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IMF warns Cameroon over breaching the fundraising threshold by CFA100bn

IMF warns Cameroon over breaching the fundraising threshold by CFA100bn
  • Comments   -   Thursday, 16 August 2018 12:50

(Business in Cameroon) - Cameroon’s external fundraisings to-date since the year began tops CFA698.1 billion, far above the CFA596 billion threshold set by the nation’s 2018 finance law. This was revealed by the finance minister, Louis Paul Motazé (photo), in an Aug 9 official correspondence.

The volume which includes both effectively disbursed funds (CFA404 billion) and funds pending disbursement is up by a little over CFA100 billion from the limit, putting the country in troubled relations with the International Monetary Fund (IMF). Indeed, Cameroon is committed to a very stringent Economic and Financial program (EFP) with the institution, for public resource management and indebtedness.

The official also announced, in a letter addressed to Alamine Ousmane Mey, the economy minister, the “freezing of external fundraisings,” excluding “funds related to AFCON 2019 projects”, the great African football mass that Cameroon will host as of next June.

“I deem it urgent to evaluate, jointly with the IMF, possibilities to increase the limit for the 2018 financial year and consider more realistic budget limit forecasts for the following year,” wrote Louis Paul Motazé.

Brice R. Mbodiam

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