IMF, Cameroon reach $74.6m staff-level agreement
Economy Foreign News

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.

Read Related News:

Ghana ruling party MPs asks president to sack finance minister

Kenya to help small businesses on funding

“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)

Do you have a flair for Citizenship Journalism? Share story(ies) of happenings in your area with The NewsZenith on WhatsApp: 08033668669 or thenewszenith@gmail.com

2 Comments

  • Naomit June 28, 2024

    This was both amusing and educational! For those interested, visit: EXPLORE NOW. Looking forward to the discussion!

  • Gwinnettt June 28, 2024

    Fantastic perspective! The points you made are thought-provoking. For more information, I found this resource useful: FIND OUT MORE. What do others think about this?

Leave a Reply

Your email address will not be published. Required fields are marked *