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    Cameroon to receive the sixth US$76.1 million disbursement from the IMF [IMF Executive Board Decision]

    Cameroon to receive the sixth US.1 million disbursement from the IMF [IMF Executive Board Decision]

    January 22, 2020. IMF Executive Board Completes Fifth Review of the Extended Credit Facility Arrangement for Cameroon.

    • Cameroon to receive the sixth US$76.1 million disbursement from the IMF.
    • Program implementation in 2019 was mixed and faced challenges.
    • Despite short-term headwinds, the medium-term growth outlook remains broadly positive.

    The Executive Board of the International Monetary Fund (IMF) today
    completed the fifth review of the arrangement under the Extended Credit
    Facility (ECF) for Cameroon. The completion of the review enables the
    disbursement of SDR55.2 million (about US$76.1 million), bringing total
    disbursements under the arrangement to SDR427.8 million (about US$590
    million).

    The Executive Board also approved the authorities’ request for a waiver of
    nonobservance of the continuous performance criteria on the
    non-accumulation of new external payments arrears, based on the corrective
    actions taken by the authorities.

    Cameroon’s three-year arrangement was approved on June 26, 2017 for SDR 483
    million (about US$666.1 million, or 175 percent of Cameroon’s quota— see

    Press Release No.17/248

    The arrangement aims at supporting the country’s efforts to restore
    external and fiscal sustainability and to lay the foundations for a more
    sustainable, inclusive and private sector-led growth.

    Following the Executive Board discussion, Mr. Mitsuhiro Furusawa, Deputy
    Managing Director and Acting Chair, made the following statement:

    “Cameroon’s performance under the ECF-supported program has been mixed. All
    end-June 2019 performance criteria have been met but four out of the five
    indicative targets for end-June were missed. Structural reforms are
    advancing but with delays.

    “Cameroon is supporting the CEMAC’s regional external and financial
    stability through fiscal consolidation and enforcement of foreign exchange
    regulations. It will be important to also fully align the new Petroleum
    Code with the BEAC’s foreign exchange regulation.

    “Staying the course on fiscal consolidation is essential for building fiscal
    and external buffers. The authorities are encouraged to broaden the non-oil
    revenue base, reduce discretionary tax exemptions, combat tax fraud and
    evasion, and enhance tax and customs administration. Completion of the
    Treasury Single Account reform and reduced recourse to direct interventions
    and exceptional spending procedures will help improve cash management and
    budget execution and strengthen fiscal transparency and budget credibility.

    “Urgently addressing financial and fiscal risks associated with the National
    Oil Refinery (SONARA) is critical. SONARA’s corporate restructuring should
    be based on a thorough cost-benefit analysis of all available options. The
    planned audits of four large state-owned enterprises (SOEs) and the
    clearance of government cross-debts with state-owned enterprises and of
    government arrears will help mitigate contingent risks.

    “Cameroon is at high risk of debt distress. To safeguard debt
    sustainability, it is important to strictly adhere to the disbursement plan
    for contracted-but-undisbursed loans and to limit nonconcessional borrowing
    to macrocritical projects for which concessional financing is not
    available.

    “Enhancing the business climate and governance is key to promoting private
    sector-led and inclusive growth. Bold actions must be taken to strengthen
    contract enforcement, improve compliance with the Extractive Industry
    Transparency Initiative (EITI) recommendations and AML/CFT standards,
    reduce nonperforming loans, and resolve ailing banks. Further steps to
    diversify the export base and enhance investment efficiency remain
    essential to unlock Cameroon’s growth potential.

    “Cameroon’s program continues to be supported by policies and reforms by the
    regional institutions in the areas of foreign exchange regulation and
    monetary policy and a recovery in regional net foreign assets that is
    critical to the program’s success.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Lucie Mboto Fouda

    Phone: +1 202 623-7100 Email: MEDIA@IMF.org

    @IMFSpokesperson

    Cet article a été écrit et publié en premier par le FMI

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