Cameroon-IMF The evaluation of the third ongoing review

Cameroon-IMF The evaluation of the third ongoing review

It was launched on 5 January 2023 in Yaounde with a working session between Alamine OUSMANE MEY, the Minister of the Economy, Planning and Regional Development, and Cemille SANCAK, Head of the International Monetary Fund’s mission.

An August International Monetary Fund’s mission visited Cameroon from 5 to 18 January 2023. It was in the framework of evaluating the third review of the 2021-2024 Economic and Financial Programme with the IMF and supported by the Extended Fund Facility and Extended Credit Facility. The team led by Cemille SANCAK discussed with Alamine OUSMANE MEY about the macroeconomic situation and short-term economic prospects of Cameroon. According to the Head of the IMF mission, the two teams discussed lengthy about the implementation of structural indicators of the Economic and Financial Programme such as: measures to increase the country’s budgetary space for financing productive investments, the acceleration of structural reforms to support economic diversity, and the prudent management of the public debt in order to strengthen its sustainability. After the discussions, Cemille SANCAK praised the resilience of the Cameroonian economy in the face of exogenous shocks that hit the world economy since 2021 such as Covid-19 and the Russian- Ukrainian crisis. Despite this gloomy global economic climate, Cameroon has significant macro-economic indicators in 2022: a growth rate around 3.8% compared to 3.6% in 2021 and a projection of 4.2% in 2023; an external position representing about 4 months of imports, etc. This performance allows Cameroon to guarantee its march towards emergence.

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