Cameroon: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cameroon

November 9, 2020

Preview Citation

Format: Chicago

Cameroon: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cameroon, (USA: International Monetary Fund, 2020) accessed September 19, 2024

Also available in: français

Summary

Since the approval of the first Rapid Credit Facility (RCF-1) request on May 4, 2020 (IMF Country Report No 20/185), weaker external demand in major trading partners (China and Europe) and a more pronounced impact of containment measures to slow the rising number of COVID-19 cases, have further deteriorated growth prospects and worsened Cameroon’s external and fiscal positions. Given limited fiscal buffers and urgent balance of payments needs due to the pandemic, the authorities allowed the current ECF arrangement expire at end-September, reiterated their interest on a successor arrangement, and in the meantime requested financial assistance under the “exogenous shocks window” of the RCF equivalent to 40 percent of quota (SDR 110.4 million). This additional request will bring the total disbursement under the RCF to 100 percent of quota in 2020.

Subject: Arrears, Asset and liability management, Commodities, COVID-19, Credit, Debt relief, Debt service, Fiscal policy, Fiscal stance, Health, Money, Oil, Rapid Credit Facility

Keywords: Central Africa, COVID-19, CR, Credit, Debt relief, Emergency financing request, Europe, Fiscal stance, Global, IMF emergency assistance, ISCR, Oil, RCF disbursement, RCF financing, Staff appraisal, Staff statement, Sub-Saharan Africa

Publication Details

Pages:

49
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/294
Stock No:

1CMREA2020003
ISBN:

9781513560304
ISSN:

1934-7685

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