Cameroon economy to recover slightly in 2018-IMF

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APA – Douala (Cameroon) Cameroon’s economy could recover in the coming months, with a projected growth rate of 4.2 percent in 2018, compared with 4 percent in 2017, a few months after the implementation of the three-year program on the Extended Credit Facility (ECF) worth 390 billion CFA.

An economic recovery triggered by several factors, among others, improving public governance, bringing the new offshore natural gas platform into production, carrying out structuring projects in the hydroelectric, port, transport and telecommunications sectors, as well as all the infrastructures to be set up in view of the organization of the African Cup of Nations (CAN) 2019 in Cameroon.

“The current finding is that, compared to the targets set in the program approved in June, the performance is good. These are still preliminary data, but the budget execution is in line with what was set. At the level of the structural reforms, there is a progress compared to the model on which we agreed,” said Corinne Delechat head of the IMF assessment mission in Cameroon.

The presence of IMF delegation is part of the preparation of the first review in October of Cameroon’s triennial economic program signed with the IMF last June.

In particular, it enabled the IMF team to review the mid-year budget implementation of the year and better prepare for the “crucial deadline” of October, during which we will know better the direction taken by Cameroon to recover its economy.

“Measures have been put in place namely regular publication of budget execution, structure of hydrocarbon prices and other measures to improve transparency in public finances. We have a very positive appreciation and we thank the Cameroonian authorities for their commitment, their determination to truly assume the leadership role at the regional level, to participate in this concerted effort to revive the region,” she insists.

Given the weight of the Cameroonian economy in the Central African Economic and Monetary Community (CEMAC), “Cameroon has a role to play and we commend the authorities’ determination to carry out this project,” the IMF experts said.

APAnews

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