IMF approves $689.5 mln for Cameroon to help with COVID-19 impact

DAKAR — Reuters The International Monetary Fund (IMF) said on Thursday its board had approved a three-year financing deal for Cameroon worth $689.5 million to help the Central African nation’s economy recover from the COVID-19 pandemic and to support promised reforms.

The arrangement allows for the immediate disbursement of the equivalent of $177.2 million for budget support, the Fund said in a statement.

“Cameroon faces significant development challenges heightened by the pandemic. An upsurge in COVID-19 cases since January 2021, has raised concerns about growth prospects,” it said. “Steadfast commitment to strengthen transparency and good governance and reduce corruption risks will be crucial.”

The coronavirus crisis and trade shocks from a sharp fall in oil prices led Cameroon’s economy to contract 1.5%, according to IMF estimates.

A gradual recovery could see the economy posting growth of 3.6% in 2021 and 4.6% in 2022, the Fund said. (Reporting by Alessandra Prentice; Editing by Sandra Maler)

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4 comments

  1. Sure enough, we all know there’s a bunch of “legal” miscreants waiting in line to get their own piece of this pie. By the time it reaches the common man, probably just 500K will be left. The vicious cycle just keeps circling.

  2. Approve money for war funding in Ambazonia. We will bleed you all to the bank again in a few month. This frenchnback conspiracy disguised as loans will not safe LRC.

  3. The marriage is over,
    They should just sign the divorce papers.

  4. Biya, told Mo Ibrahim that their plan – Ahidjo, Biya and France, to assimilate SC, has failed.
    Today, even the war to conquar and finalize the assimilation process, has met the worst
    resistant. Money and weapons, have failed. Therefore, come to the table for the mouth to
    mouth final blow by the no nonsense generation of SC.