{
  "title": "Cameroon: IMF Executive Board Concludes Third Reviews of Extended Credit Facility and Extended Fund Facility Arrangements for Cameroon and Approves US$73 Million Disbursement",
  "publication": "IMF News, March 8, 2023",
  "sourceUrl": "https://www.imf.org/en/news/articles/2023/03/08/pr2364-cameroon-imf-executive-board-concludes-third-rev-ecf-eff-approves-usd73m-disbursement",
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  "summary": "The IMF Executive Board completed the Third Reviews of the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) arrangements, enabling Cameroon to draw the equivalent of US$73 million in disbursements from the IMF.",
  "publishDate": "2023-03-08",
  "sections": [
    {
      "heading": "Key outcomes and program actions",
      "content": "- The Executive Board completed the Third Reviews of the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) arrangements.\n- Disbursement approved: SDR 55.2 million (about US$73 million).\n- Total disbursements under the arrangements to date: SDR 317.4 million (around US$420 million).\n- The ECF/EFF arrangements were approved on July 29, 2021 for SDR 483 million (about US$689.5 million, or 175 percent of quota)."
    },
    {
      "heading": "Recent macroeconomic performance and near-term outlook",
      "content": "- Growth estimated at 3.4 percent in 2022, supported by higher oil prices and non-oil production.\n- Headline inflation estimated at 6 percent at end-2022.\n- Overall fiscal deficit improved from 3 percent of GDP in 2021 to around 1.8 percent in 2022, reflecting higher oil revenues.\n- Non-oil primary deficit deteriorated from 3.9 percent of GDP in 2021 to 4.5 percent in 2022, mainly due to increased fuel subsidies.\n- Real GDP growth projected at 4.3 percent in 2023 and should average 4.5 percent in the medium term."
    },
    {
      "heading": "Program performance, waivers, and data issues",
      "content": "- Two performance criteria at end-December 2022 were missed; Executive Board approved waivers:\n  - Missed floor on the non-oil primary balance at end-December 2022 (higher oil prices and currency depreciation led to higher spending on the fuel subsidy).\n  - Missed continuous zero ceiling on the accumulation of new external payments arrears (delayed debt service payments due to end-year cash management issues, which have already been cleared).\n- Waivers approved due to corrective actions taken by the authorities, and the temporary nature of the non-observance.\n- A waiver of applicability was approved for three end-December 2022 performance criteria for which data are not yet available and there is no evidence they were not observed."
    },
    {
      "heading": "Policy messages and authorities’ commitments (Deputy Managing Director Antoinette Sayeh)",
      "content": "- Cameroon proved resilient to the COVID-19 pandemic; recovery has continued but faces increased challenges in an uncertain global environment.\n- Need for resolute reform implementation to sustain macroeconomic stability and growth.\n- Authorities committed to:\n  - Sustaining fiscal consolidation to help achieve macroeconomic stability while building foundations for inclusive and resilient growth.\n  - Reducing fuel subsidies, accompanied by measures to mitigate social impact.\n  - Mobilizing additional domestic non-oil revenue.\n  - Improving public financial management.\n  - Resolving and preventing external and domestic arrears and seeking concessional financing.\n- Structural reform priorities to unlock growth potential:\n  - Effective and resolute implementation of reforms in the National Development Strategy.\n  - Enhance investment efficiency.\n  - Strengthen financial inclusion.\n  - Improve the business climate.\n  - Strengthen transparency, governance, and the anti-corruption framework.\n  - Ensure financial sector stability.\n- Emphasis that mitigation measures to protect the vulnerable will be critical."
    },
    {
      "heading": "Selected economic and financial indicators (as presented)",
      "content": "- GDP at constant prices (annual percentage change, unless otherwise indicated): 3.6 3.8 3.4 4.6 4.3 4.4 4.5 4.7\n- Oil GDP at constant prices: -3.2 4.2 -5.1 -3.0 0.7 1.1 0.3\n- Non-Oil GDP at constant prices: 4.8\n- GDP deflator: 3.3 2.4 3.0 2.0\n- Nominal GDP (at market prices, CFAF billions): 25,158 27,389 27,210 29,325 29,749 32,393 34,866 37,226 39,777\n- Oil (CFAF billions): 801 1,187 1,073 1,090 907 862 814 777 747\n- Non-Oil (CFAF billions): 24,357 26,201 26,137 28,235 28,841 31,531 34,052 36,449 39,030\n- Consumer prices (average): 2.3 5.3 2.8 5.9\n- Consumer prices (eop): 3.5 4.1 6.0 2.9 5.7 3.7 2.1\n- Broad money (M2): 17.2 15.6 11.4 10.1 8.1 9.9 8.0 7.1 8.2\n- Net foreign assets 1/: 5.1 7.7 4.0 1.0 1.8\n- Net domestic assets 1/: 12.9 10.5 6.1 7.0 5.4\n- Domestic credit to the private sector: 9.7 9.1 13.6 12.4 8.8 7.4 6.9 6.7\n- Gross national savings (percent of GDP): 14.0 16.3 15.9 17.3 16.6 17.9 19.0 20.4\n- Gross domestic investment (percent of GDP): 18.4 17.4 20.0 18.8 19.6 20.6 21.6 22.8\n- Public investment (percent of GDP): 5.2 5.0 6.3\n- Private investment (percent of GDP): 13.4 13.2 12.2 14.6 13.8 14.1 14.8 15.2 16.0\n- Total revenue (including grants, percent of GDP): 15.4 16.1 15.5 15.3\n- Oil revenue (percent of GDP): 1.9 2.7 2.2 1.7 1.6\n- Non-oil revenue (percent of GDP): 11.8 12.0 12.8 13.1 13.7\n- Overall fiscal balance (payment order basis, excluding grants, percent of GDP): -2.5 -2.4 -0.5 -1.1 -0.9 -0.8 -1.2\n- Overall fiscal balance (payment order basis, including grants, percent of GDP): -1.9 -1.8 -0.2 -0.6 -0.3 -0.7\n- Overall fiscal balance (cash basis, percent of GDP): -2.7 -2.8 -1.0 -1.6 -1.4 -2.3 -1.3\n- Non-oil primary balance (payment order basis, percent of GDP): -3.9 -4.0 -4.5 -2.2 -1.7\n- Trade balance (percent of GDP): 0.4\n- Oil exports (percent of GDP): 4.9 7.5\n- Non-oil exports (percent of GDP): 8.3 9.4 8.9 8.7 7.6 7.8\n- Imports (percent of GDP): 14.4 17.6 15.7 14.7 13.9 13.5\n- Current account balance (excluding official grants, percent of GDP): -4.2 -2.6\n- Current account balance (including official grants, percent of GDP): -2.1\n- Terms of trade: -7.1 -8.4\n- Stock of public debt (percent of GDP): 46.8 44.0 46.4 40.8 42.8 40.4 38.5 37.5 37.2\n- Of which: external debt (percent of GDP): 31.7 31.2 32.7 30.3 30.5 29.7 29.1 29.2 29.4\n\nSource: IMF press release, March 8, 2023.\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/antoinette-monsio-sayeh\n- Cameroon and the IMF\n- Special Drawing Rights (SDRs) -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- Extended Credit Facility\n- Extended Fund Facility\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2023/03/08/pr2364-cameroon-imf-executive-board-concludes-third-rev-ecf-eff-approves-usd73m-disbursement"
    }
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    "Published: March 8, 2023",
    "The Executive Board completed the Third Reviews of the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) arrangements.",
    "Disbursement approved: SDR 55.2 million (about US$73 million).",
    "Total disbursements under the arrangements to date: SDR 317.4 million (around US$420 million).",
    "The ECF/EFF arrangements were approved on July 29, 2021 for SDR 483 million (about US$689.5 million, or 175 percent of quota).",
    "Growth estimated at 3.4 percent in 2022, supported by higher oil prices and non-oil production.",
    "Headline inflation estimated at 6 percent at end-2022.",
    "Overall fiscal deficit improved from 3 percent of GDP in 2021 to around 1.8 percent in 2022, reflecting higher oil revenues.",
    "Non-oil primary deficit deteriorated from 3.9 percent of GDP in 2021 to 4.5 percent in 2022, mainly due to increased fuel subsidies.",
    "Real GDP growth projected at 4.3 percent in 2023 and should average 4.5 percent in the medium term.",
    "Two performance criteria at end-December 2022 were missed; Executive Board approved waivers:",
    "Waivers approved due to corrective actions taken by the authorities, and the temporary nature of the non-observance.",
    "A waiver of applicability was approved for three end-December 2022 performance criteria for which data are not yet available and there is no evidence they were not observed.",
    "Cameroon proved resilient to the COVID-19 pandemic; recovery has continued but faces increased challenges in an uncertain global environment.",
    "Need for resolute reform implementation to sustain macroeconomic stability and growth.",
    "Authorities committed to:",
    "Structural reform priorities to unlock growth potential:",
    "Emphasis that mitigation measures to protect the vulnerable will be critical.",
    "GDP at constant prices (annual percentage change, unless otherwise indicated): 3.6 3.8 3.4 4.6 4.3 4.4 4.5 4.7",
    "Oil GDP at constant prices: -3.2 4.2 -5.1 -3.0 0.7 1.1 0.3",
    "Non-Oil GDP at constant prices: 4.8",
    "GDP deflator: 3.3 2.4 3.0 2.0",
    "Nominal GDP (at market prices, CFAF billions): 25,158 27,389 27,210 29,325 29,749 32,393 34,866 37,226 39,777",
    "Oil (CFAF billions): 801 1,187 1,073 1,090 907 862 814 777 747",
    "Non-Oil (CFAF billions): 24,357 26,201 26,137 28,235 28,841 31,531 34,052 36,449 39,030",
    "Consumer prices (average): 2.3 5.3 2.8 5.9",
    "Consumer prices (eop): 3.5 4.1 6.0 2.9 5.7 3.7 2.1",
    "Broad money (M2): 17.2 15.6 11.4 10.1 8.1 9.9 8.0 7.1 8.2",
    "Net foreign assets 1/: 5.1 7.7 4.0 1.0 1.8",
    "Net domestic assets 1/: 12.9 10.5 6.1 7.0 5.4",
    "Domestic credit to the private sector: 9.7 9.1 13.6 12.4 8.8 7.4 6.9 6.7",
    "Gross national savings (percent of GDP): 14.0 16.3 15.9 17.3 16.6 17.9 19.0 20.4",
    "Gross domestic investment (percent of GDP): 18.4 17.4 20.0 18.8 19.6 20.6 21.6 22.8",
    "Public investment (percent of GDP): 5.2 5.0 6.3",
    "Private investment (percent of GDP): 13.4 13.2 12.2 14.6 13.8 14.1 14.8 15.2 16.0",
    "Total revenue (including grants, percent of GDP): 15.4 16.1 15.5 15.3",
    "Oil revenue (percent of GDP): 1.9 2.7 2.2 1.7 1.6",
    "Non-oil revenue (percent of GDP): 11.8 12.0 12.8 13.1 13.7",
    "Overall fiscal balance (payment order basis, excluding grants, percent of GDP): -2.5 -2.4 -0.5 -1.1 -0.9 -0.8 -1.2",
    "Overall fiscal balance (payment order basis, including grants, percent of GDP): -1.9 -1.8 -0.2 -0.6 -0.3 -0.7",
    "Overall fiscal balance (cash basis, percent of GDP): -2.7 -2.8 -1.0 -1.6 -1.4 -2.3 -1.3",
    "Non-oil primary balance (payment order basis, percent of GDP): -3.9 -4.0 -4.5 -2.2 -1.7",
    "Trade balance (percent of GDP): 0.4",
    "Oil exports (percent of GDP): 4.9 7.5",
    "Non-oil exports (percent of GDP): 8.3 9.4 8.9 8.7 7.6 7.8",
    "Imports (percent of GDP): 14.4 17.6 15.7 14.7 13.9 13.5",
    "Current account balance (excluding official grants, percent of GDP): -4.2 -2.6",
    "Current account balance (including official grants, percent of GDP): -2.1",
    "Terms of trade: -7.1 -8.4",
    "Stock of public debt (percent of GDP): 46.8 44.0 46.4 40.8 42.8 40.4 38.5 37.5 37.2",
    "Of which: external debt (percent of GDP): 31.7 31.2 32.7 30.3 30.5 29.7 29.1 29.2 29.4",
    "[https://www.imf.org/en/about/senior-officials/bios/antoinette-monsio-sayeh](https://www.imf.org/en/about/senior-officials/bios/antoinette-monsio-sayeh)",
    "[Cameroon and the IMF](http://www.imf.org/external/country/CMR/index.htm)",
    "[Special Drawing Rights (SDRs) -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/special-drawing-rights-sdr)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Extended Credit Facility](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/04/Extended-Credit-Facility)",
    "[Extended Fund Facility](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/20/56/Extended-Fund-Facility)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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