Cameroon: Fifth Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion and Modification Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon
IMF Staff Country Reports, February 18, 2020
Source details
- Canonical URL
- Cameroon: Fifth Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion and Modification Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon
Other formats
Bibliographic details
- Published: February 18, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513530383.002
Overview
- Purpose: Fifth review under the Extended Credit Facility (ECF) arrangement; request for a waiver of nonobservance of a continuous performance criterion (PC) and modification of performance criteria (one December 2019 and one 2020 PC).
- Timeframe references: first half of 2019; first three quarters of 2019; first nine months of 2019; December 2019; 2020.
Economic performance
- Growth:
- Growth reached 3.9 percent in the first half of 2019, supported by a rebound in the oil and gas sector.
- Impact of sectoral shock:
- The economy is coping with the impact of the suspension of production at the national oil refinery (SONARA).
Fiscal and external positions
- Fiscal deficit:
- The overall fiscal deficit was 1.4 percent of GDP for the first three quarters of 2019, slightly better than the program’s projection.
- External buffers:
- External buffers are being rebuilt, despite external and domestic headwinds.
Program implementation and performance criteria
- Implementation status:
- Program implementation over the first nine months of 2019 was mixed and faces challenges.
- Missed targets:
- The continuous PC on external arrears accumulation and three September indicative targets (ITs) were missed.
- Requests by authorities:
- Authorities requested completion of the fifth review, a waiver of nonobservance of one continuous PC, and modification of one December 2019 and one 2020 PC.
- IMF staff position:
- IMF staff supports the authorities’ requests for completion of the fifth review, a waiver of nonobservance of one continuous PC, and modification of one December 2019 and one 2020 PC.
Structural reforms
- Progress:
- Structural reforms are advancing but with delays.
Source: Cameroon: Fifth Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion and Modification Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon (February 18, 2020).
Content in this bundle
- 1cmrea2020001