IMF, Cameroon reach $74.6m staff-level agreement
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IMF, Cameroon reach $74.6m staff-level agreement

The International Monetary Fund (IMF) and Cameroon have reached a staff-level agreement that will give the country access to $74.6 million

Cameroon would access the fund, once IMF Board formally completes the review, IMF said in a statement on Monday.

The announcement followed IMF’s mission to Cameroon in January and virtual meetings to discuss progress on reforms and policy priorities.

These were in context of the third review of the programme, supported by Extended Credit and Extended Fund facilities arrangements.

“The mission has reached staff-level agreement with the Cameroonian authorities.

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“The agreement is on the economic and financial policies that could support the approval of the third review of the programme,” IMF mission chief for Cameroon, Cemile Sancak, said in the statement.

“Conclusion of third review by IMF Board scheduled for March 2023 would enable the disbursement of $74.6 million,” she added.

Cameroon’s economy grew at an estimated 3.4 per cent in 2022, up from 3.6 per cent in 2021.

It is projected to reach 4.3 per cent growth this year, the statement said.

Headline inflation may reach six per cent at the end of 2022.

Food prices due to higher import costs and domestic supply pressures drove the inflation. (Reuters)

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