The mission of the International Monetary Fund (IMF), which stayed in Cameroon from 24 October to 3 November, as part of the follow-up of the program supported by the Extended Credit Facility (ECF) concluded in June 2017, rather displays the optimism in the conduct of this program by the Cameroonian government.
In an official statement, published on November 3, 2017, the mission led by Corinne Deléchat concludes that “the country’s economic program remains on track, despite a difficult environment. All the quantitative performance criteria established in the program by the end of June 2017 have been met. In addition, all structural benchmarks until the end of October have been implemented, with the exception of two benchmarks that have been modified and reprogrammed. The authorities have also implemented measures to increase revenue, improve the transparency of budget execution, strengthen cash management and maintain the stability of the financial sector “.
Faced with the efforts thus made by the Cameroonian side in the implementation of the three-year program with this Bretton Woods institution, the Deléchat mission states that it has “concluded an agreement with the authorities (Cameroonian)“, which agreement “could facilitate the approval of the first review “of the program.
This review, the IMF continues, will allow “a second disbursement of 82.8 million SDRs, or about $ 116.3 million (about 65.8 billion CFA francs)“, if approved by the Board of Directors of this institution “planned provisionally, by mid-December 2017 “.
For the record, the program concluded between Cameroon and the IMF last June, is supported by an Extended Credit Facility for a total amount of $ 666 million (more than 370 billion FCfa) to be disbursed over a period of 3 years, subject to half-yearly reviews.
An immediate disbursement of US $ 171.3 million (about CFAF 97 billion) has already been made at the beginning of July, and could therefore be followed by a second disbursement of about CFAF 65.8 billion as of next December. .