IMF Executive Board Concludes Eighth Reviews under Cameroon’s Extended Credit Facility and Extended Fund Facility Arrangements and Third Review under Resilience and Sustainability Facility Arrangement
IMF News, July 24, 2025
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- IMF Executive Board Concludes Eighth Reviews under Cameroon’s Extended Credit Facility and Extended Fund Facility Arrangements and Third Review under Resilience and Sustainability Facility Arrangement
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- Published: July 24, 2025
Key program actions and financing
- Completion of eighth reviews under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) allowed for a disbursement of SDR 55.2 million (about US$75.7 million).
- Total disbursements under ECF-EFF arrangements to date: SDR 593.4 million (US$793.8 million).
- Completion of the third review under the Resilience and Sustainability Facility (RSF) made available SDR 51.75 million (US$71 million).
- Disbursements to date under the RSF: SDR 120.75 million (US$162.3 million).
- Waivers approved for:
- Nonobservance of the performance criterion on the floor on the non-oil primary fiscal balance at end-December 2024 (on the basis of corrective actions).
- Ceiling on the net domestic financing of the central government excluding IMF financing at end-December 2024 (on the basis of corrective actions).
- Continuous ceiling on Treasury advances without a budget allocation (on the basis of the minor nature of the deviation).
- Original three-year ECF-EFF arrangements approved in July 2021: SDR 483 million (US$ 689.5 million, or 175 percent of quota).
- Extension of ECF-EFF arrangements in December 2023: 12 months; access augmented by SDR 110.4 million (US$ 145.4 million, or 40 percent of quota).
- RSF arrangement approved in January 2024: SDR 138 million (US$ 181.7 million, or 50 percent of quota).
Executive Board assessment and policy priorities
- Macroeconomic performance and outlook:
- Cameroon’s economy continued to grow, albeit at a modest pace.
- Inflation has moderated relative to recent peaks.
- The medium-term outlook remains broadly positive, but risks are tilted to the downside.
- Fiscal policy:
- Pursuing a prudent fiscal stance remains paramount to preserve debt sustainability.
- Key measures include boosting non-oil revenues, improving public investment management, and strengthening domestic arrears control.
- Debt and state-owned enterprises:
- Cameroon is at high risk of debt distress, but its debt is declining and remains sustainable.
- Important reforms: restructuring of the oil refinery; reforms in the electricity sector; strengthening governance in other state-owned enterprises to limit contingent liabilities and improve budgetary control and service quality.
- Financial sector:
- Authorities recapitalized two banks to boost financial sector resilience.
- Remaining priorities: clear domestic arrears, deepen the domestic financial market, implement strategies for financial sector development and inclusion, and coordinate with regional financial institutions.
- Governance and AML/CFT:
- Stepping up governance reforms and strengthening anti-money laundering and combating the financing of terrorism regimes is needed to:
- Promote inclusive and durable private sector-led growth.
- Exit the FATF “grey” list.
- Reinstate full membership in the Extractive Industries Transparency Initiative.
- Addressing persistent public financial management weaknesses is critical for improving fiscal transparency.
- Climate and resilience:
- Good progress reported on strengthening the framework for tackling climate change risks.
- Implementing the new framework should improve resilience to climate shocks, minimize balance of payments impact, and catalyze funds for new green investments at favorable terms.
Selected economic and financial indicators (series of values reported in table)
- GDP at constant prices: 3.9; 3.5; 4.0; 3.8; 4.1; 4.3; 4.5; 4.6
- Oil GDP at constant prices: -2.7; -9.2; -7.7; -5.6; 0.4; -0.1; 1.3; 2.1; 2.8
- Non-Oil GDP at constant prices: 3.7; 4.2; 4.4
- GDP deflator: 3.4; 6.6; 3.2; 3.6; 3.0
- Consumer prices (average): 3.3
- Consumer prices (eop): 5.0; 3.1
- Broad money (M2): 8.8; 9.6; 7.0; 6.9; 7.4; 7.6; 7.7
- Net foreign assets 1/: 2.7; 7.8; 11.4; 1.4; 0.0; -0.2
- Net domestic assets 1/: -0.8; -4.6; 5.6; 7.9
- Domestic credit to the private sector: 9.5; 12.3; 10.0; 9.0; 8.0; 7.2; 7.3
- Gross national savings (Percent of GDP): 17.2; 17.6; 18.3; 18.4; 18.8; 19.7; 20.1; 20.7; 21.0
- Gross domestic investment (Percent of GDP): 20.6; 21.1; 22.3; 23.0; 23.4; 24.1; 24.3; 24.1?
- Public investment (Percent of GDP): 5.4; 6.0; 8.2; 8.5
- Private investment (Percent of GDP): 15.2; 15.3; 15.0; 15.1; 15.5; 15.6; 15.7; 15.9; 15.8
- Central government total revenue (including grants): 14.8; 15.4
- Oil revenue: 2.4; 1.8
- Non-oil revenue: 13.2; 12.9; 13.5; 13.0; 13.3; 13.6; 13.8; 14.0
- Non-oil revenue (percent of non-oil GDP): 13.7; 13.9; 14.1; 14.2
- Total expenditure: 16.5; 16.7; 16.1; 16.3
- Overall fiscal balance (payment order basis) excluding grants: -0.9; -1.7; -0.6; -1.1; -1.2; -1.3
- Overall fiscal balance (payment order basis) including grants: -1.5; -0.3
- Overall fiscal balance (cash basis): -2.6; -2.1; -2.4; -2.3; -1.8; -2.0
- Non-oil primary balance (payment order basis): -1.4; -1.6
- Trade balance: -2.2; -1.0; -1.9
- Non-oil exports: 8.3; 8.7; 8.1
- Imports: 14.3; 14.6; 13.4; 13.1
- Current account balance excluding official grants: -3.6; -3.3; -3.0; -2.9; -3.7; -3.5; -3.4
- Current account balance including official grants: -3.1; -2.8
- Terms of trade: 11.7; 21.5; -10.2; 0.8; 0.5
- Stock of public debt: 42.0; 42.8; 39.4; 37.8; 36.1; 34.6; 33.4; 32.0
- Of which: external debt: 28.7; 27.9; 29.9; 26.7; 26.4; 25.4; 24.6; 23.6; 22.6
- Memorandum—Nominal GDP (at market prices, CFAF billions): 32,099; 32,975; 34,452; 35,435; 38,176; 41,257; 44,408; 47,812; 51,511
- Oil: 1,130; 1,043; 919; 831; 776; 779; 801; 828; 851
- Non-Oil: 30,969; 31,931; 33,533; 34,604; 37,399; 40,478; 43,607; 46,984; 50,660
Source: IMF press release, July 24, 2025, IMF Communications Department.