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Africa > Cameroon

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Cover IMF Staff Country Reports
Cameroon: Third Reviews Under the Extended Credit Facility and the Extended Fund Facility Arrangements, and Requests for Waivers for Performance Criteria Applicability, Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon
International Monetary Fund. African Dept.
Cameroon, a fragile and conflict affected state, proved resilient to the COVID- 19 shock but is now facing increased challenges in an uncertain global environment. The recovery, which was supported by higher oil prices and non-oil production in 2021, continued in 2022, against the backdrop of Russia’s war in Ukraine, inflationary pressures, supply chain disruptions, and tight global financial conditions. Cameroon has successfully completed two reviews since the approval in July 2021 of the three-year arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for SDR 483 million (about US$689.5 million, or 175 percent of quota). Completion of the third review will allow the total disbursement of SDR 55.2 million (about US$73.3 million).
Keywords:
EFF review discussion; IMF team; paced borrowing policy; transparency policy; mechanism reform; Energy subsidies; Credit; Fiscal stance; Global; Central Africa
Cover IMF Staff Country Reports
Central African Economic and Monetary Community: Staff Report on the Common Policies of Member Countries, and Common Policies in Support of Member Countries Reform Programs-Press Release; Staff Report; and Statement by the Executive Director
International Monetary Fund. African Dept.
CEMAC is broadly benefiting from the positive terms of trade shock amidst the fallout from Russia’s war in Ukraine. Post-pandemic economic recovery is taking hold, albeit slowly, supported by high oil prices and the lifting of COVID-19 containment measures. External reserves have started to build up, though still short of the desired level, owing in part to costly untargeted energy and food subsidies. Global inflation pressures have passed through to domestic prices, putting pressure on r