{
  "title": "IMF Executive Board Completes First Review of Extended Credit Facility Arrangement for Cameroon and Approves US$ 117.2 Million Disbursement",
  "publication": "IMF News, December 20, 2017",
  "sourceUrl": "https://www.imf.org/en/news/articles/2017/12/20/pr17512-extended-credit-facility-arrangement-for-cameroon",
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  "summary": "Executive Board completed the first review of the arrangement under the Extended Credit Facility (ECF) for Cameroon (Press Release No. 17/512).",
  "publishDate": "2017-12-20",
  "sections": [
    {
      "heading": "Review outcome and disbursement",
      "content": "- Executive Board completed the first review of the arrangement under the Extended Credit Facility (ECF) for Cameroon (Press Release No. 17/512).\n- The completion of the review enables the disbursement of SDR 82.8 million (about US$ 117.2 million).\n- Total disbursements under the arrangement now amount to SDR 207 million (about US$ 292.9 million)."
    },
    {
      "heading": "Program size, objective, and approval",
      "content": "- Cameroon’s three-year arrangement size: SDR 483 million (about US$ about US$683.5 million, or 175 percent of Cameroon’s quota).\n- Arrangement approval date: June 26, 2017 (see Press Release No.17/248).\n- Program aims: support efforts to restore external and fiscal sustainability and lay foundations for sustainable, inclusive and private sector-led growth."
    },
    {
      "heading": "Waiver and conditionality",
      "content": "- The Executive Board approved the authorities’ request for waiving the non-observance of the continuous performance criteria on the ceiling on new non-concessional external debt contracted or guaranteed by the government.\n- Waiver granted on the basis of corrective measures taken by the authorities."
    },
    {
      "heading": "Assessment of performance and risks (statement by Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair)",
      "content": "- Overall assessment: “Cameroon’s performance under the ECF-supported arrangement has been broadly satisfactory.”\n- Fiscal stance: Authorities remain fully committed to fiscal consolidation; the 2018 budget is in line with program objectives.\n- Risks to targets: Meeting deficit targets may be challenging given weaker-than-envisaged revenue and spending pressures in 2018 and 2019.\n- Regional context: Fiscal and external adjustment in Cameroon and other CEMAC countries, combined with external financing, have led to a gradual buildup in CEMAC reserves; the region’s recovery remains fragile.\n- Leadership note: “Cameroon’s continued leadership of the regional effort will be essential to sustainability.”"
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Revenue and spending:\n  - Stepped-up efforts to expand the non-oil revenue base.\n  - Better prioritizing spending while preserving social spending.\n- Borrowing and debt sustainability:\n  - New non-concessional borrowing should be strictly limited and reserved for projects with a high social or growth impact.\n  - Stepped up efforts to enhance public financial and debt management to improve spending efficiency and control fiscal risks.\n- Growth and structural reform:\n  - Implement the interim 2018–20 growth and employment strategy to boost private sector investment, job creation, and economic diversification.\n  - Prioritize reforms to enhance delivery of basic social services and protect the poor, improve the business environment, and maintain financial stability while expanding access to financial services."
    },
    {
      "heading": "Role of regional institutions and supportive policies",
      "content": "- Program support depends on implementation of supportive policies and reforms by regional institutions, including:\n  - Tighter monetary policy.\n  - Elimination of statutory advances.\n  - Sound bank regulation and supervision.\n  - Firm controls over the extension of credit to banks.\n\nIMF Press Release No. 17/512 — December 20, 2017\n\n---\n\n\n References\n\n- The Executive Board\n- Mitsuhiro Furusawa\n- PRESS CENTER\n- Press Release No.17/248\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2017/12/20/pr17512-extended-credit-facility-arrangement-for-cameroon"
    }
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    "Published: December 20, 2017",
    "Executive Board completed the first review of the arrangement under the Extended Credit Facility (ECF) for Cameroon (Press Release No. 17/512).",
    "The completion of the review enables the disbursement of SDR 82.8 million (about US$ 117.2 million).",
    "Total disbursements under the arrangement now amount to SDR 207 million (about US$ 292.9 million).",
    "Cameroon’s three-year arrangement size: SDR 483 million (about US$ about US$683.5 million, or 175 percent of Cameroon’s quota).",
    "Arrangement approval date: June 26, 2017 (see Press Release No.17/248).",
    "Program aims: support efforts to restore external and fiscal sustainability and lay foundations for sustainable, inclusive and private sector-led growth.",
    "The Executive Board approved the authorities’ request for waiving the non-observance of the continuous performance criteria on the ceiling on new non-concessional external debt contracted or guaranteed by the government.",
    "Waiver granted on the basis of corrective measures taken by the authorities.",
    "Overall assessment: “Cameroon’s performance under the ECF-supported arrangement has been broadly satisfactory.”",
    "Fiscal stance: Authorities remain fully committed to fiscal consolidation; the 2018 budget is in line with program objectives.",
    "Risks to targets: Meeting deficit targets may be challenging given weaker-than-envisaged revenue and spending pressures in 2018 and 2019.",
    "Regional context: Fiscal and external adjustment in Cameroon and other CEMAC countries, combined with external financing, have led to a gradual buildup in CEMAC reserves; the region’s recovery remains fragile.",
    "Leadership note: “Cameroon’s continued leadership of the regional effort will be essential to sustainability.”",
    "Revenue and spending:",
    "Borrowing and debt sustainability:",
    "Growth and structural reform:",
    "Program support depends on implementation of supportive policies and reforms by regional institutions, including:",
    "[The Executive Board](http://www.imf.org/external/np/sec/memdir/eds.aspx)",
    "[Mitsuhiro Furusawa](http://www.imf.org/external/np/omd/bios/mf.htm)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Press Release No.17/248](http://www.imf.org/en/News/Articles/2017/06/26/pr17248-imf-executive-board-approves-arrangement-under-the-extended-credit-facility-for-cameroon)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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