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Cameroon: IMF welcomes economic recovery


# Other countries : The International Monetary Fund welcomed the third review of the three-year economic program with the country 2017-2020. As a result, the financial institution will provide an additional 46 billion CFAF within the extended credit facility.

The restoration of the work of the third review of the three-year economic program 2017-2020 between Cameroon and the International Monetary Fund (IMF) took place on Monday, November 12, 2018, in the capital of Yaounde. It was a presence of Cameroon's ministers in charge of finance and the economy. The IMF delegation was head of Corinne Delechat. After a week of working behind closed doors with the Cameroon authorities, the latter welcomed the press.

"We have a gradual recovery in growth in 2018. We are going from 3.5% in 2017 to 3.8% in 2018. This will allow for the disbursement of some CFA 46 billion CFA or 85 billion CFA francs a total for the year and a cumulative 240 billion CFA from the beginning of the program (…) The prospects for 2019 are to continue to grow to 4.4%, "said the head of the IMF delegation.

The good performance of Cameroon's economy is particularly favored by the gradual recovery of performance indicators, controlled inflation, dynamic non-oil activity and rising growth rates.

READ ALSO: Cameroon-IMF: a three-year plan under negotiation

However, in order to keep pace, the Government of Cameroon should continue to control the budget deficit, reduce the state's lifestyle, diversify the economy, etc. Budget support is also expected from other development partners such as the World Bank , the African Development Bank (AfDB) and the French Development Agency (AFD). Completed in June 2017, the economic program between Cameroon and the IMF provides for budget reforms and global support of about CFA 378 billion CFA.

Following the presentation of this review to the IMF Executive Committee in December and following the release of the announced funds, Cameroon will have received about CFA 286 billion in this extended credit facility.

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