12 May 2013

Cameroon: IMF Recommends Strengthened Reforms for Cameroon's Emergence

The International Monetary Fund, IMF, Director for African Department, Antoinette Sayeh says for Cameroon to become an emerging country by 2035, the country requires significant strengthening of structural reforms, environment for the private sector and continuous infrastructure investment.

The IMF senior official made the recommendation in Yaounde on May 11 at the Star Building after leading a delegation that had discussions with Prime Minister, Head of Government, Philemon Yang. Cameroon's Finance Minister, Alamine Ousmane Mey, was present for the discussions among others. Before the Star Building discussions, Antoinette Sayeh launched the May 2013 report on the Regional Economic Outlook, Building Momentum in a Multi-speed World with focus on Sub-Saharan Africa.

Talking about Cameroon's economic perspectives, Antoinette Sayeh told reporters that, "Cameroon is doing reasonably well on the growth side and certainly has to continue to grow, not withstanding the pressures from the global front." As a prerequisite for attaining emergence by 2035, she advised that, "Cameroon has to accelerate growth and improve the business environment for the maximum impact of infrastructure investment to be felt."

The Star Building discussions, the IMF Director for Africa said, served as an opportunity for the Prime Minister to be briefed on the report on global and regional economic outlook. They more importantly discussed ways of deepening Cameroon-IMF relations which for now are not financial as the institution has not lent any money to Cameroon. Relations, Antoinette Sayeh said focused on partnership in areas of policy support the IMF provides to government in making budgetary and micro-economic choices, technical assistance and sharing experiences from other countries.

Saudi Ambassador

Prime Minister Philemon Yang on Friday, May 10 equally had discussions with the outgoing Ambassador of Saudi Arabia to Cameroon, Mamoud Bin Hussein Qattan. Talking to reporters, the Saudi diplomat said cooperation between the two countries is good, citing some projects his country has financed in Cameroon. He expressed the wish to see economic and trade cooperation further strengthened.

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