## IMF Executive Board Approves US$183.4 million under the Resilience and Sustainability Facility for Cameroon _IMF News, January 29, 2024_ ## Source details **Canonical URL:** [IMF Executive Board Approves US$183.4 million under the Resilience and Sustainability Facility for Cameroon](https://www.imf.org/en/news/articles/2024/01/29/pr2430-cameroon-imf-executive-board-approves-usd-million-under-rsf) ## Other formats - [Markdown version](/en/news/articles/2024/01/29/pr2430-cameroon-imf-executive-board-approves-usd-million-under-rsf/index.md) - [Structured JSON version](/en/news/articles/2024/01/29/pr2430-cameroon-imf-executive-board-approves-usd-million-under-rsf/index.json) - [Bundle manifest](/en/news/articles/2024/01/29/pr2430-cameroon-imf-executive-board-approves-usd-million-under-rsf/bundle-manifest.json) ## Bibliographic details - Published: January 29, 2024 --- ### RSF arrangement: scope and objectives - The Executive Board approved an 18-month Resilience and Sustainability Facility (RSF) arrangement for Cameroon equivalent to US$183.4 million (SDR 138 million, 50 percent of quota). - Disbursements to start when the First Review of the arrangement is completed. - The RSF aims to support Cameroon’s adaptation to and mitigation of climate change, replace more expensive financing, reinforce engagement of development partners, and catalyze additional climate finance. - RSF-supported reforms will: - Strengthen the institutional framework for governance and policy coordination related to climate change. - Mainstream the climate agenda into public financial management. - Enhance national adaptation policies and step up mitigation efforts. - Strengthen the national disaster risk management framework. - Leverage fiscal management in forestry as a climate mitigation policy. ### Context and rationale - Cameroon is described as highly vulnerable to climate change and a fragile and conflict-affected state, facing substantial risks from recurrent droughts, floods, landslides, and coastal erosion. - Climate risks pose an imminent threat to livelihoods and potentially significant output losses, with consequences for food insecurity, conflicts, poverty, inequality, and population displacements. - Addressing climate change is an important priority in Cameroon’s national development strategy; the country is signatory of COP21 and other key international conventions on climate change. ### Expected benefits and implementation considerations - A resolute implementation of RSF reforms is expected to: - Improve Cameroon’s medium-term climate policy stance. - Replace more expensive financing and augment buffers against climate shocks and related prospective balance-of-payment needs. - Catalyze other climate financing. - Capacity development efforts and close coordination among government entities and development partners involved in Cameroon’s climate agenda will be important. - The RSF arrangement coincides with the remaining 18 months under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements approved in July 2021 and extended in December 2023. ### Selected economic and financial indicators, 2021–28 (CFAF billion, unless otherwise indicated) - Note: (Annual percentage change, unless otherwise indicated) - National account and prices - GDP at constant prices: 2022 Est. 3.6; 2023 5th Rev. 4.0; 2024 Proj. 4.3; 2025 4.5; 2026 4.6. - Oil GDP at constant prices: 2022 2.1; 2023 0.5; 2024 2.7; 2025 1.3; 2026 0.2. - Non-Oil GDP at constant prices: 2022 4.1; 2023 4.7. - GDP deflator: 2022 6.3; 2023 3.1; 2024 3.5; 2025 2.6; 2026 1.7. - Nominal GDP (at market prices, CFAF billions): 2022 27,702; 2023 29,704; 2024 32,063; 2025 34,822; 2026 37,515; 2027 40,216; 2028 42,770. - Oil (nominal GDP component): 2022 1,155; 2023 957; 2024 976; 2025 939; 2026 900; 2027 866; 2028 837. - Non-Oil (nominal GDP component): 2022 26,548; 2023 28,747; 2024 31,088; 2025 33,884; 2026 36,615; 2027 39,349; 2028 41,933. - Consumer prices (average): 2022 7.2; 2023 5.9; 2024 5.5; 2025 4.9; 2026 3.4; 2027 2.5. - Consumer prices (eop): 2022 7.3; 2023 6.2; 2024 5.2; 2025 2.0. - Money and credit - Broad money (M2): 2022 11.4; 2023 9.0; 2024 8.4; 2025 7.6; 2026 7.4; 2027 7.1. - Net foreign assets 1/: 2022 7.7; 2023 1.6; 2024 -0.8; 2025 3.2; 2026 6.0; 2027 2.2. - Net domestic assets 1/: 2022 9.8; 2023 5.3; 2024 2.4; 2025 4.4. - Domestic credit to the private sector: 2022 13.6; 2023 11.2; 2024 9.5. - Savings and investments (Percent of GDP, unless otherwise indicated) - Gross national savings: 2022 15.3; 2023 15.6; 2024 16.2; 2025 17.0; 2026 17.3; 2027 18.3; 2028 19.1. - Gross domestic investment: 2022 18.7; 2023 18.6; 2024 19.0; 2025 19.4; 2026 20.1; 2027 20.9; 2028 21.8. - Public investment: 2022 6.6; 2023 7.5. - Private investment: 2022 14.1; 2023 13.9; 2024 13.7; 2025 13.5; 2026 13.8; 2027 14.4. - Central government operations - Total revenue (including grants): 2022 15.9; 2023 16.0; 2024 15.5; 2025 15.7; 2026 15.8. - Oil revenue: 2022 2.9; 2023 1.9; 2024 1.8. - Non-oil revenue: 2022 12.1; 2023 12.7; 2024 13.1; 2025 13.3; 2026 14.0. - Non-oil revenue (percent of non-oil GDP): 2022 12.6; 2023 14.3. - Total expenditure: 2022 17.1; 2023 16.6; 2024 16.3; 2025 16.4; 2026 16.7. - Overall fiscal balance (payment order basis) Excluding grants: 2022 -1.5; 2023 -1.0; 2024 -0.7; 2025 -0.6; 2026 -0.9. - Overall fiscal balance (payment order basis) Including grants: 2022 -1.1; 2023 -0.4. - Overall fiscal balance (cash basis): 2022 -1.6; 2023 -2.3; 2024 -1.4; 2025 -2.0; 2026 -1.2; 2027 -1.9; 2028 -1.3; (note: an additional value shown as -1.7). - Non-oil primary balance (payment order basis): 2022 -3.9; 2023 -2.5. - Non-oil primary balance (payment order basis, percent of non-oil GDP): 2022 -4.0; 2023 -2.6. - External sector - Trade balance: Oil exports: 2022 7.8; 2023 5.1; 2024 4.2; 2025 3.0. - Non-oil exports: 2022 8.5; 2023 8.3; 2024 8.2. - Imports: 2022 15.1; 2023 14.6; 2024 13.4; 2025 13.0. - Current account balance Excluding official grants: 2022 -3.7; 2023 -3.3; 2024 -2.9; 2025 -2.7; 2026 -2.8. - Current account balance Including official grants: 2022 -3.4; 2023 -3.0. - Terms of trade: 2022 -10.6; 2023 -2.2; 2024 -4.4; 2025 -5.5; 2026 -4.5. - Public debt - Stock of public debt: 2022 45.3; 2023 41.8; 2024 39.0; 2025 36.1; 2026 34.1; 2027 32.5; 2028 31.3. - Of which: external debt: 2022 30.8; 2023 29.2; 2024 28.6; 2025 28.5; 2026 27.3; 2027 26.3; 2028 25.7. *Press Release No. 24/30; January 29, 2024; IMF Communications Department* --- ## References - [https://www.imf.org/-/media/images/imf/bios/imfboard.jpg](https://www.imf.org/-/media/images/imf/bios/imfboard.jpg) - [The Executive Board](https://www.imf.org/external/np/sec/memdir/eds.aspx) - [PRESS CENTER](http://presscenter.imf.org/) - [Cameroon and the IMF](http://www.imf.org/external/country/CMR/index.htm) - [IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/imf-world-bank-debt-sustainability-framework-for-low-income-countries) - [Press Releases](https://www.imf.org/en/news/searchnews) - [IMF Resilience and Sustainability Facility](https://www.imf.org/en/About/Factsheets/Sheets/2023/Resilience-Sustainability-Facility-RSF) - [approved in July 2021](https://www.imf.org/en/News/Articles/2021/07/29/pr21237-cameroon-imf-executive-board-approves-us-million-arrangements-under-ecf-eff) - [extended in December 2023](https://www.imf.org/en/News/Articles/2023/12/20/pr23469-cameroon-imf-exec-board-completes-5th-rvw-ecf-eff-concludes-2023-article-iv-consultation) - [https://www.imf.org/en/home](https://www.imf.org/en/home) _Source: https://www.imf.org/en/news/articles/2024/01/29/pr2430-cameroon-imf-executive-board-approves-usd-million-under-rsf_