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Mr. Nicolas R Blancher, Maximiliano Appendino, Aidyn Bibolov, Mr. Armand Fouejieu, Mr. Jiawei Li, Anta Ndoye, Alexandra Panagiotakopoulou, Wei Shi, and Tetyana Sydorenko

. The development of SME capital market segments is hampered by the under-development of broader capital markets in MENAP and CCA countries. In the region, capital markets, including credit and equity markets, are small relative to those in other regions. Bond issuance is for the most part limited to governments and large corporations. A full ecosystem needs to be in place to support the development of different market segments and instruments serving SME financing needs. 2 The requirements for such an ecosystem include fundamentals such as adequate macroeconomic

Mr. Nicolas R Blancher, Maximiliano Appendino, Aidyn Bibolov, Mr. Armand Fouejieu, Mr. Jiawei Li, Anta Ndoye, Alexandra Panagiotakopoulou, Wei Shi, and Tetyana Sydorenko
The importance of financial inclusion is increasingly recognized by policymakers around the world. Small and medium-sized enterprise (SME) financial inclusion, in particular, is at the core of the economic diversification and growth challenges many countries are facing. In the Middle East and Central Asia (MENAP and CCA) regions, SMEs represent an important share of firms, but the regions lag most others in terms of SME access to financing.
International Monetary Fund. African Dept.

. Regarding the SME bank, the approval of its new business model elaborated with World Bank technical assistance is now expected by end- September 2019 following a study on SME financing needs. Fostering Governance and a Conducive Business Environment 17. Cameroon has made progress in the World Bank’s 2019 Doing Business, notably in streamlining procedures, digitalizing business applications, reducing property registration costs, and facilitating contract enforcement. The authorities will build on these achievements to further improve the business climate, notably

International Monetary Fund. African Dept.

reduction. They will continue to promote access to finance for SMEs and the public, notably through the updated financial inclusion strategy. They are reviewing the economic model of the SME Bank, and will draw from the findings of the assessment of SMEsfinancing needs and consult with the Fund to make an informed decision on a new model by end-March 2019. IV. Conclusion 21. Our Cameroonian authorities remain steadfast in implementing their policy and reform agenda under the ECF-supported program and their agenda consistent with CEMAC strategy of exit from

International Monetary Fund. African Dept.

-bound resolution plan minimizing fiscal costs agreed with the shareholders and the IMF is to be submitted to the COBAC by end-July and approved by the government by end-October 2019 (August 2019 SB, proposed to be reset). The adoption of a new business model for the SME bank was delayed to end-September 2019 to allow for the finalization of a supporting study on SME financing needs and a technical assistance by the World Bank on a viable business model (March 2019 SB, proposed to be reset). F. Enhancing Governance and the Business Climate 28. Staff welcomed the

International Monetary Fund. Asia and Pacific Dept

, Japan and Switzerland is as of end-2011. B. Staff Views 53. Impediments to the financial sector contributing more to growth should be removed. As noted above, SME financing needs an overhaul. The drivers of weak banking sector profitability should also be addressed. These include curbing pressures on banks to cut interest rates and fees which may depress bank profits and limit the availability of credit for higher risk borrowers. In this regard, a balance needs to be found between consumer protection and banks’ soundness; and in removing disincentives for

International Monetary Fund. African Dept.
This paper discusses Cameroon’s Fourth Review Under the Extended Credit Facility Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criteria. Growth is estimated to have rebounded to 4 percent in 2018, supported by stronger-than-anticipated oil and gas production and Africa Cup of Nations projects. Program implementation has improved from a year ago, however, challenges remain. Refraining from new nonconcessional borrowing and strictly adhering to the disbursement plan for contracted-but-undisbursed loans are essential to preserving debt sustainability. Further project prioritization and enhanced investment efficiency will help address developmental needs while supporting prudent debt management. Cameroon’s program continues to be supported by the implementation of supportive policies and reforms by the regional institutions in the areas of foreign exchange regulations and monetary policy framework and to support an increase in regional net foreign assets, which are critical to the program’s success.
International Monetary Fund. African Dept.
President Biya was re-elected as President of Cameroon on October 7 by a large margin, amidst some violence in anglophone regions. Growth is projected to gradually increase from 3.5 percent in 2017 to 3.8 percent in 2018, driven by construction activity ahead of the Africa Cup of Nations (CAN) and large infrastructure projects. Fiscal consolidation as of end-June was in line with program objectives, but faces significant headwinds in the second half of the year owing to accelerating capital spending and revenue shortfalls. The goods trade balance worsened significantly in H1 and private capital outflows increased, contributing to a slower-than-anticipated buildup of external buffers. The medium-term outlook remains positive with growth expected to increase to 4.4 percent in 2019 and reach 5 percent in the medium-term. Risks from heightened global uncertainty, insufficient adjustment at the regional level, and continued insecurity in the anglophone regions are increasing.