Yaoundé - 26 February 2024 -

Cameroon secures $183.4mln IMF fund to strengthen resilience and sustainability

Cameroon secures $183.4mln IMF fund to strengthen resilience and sustainability
  • Comments   -   Wednesday, 31 January 2024 17:09

(Business in Cameroon) - The International Monetary Fund (JMF) agreed to provide $183.4 million to support Cameroon’s economic resilience and sustainability. The disbursement, approved under the Resilience and Sustainability Mechanism (RSF) on January 29, equates to a little more than CFA111 billion at the current exchange rate.

The RSF, according to the Bretton Woods institution, is a facility that "provides affordable long-term financing to countries undertaking reforms to reduce risks to prospective balance of payments stability, including those related to climate change and pandemic preparedness." Cameroon, being a fragile state facing conflicts, grapples with significant risks linked to climate change, including an imminent threat to livelihoods and potentially substantial production losses. These challenges could exacerbate food insecurity, and conflicts, and worsen poverty, inequality, and population displacements. The country's regional diversity exposes it to various climate-related events such as droughts, floods, and coastal erosion.

Kenji Okamura, the Deputy Managing Director and Acting Chair of the IMF emphasized that if not addressed appropriately, climate change could hinder the accumulation of human capital and jeopardize development and inclusive growth.

The disbursements related to the new facility for Cameroon, notes the IMF, will commence upon the conclusion of the first review of the RSF, spanning 18 months. This timeframe coincides with "the remaining 18 months for the implementation of agreements under the Extended Credit Facility and Extended Fund Facility, approved in July 2021 and extended in December 2023. The aim was to support the country's economic and financial reform program.

For over two months, households and businesses across seven of Cameroon's ten regions connected to the Southern Interconnected Grid (RIS) have been...
To facilitate the import of 190,000 tons of rice from India in March and April 2024, the Cameroon Government has offered a special incentive to importers...
The National Institute of Statistics recently issued a statement, providing data on Cameroon’s trade exchanges in 2022. According to the document,...
Cameroon experienced a "spectacular" surge in revenues from liquefied natural gas (LNG) exports in 2022, data from the national stats agency INS showed....

Mags frontpage

Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer

Albert Zeufack: “Today, the most important market is in Asia”

Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir

Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »