Cameroon: Third Reviews Under the Extended Credit Facility and the Extended Fund Facility Arrangements, and Requests for Waivers for Performance Criteria Applicability, Nonobservance of Performance Criteria and Modification of Performance Criteria — Press Release; Staff Report; and Statement by the Executive Director for Cameroon
IMF Staff Country Reports, March 20, 2023
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- Cameroon: Third Reviews Under the Extended Credit Facility and the Extended Fund Facility Arrangements, and Requests for Waivers for Performance Criteria Applicability, Nonobservance of Performance Criteria and Modification of Performance Criteria — Press Release; Staff Report; and Statement by the Executive Director for Cameroon
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Bibliographic details
- Published: March 20, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400237577.002
Overview
- This paper presents Cameroon’s Third Reviews under the Extended Credit Facility and the Extended Fund Facility Arrangements, and Requests for Waivers for Performance Criteria Applicability, Nonobservance of Performance Criteria and Modification of Performance Criteria.
- The economic recovery is underway amid increased challenges in an uncertain global environment.
- Growth is estimated at 3.4 percent in 2022, supported by higher oil prices and non-oil production.
- Pages: 114. DOI: https://doi.org/10.5089/9798400237577.002. ISBN: 9798400237577. Series: Country Report No. 2023/114.
Macroeconomic developments and outlook
- Economic recovery underway with growth estimated at 3.4 percent in 2022.
- Recovery supported by higher oil prices and non-oil production.
- Global uncertainty and increased challenges temper near-term prospects.
Fiscal policy, subsidies, and public finances
- Authorities committed to sustaining fiscal consolidation to help achieve macroeconomic stability and to build foundations for inclusive and resilient growth.
- Decision taken to reduce fuel subsidies, accompanied by measures to mitigate the social impact.
- Sustained reform implementation needed to create additional fiscal space for productive investment and social spending.
Structural reforms and growth-enhancing measures
- To unlock Cameroon’s abundant growth potential, effective and resolute implementation of structural reforms in the National Development Strategy is essential.
- Further steps identified as needed:
- Enhance investment efficiency.
- Strengthen financial inclusion.
- Improve the business climate.
Policy implications and program-related requests
- The paper includes requests for waivers related to:
- Performance Criteria Applicability.
- Nonobservance of Performance Criteria.
- Modification of Performance Criteria.
- Continued commitment to reforms is framed as critical to moving toward inclusive and resilient growth.
Key themes and subject areas
- Credit, Energy subsidies, Expenditure, External debt, Fiscal policy, Fiscal stance, International organization, Monetary policy, Money, Public debt.
- Keywords highlighted: Central Africa, Credit, EFF review discussion, Energy subsidies, Fiscal stance, Global, IMF team, mechanism reform, paced borrowing policy, transparency policy.
Source: Cameroon: Third Reviews Under the Extended Credit Facility and the Extended Fund Facility Arrangements, and Requests for Waivers for Performance Criteria Applicability, Nonobservance of Performance Criteria and Modification of Performance Criteria — IMF Staff Country Reports No. 2023/114 (March 20, 2023). DOI: https://doi.org/10.5089/9798400237577.002
Content in this bundle
- 1cmrea2023001