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Yaoundé - 19 March 2019 -
Finance

Cameroon to receive CFA46bn subsequent to the third review of IMF's economic program

Cameroon to receive CFA46bn subsequent to the third review of IMF's economic program
  • Comments   -   Monday, 12 November 2018 16:21

(Business in Cameroon) - The IMF mission to Cameroon led by Corine Delechat, as part of the third review of the “Extended Credit Facility” ended their program today November 15.

Following a meeting with the finance minister, Louis Paul Motaze, and the minister of economy, Alamine Ousman Mey, Mrs. Delechat said this third review is considered “satisfactory”. Cameroon experienced a gradual growth recovery with 3.8% expected for 2018 coupled with a better control of inflation. “This will allow the disbursement of CFA46 billion (instead of the CFA60 billion announced at the beginning of the mission) at the end of this third review. This equates to a cumulative amount of CFA85 billion for 2018 and CFA245 billion since the program began in June last year,”  the head of mission said. Subsequent to the IMF support, development partners including World Bank, the African Development Bank and the French Development Agency are expected to grant Cameroon CFA300 billion.

Concluded on 26 June 2017 and covering the 2017-19 period, this IMF economic scheme with Cameroon plans the deployment of a number of budget reforms and a budget support amounting to a total of $680.7 million (CFA396 billion).  

Sylvain Andzongo

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