IMF approves disbursements for Cameroon’s recovery

The International Monetary Fund (IMF) has concluded its First Review of the Resilience and Sustainability Facility (RSF) and the Sixth Review of the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) for Cameroon. This enables immediate disbursements of US$ 72.7 million under the ECF-EFF and $ 45.4 million under the RSF.

Cameroon’s economic recovery continues despite challenges. The country’s growth for 2023 is estimated at 3.3 per cent, expected to rise to 3.9 per cent in 2024. Inflation moderated to 5.9 per cent by end-2023, with a further decline to 5.5 per cent expected by end-2024.

Authorities have made progress on economic reforms. Accelerating reforms in public financial management, structural transformation, and climate change adaptation and mitigation is crucial. The IMF’s approval includes waivers for minor nonobservance of performance criteria. Maintaining fiscal discipline, strengthening revenue mobilisation, and improving financial management are key to macroeconomic stability.

The ECF-EFF supports Cameroon’s post-COVID-19 recovery, fiscal sustainability, and inclusive growth. The RSF aids climate change adaptation, institutional framework enhancement, and climate financing attraction. The IMF commends Cameroon’s progress but stresses the need for continued reforms, including bank recapitalisation, addressing corruption, and strengthening the anti-money laundering regime to support sustainable growth.

Attribution: IMF.