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Yaoundé - 22 October 2019 -
Finance

Cameroon must refrain “from new non-concessional borrowing and strictly adhere to the disbursement plan” (Mitsuhiro Furusawa)

Cameroon must refrain “from new non-concessional borrowing and strictly adhere to the disbursement plan” (Mitsuhiro Furusawa)
  • Comments   -   Friday, 19 July 2019 12:22

(Business in Cameroon) - In the note published on July 17, 2019, concerning the disbursement of a new tranche of XAF45 billion to Cameroon, IMF’s deputy managing director Mitsuhiro Furusawa (photo) formulated some recommendations for a better implementation of the national programme backed by the extended credit facility.  

Refraining from new non-concessional borrowing and strictly adhering to the disbursement plan for contracted-but-undisbursed loans are essential to preserving debt sustainability. Further project prioritization and enhanced investment efficiency will help address developmental needs while supporting prudent debt management,” Mitsuhiro Furusawa indicated in the release.

The deputy managing director adds that the improvement of large public groups’ financial sustainability with performance contracts and targeted reforms of the prices will reduce subsidies and mitigate contingent liability.

Cameroon is also advised to improve its financial inclusion, business environment and governance to boost the development of the private sector and competitiveness. “In particular, further strengthening EITI compliance and the AML/CFT framework are essential to promoting private sector-led growth and attracting foreign investment,” he continued.  

Finally, M. Furusawa indicated that Cameroon’s extended credit facility is still supported by foreign exchange rules and monetary measures and reforms from regional institutions to boost the region’s external reserves, which are a condition for success.  

The 3-year programme with Cameroon was approved on June 26, 2017, for about $666.9 million (close to XAF400 billion) of support. The conclusion of the fourth review confirms the disbursement of $76.2 million to Cameroon. This increases the volume of funds provided to Cameroon in the framework of this programme to about $514.5 million (XAF300 billion).

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