(Business in Cameroon) - On July 17, 2019, the IMF’s administrative board finally completed the fourth review (reported in June 2019) of the 3-year economic programme with Cameroon.
The positive conclusion of this review entitles Cameroon to close to $76.2 million (about XAF45 billion). This will increase the total of funds received by the country in the framework of the 3-year plan to about $514.5 million (close to XAF300 billion).
“Cameroon’s performance under the ECF-supported program has improved from a year ago. Most end-December 2018 targets including the fiscal deficit have been met, and structural reforms are advancing," said Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, in a communique.
However, Cameroon needs to enhance budgetary discipline to reach its end-2019 goals as indicated in the programme, and also reduce external risks and security problems, Mitsuhiro Furusawa indicated. "Reducing recourse to exceptional spending procedures and completing the Treasury Single Account reform will support the steadfast implementation of the 2019 budget while improving cash management and the transparency of budget execution," the deputy managing director added.
The 3-year plan was approved on June 26, 2017, for the disbursement of about $66.9 million (close to XAF400 billion). It is aimed at supporting the country’s efforts in the restoration of external and fiscal sustainability.