Press Release No. 05/203

Press Release: Statement by the IMF Mission Chief for Cameroon

September 8, 2005

The following statement was issued today in Yaoundé by Ms. Doris Ross, the IMF mission chief for Cameroon:

"Over the past two weeks, the IMF team has discussed with the Cameroonian authorities policies and structural reforms that could underpin a medium-term economic program. Broad understandings were reached in principle on such a program that could be supported by the IMF under the Poverty Reduction and Growth Facility.

"The medium-term economic program establishes a policy framework that builds on Cameroon's economic program for 2005 that is being monitored by the IMF staff. Key elements of this program include long term fiscal sustainability, improvements in the business environment, bold reforms in the public enterprise sector, and enhanced social policies. Persistence in policy reforms will set a path for the strong and sustainable growth that is needed to reduce poverty.

"A successful implementation of the medium-term program will help Cameroon meet one of the conditions for receiving a substantial debt relief under the enhanced HIPC Initiative in 2006. For this assistance to materialize, Cameroon needs to continue efforts to implement the other conditions for reaching the completion point under the Initiative, namely, the structural triggers agreed in 2000 when the country reached the decision point."