to recover to a growth of 4.4%, "said the head of the IMF delegation.

The good performance of the Cameroonian economy is particularly favored by the gradual recovery of performance indicators, with controlled inflation, a non-oil dynamic activity and a growing rate of growth.

Read too: Cameroon-IMF: a three year plan in negotiation

However, to stay the course, the Cameroonian 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, the African Development Bank (AfDB) and the French Development Agency (AFD). Completed in June 2017, the economic program between Cameroon and the IMF foresees the implementation of budget reforms and a global support of about 378 billion CFA francs.

Following the presentation of this review to the IMF Executive Board in December, and after releasing the announced funds, Cameroon will have received about 286 billion CFA francs under this Expanded Credit Facility.


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