Sunday , November 28 2021

Cameroon: IMF welcomes economic recovery


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

Return to work of the third review of the trilateral economic program between Cameroon and the International Monetary Fund (IMF) 2017-2020. The years were held on Monday, November 12, 2018 in the capital of Iaounde. It was in the presence of Cameron ministers in charge of finance and economics. The IMF delegation was led by Corinne Delechat. After a week of work behind closed doors with Cameroon authorities, he fully expressed his satisfaction with the press.

"We are gradually recovering from growth in 2018. We are going from 3.5% in 2017 to 3.8% in 2018. This will allow the payment of approximately 46 billion CFA francs, or a total of 85 billion CFA francs in total for a year and 240 billion CFA cumulatively from the beginning of the program (…) The outlook for 2019 continues to draw on a 4.4% growth, "the head of the IMF delegation said.

The good performance of the Cameroon economy is particularly favored by the gradual recovery of performance indicators, with controlled inflation, dynamic non-oil activity and rising growth rates.

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However, in order to remain a course, the Cameroonian government will have to continue controlling the budget deficit, reducing the country's lifestyle, diversifying the economy, and so on. Budget support is also expected by other development partners, including the World Bank (VB), the African Development Bank (AfDB) and the French Development Agency (AFD). Completed in June 2017, the economic program between Cameroon and the IMF envisions the implementation of budget reforms and global support of around 378 billion CFA francs.

After presenting this review to the IMF Executive Board in December and after announcing the announced funds, Cameroon will receive some 286 billion CFA francs under this Ectended Credit Facility.

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