(Business in Cameroon) - Cameroon got the third review of its 2021-2014 IMF-led program approved last March 8, despite unmet goals. “Cameroon’s performance under the program is mixed. Two of the six quantitative performance criteria at end-December 2022 and three of the five indicative targets at end-June and end-September 2022 were missed. While important steps have been taken to advance long delayed structural reforms, progress is lagging in some key areas. The authorities have resolved to implement corrective measures to address missed targets and accelerate reforms more broadly,” said Antoinette Sayeh, IMF Deputy Managing Director and Acting Chair.
Although the financial institution provides few details on the three missed indicative targets, it explained that the review was validated following two waivers of nonobservance for performance criteria granted to the country. One covered the failure to meet the minimum non-oil primary balance at the end of December 2022 and the second “the continuous zero ceiling on the accumulation of new external payments arrears”.
“These waivers of nonobservance were approved due to the corrective actions taken by the authorities, and the temporary nature of the non-observance, respectively. In addition, the Executive Board approved a waiver of applicability for three end-December 2022 performance criteria, for which data is not yet available, and there is no evidence that they were not observed,” the IMF said, meaning that overall, waivers were granted for five of the six achievement criteria.
Let’s recall that these waivers had already been granted to Cameroon during the validation of the 1st and 2nd reviews.