Cameroon: Third Review Under the Extended Credit Facility Arrangement and Requests for a Waiver of Nonobservance of a Performance Criterion and Modification of Performance Criteria — Press Release; Staff Report; and Statement by the Executive Director for Cameroon
IMF Staff Country Reports, December 27, 2018
Source details
- Canonical URL
- Cameroon: Third Review Under the Extended Credit Facility Arrangement and Requests for a Waiver of Nonobservance of a Performance Criterion and Modification of Performance Criteria — Press Release; Staff Report; and Statement by the Executive Director for Cameroon
Other formats
Bibliographic details
- Published: December 27, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484392003.002
Political and security context
- President Biya was re-elected as President of Cameroon on October 7 by a large margin, amidst some violence in anglophone regions.
- Continued insecurity in the anglophone regions is identified as a risk to the outlook.
Growth projections and drivers
- Growth was 3.5 percent in 2017.
- Growth is projected to be 3.8 percent in 2018, driven by construction activity ahead of the Africa Cup of Nations (CAN) and large infrastructure projects.
- Growth is expected to increase to 4.4 percent in 2019.
- Growth is projected to reach 5 percent in the medium-term.
Fiscal developments and program status
- Fiscal consolidation as of end-June was in line with program objectives.
- Fiscal consolidation faces significant headwinds in the second half of the year owing to accelerating capital spending and revenue shortfalls.
- A request was made for a waiver of nonobservance of a performance criterion and modification of performance criteria (implied by the title).
External sector developments
- The goods trade balance worsened significantly in H1.
- Private capital outflows increased, contributing to a slower-than-anticipated buildup of external buffers.
Medium-term outlook and risks
- The medium-term outlook remains positive with rising growth as noted above.
- Risks identified include:
- Heightened global uncertainty.
- Insufficient adjustment at the regional level.
- Continued insecurity in the anglophone regions.
Key statistics and facts (as reported)
- 3.5 percent (growth in 2017)
- 3.8 percent (projected growth in 2018)
- 4.4 percent (expected growth in 2019)
- 5 percent (projected medium-term growth)
- end-June (timing of fiscal consolidation assessment)
- H1 (period in which the goods trade balance worsened)
- Pages: 115
- Issue: 378
- Series: Country Report No. 2018/378
Source: Cameroon: Third Review Under the Extended Credit Facility Arrangement and Requests for a Waiver of Nonobservance of a Performance Criterion and Modification of Performance Criteria—Press Release; Staff Report; and Statement by the Executive Director for Cameroon (IMF Staff Country Reports 2018, 378).
Content in this bundle
- Country Report