30 August 2017

Cameroon: IMF Extended Credit Facility - Cameroon On Track

The head of an IMF team yesterday commended the country's determination to stick to the objectives of the Bretton Woods institution's programme after a working visit.

Cameroon is making progress vis-à-vis the implementation of a three-year programme of the International Monetary Fund (IMF) on the Extended Credit Facility, findings of an IMF team on working visit to the country has shown. The IMF team, led by Cameroon Mission Chief Corinne Delechat, rounded off their informal working visit yesterday August 29, 2017. After a meeting with the Minister of Finance, Alamine Ousmane Mey and the Minister of the Economy, Planning and Regional Development, Louis Paul Motaze, as well as other government officials, Corinne Delechat told reporters they came to Yaounde to prepare for the first review of the Extended Credit Facility programme Cameroon agreed with the IMF in June 2017. The review is expected to take place in October 2017. "This visit was an opportunity to have a first look at data for the first half of the year and discuss with authorities about the performance and perspectives for the rest of the year and next year. Based on the programme and objectives we had set in June, the performance so far is really in line with what we had agreed," Corinne Delechat said. The experienced macroeconomist with strong operational and analytical skills noted that Cameroonian authorities are really determined to stick to the objectives of the programme. "There has also been progress on structural reforms," she noted, citing a report on budget execution which has been published. The Cameroon Mission Chief said the move is a measure to improve transparency and communication between the government and the public. She also lauded other measures taken by Cameroon in terms of strengthening management of public finances and improving the business environment. It should be recalled that on Monday June 26, 2017, the Executive Board of IMF approved a US$ 666.2 million package, approximately FCFA 388.2 billion, for Cameroon under the Extended Credit Facility. The IMF statement which followed the approval also announced the Board's decision to immediately disburse US$ 171.3 million (about FCFA 99.8 billion) to Cameroon and to give the rest of the package over the three-year duration of the loan. The intervention of the IMF came less than six months after the six Heads of State of the central African sub-region moved towards the institution which seeks to ensure financial stability.

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