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Yaoundé - 04 August 2020 -
Finance

Cameroon: IMF to approve XAF329 billion ECF budget aid this year

Cameroon: IMF to approve XAF329 billion ECF budget aid this year
  • Comments   -   Friday, 17 May 2019 15:59

(Business in Cameroon) - Cameroon is expecting an aggregate amount of XAF329 billion in budget support under the 3-year economic and financial program (2017-2019) with the International Monetary Fund (IMF).

In detail, the country will receive XAF99 billion from the African Development Bank, XAF66 billion from the French Development agency, XAG56 billion from the World Bank. The European Union will contribute XAF23 billion while the IMF will give XAF86 billion.

Yet, the funding is subject to approval of the program reviews. The latest review, led by Corinne Deléchat, took place in Yaoundé from April 23 to May 3, 2019. “The IMF team has reached an agreement with the authorities on economic and financial measures that could support the approval of the fourth review of their program under the Extended Credit Facility (ECF) over three years,” Deléchat said.

She suggested that the IMF Executive Board could make a fifth disbursement of $76.5 million (nearly XAF45 billion) to Cameroon by the end of June 2019. This will pave the way to budget support from the other partners mentioned above.

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