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Yaoundé - 21 June 2021 -
Public management

The new economic program could fetch XAF375 bln budget support for Cameroon

The new economic program could fetch XAF375 bln budget support for Cameroon
  • Comments   -   Monday, 17 May 2021 18:15

(Business in Cameroon) - The Cameroonian government is currently stepping up its efforts to get its new 2021-2024 economic and financial program approved by June 2021. The discussions started between the two partners on May 5, 2021, are expected to be concluded next May 21 with a 3-year program.
According to local media Défis Actuels, the said program will be backed by a XAF375 billion budget support. Also, it will be a good signal for investors, notably those interested in the XAF450 billion refinancing operation Cameroon is currently planning.

"The two projects [the 3-year program and the refinancing operation] have beneficial implications for each other. An agreement with the IMF will have positive impacts on the Eurobond operation because investors are reassured when the issuing country is under an IMF program. Also, the Eurobond refinancing operation positively influences the IMF program because it can change the country’s indebtedness profile and open new debt avenues…,” Défis Actuels wrote quoting a source within the Technical Committee for the Monitoring of Economic Programs (CTS).

According to the schedule presented by the Directorate General of Customs (DGD), “the feedback from those discussions will be presented in two phases. First, they will be presented to the Ministers of Finance and Economy on Wednesday, May 19, 2021. The second phase is the presentation to the Prime Minister, on May 21, 2021.”

The 2021-2024 program will replace that of 2017-2020 initially scheduled to end on June 25, 2020, but extended to September 30, 2020. This extension was requested by Cameroon due to the fallouts of the coronavirus pandemic on public finances.
Brice R. Mbodiam

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