Privacy Overview
This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
30, July 2021
Financing the Yaoundé Crime Syndicate: IMF approves $689.5 million for Cameroon to help with COVID-19 impact 0
The International Monetary Fund (IMF) said on Thursday its board had approved a three-year financing deal for Cameroon worth $689.5 million to help the Central African nation’s economy recover from the COVID-19 pandemic and to support promised reforms.
The arrangement allows for the immediate disbursement of the equivalent of $177.2 million for budget support, the Fund said in a statement.
“Cameroon faces significant development challenges heightened by the pandemic. An upsurge in COVID-19 cases since January 2021, has raised concerns about growth prospects,” it said. “Steadfast commitment to strengthen transparency and good governance and reduce corruption risks will be crucial.”
The coronavirus crisis and trade shocks from a sharp fall in oil prices led Cameroon’s economy to contract 1.5%, according to IMF estimates.
A gradual recovery could see the economy posting growth of 3.6% in 2021 and 4.6% in 2022, the Fund said.
Source: Reuters