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IMF Praises Cameroon’s Resilient Economy, Disburses $76.3 Million Assistance

Cameroon(National Times)-The International Monetary Fund (IMF) has praised the resilient nature of Cameroon’s economy and approved the disbursement of approximately $76.3 million to the Government .

The IMF cited improvements in economic programme performance and structural reform despite the worsening Anglophone Crisis.

In a statement on Wednesday, December 26, 2018, the Executive Board of the IMF said it had completed the third review of an arrangement under the extended credit facility arrangement for Cameroon.

In completing the third review, the Executive Board also approved the authorities’ request for a waiver for the non-observance of the performance criterion on the ceiling on net BEAC financing, and the modification of two performance criteria pertaining to the ceiling on net borrowing of the central Government from the Central Bank, excluding IMF financing, and the continuous performance criterion on new non-concessional external debt contracted or guaranteed by the Government.

The release of $76.3 million brings the total disbursement by the IMF to the Government of Cameroon to approximately $438.9 million.

Cameroon’s three-year arrangement for about $667,8 million (or 175 per cent of Cameroon’s quota), was approved on June 26, 2017.

It aims at supporting the country’s efforts to restore external and fiscal sustainability and lay the foundations for sustainable, inclusive and private sector-led growth.

 

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