Yaoundé secures $400mln from World Bank in new funding deals ⁰

Biya regime secured $400 million (about CFA239.6 billion at the current exchange rate) from the World Bank to improve public finance management and promote sustainable, inclusive growth. According to a statement from the World Bank, the funds will be provided through two new financing deals. The first will offer budget support to help Cameroon boost its efforts toward inclusive and sustainable growth while enhancing its resilience to climate change. The World Bank highlighted that Cameroon’s economy is grappling with rising budgetary pressures and growing external financing needs. This support will help the government implement bold reforms to improve fiscal sustainability, strengthen social services, and lay the groundwork for long-term infrastructure development. “This operation is expected to have significant positive impacts that would enhance economic and social development in Cameroon,” said Cheick Fantamady Kante, the World Bank’s operations director for Cameroon.

The second operation, called “Improving Performance, Accountability, and Transparency (IMPACT),” focuses on boosting Cameroon’s domestic resource mobilization. The aim is to improve the equitable and efficient use of public funds, which will, in turn, support critical services like healthcare and water supply. Henri Fortin, the team leader for this operation, emphasized that IMPACT will provide the government with additional resources to fulfill its core functions and improve accountability. The operation will also help Cameroon manage its public finances in a way that is more responsive to climate and gender considerations.

Source: Business in Cameroon