Cameroon: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cameroon
IMF Staff Country Reports, November 9, 2020
Source details
- Canonical URL
- Cameroon: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cameroon
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Bibliographic details
- Published: November 9, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513560304.002
Summary and context
- 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 to expire at end-September, reiterated their interest in 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.
Key actions and requests
- Approval date referenced: May 4, 2020 (IMF Country Report No 20/185).
- Authorities allowed the current ECF arrangement to expire at end-September.
- Authorities reiterated interest in a successor ECF arrangement.
- Request made under the RCF “exogenous shocks window” for an amount equivalent to 40 percent of quota (SDR 110.4 million).
- Resulting total RCF disbursement in 2020: 100 percent of quota.
Economic pressures and channels
- Major external demand shock sources identified: China and Europe.
- Domestic channel: a more pronounced impact of containment measures to slow rising COVID-19 cases.
- Fiscal and external positions: described as further deteriorated with limited fiscal buffers and urgent balance of payments needs.
Publication metadata and identifiers
- Title: Cameroon: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cameroon
- Date: November 9, 2020
- Series: Country Report No. 2020/294
- Issue: 294
- Volume: 2020
- Pages: 49
- DOI: https://doi.org/10.5089/9781513560304.002
- Stock No: 1CMREA2020003
- ISBN: 9781513560304
- ISSN: 1934-7685
Subjects and keywords (as listed)
- 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
International Monetary Fund. African Dept. "Cameroon: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cameroon", IMF Staff Country Reports 2020, 294 (2020).
Content in this bundle
- 1cmrea2020003