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Yaoundé - 26 February 2024 -
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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.

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