{
  "title": "IMF Executive Board Concludes Eighth Reviews under Cameroon’s Extended Credit Facility and Extended Fund Facility Arrangements and Third Review under Resilience and Sustainability Facility Arrangement",
  "publication": "IMF News, July 24, 2025",
  "sourceUrl": "https://www.imf.org/en/news/articles/2025/07/24/pr-25265-cameroon-imf-concludes-8th-rev-under-ecf-and-eff-and-3rd-rev-under-rsf",
  "canonical": "https://www.imf.org/en/news/articles/2025/07/24/pr-25265-cameroon-imf-concludes-8th-rev-under-ecf-and-eff-and-3rd-rev-under-rsf",
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  "summary": "The Executive Board of the International Monetary Fund (IMF) concluded today the eighth reviews under Cameroon’s Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) arrangements",
  "publishDate": "2025-07-24",
  "sections": [
    {
      "heading": "Key program actions and financing",
      "content": "- Completion of eighth reviews under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) allowed for a disbursement of SDR 55.2 million (about US$75.7 million).\n- Total disbursements under ECF-EFF arrangements to date: SDR 593.4 million (US$793.8 million).\n- Completion of the third review under the Resilience and Sustainability Facility (RSF) made available SDR 51.75 million (US$71 million).\n- Disbursements to date under the RSF: SDR 120.75 million (US$162.3 million).\n- Waivers approved for:\n  - Nonobservance of the performance criterion on the floor on the non-oil primary fiscal balance at end-December 2024 (on the basis of corrective actions).\n  - Ceiling on the net domestic financing of the central government excluding IMF financing at end-December 2024 (on the basis of corrective actions).\n  - Continuous ceiling on Treasury advances without a budget allocation (on the basis of the minor nature of the deviation).\n- Original three-year ECF-EFF arrangements approved in July 2021: SDR 483 million (US$ 689.5 million, or 175 percent of quota).\n- Extension of ECF-EFF arrangements in December 2023: 12 months; access augmented by SDR 110.4 million (US$ 145.4 million, or 40 percent of quota).\n- RSF arrangement approved in January 2024: SDR 138 million (US$ 181.7 million, or 50 percent of quota)."
    },
    {
      "heading": "Executive Board assessment and policy priorities",
      "content": "- Macroeconomic performance and outlook:\n  - Cameroon’s economy continued to grow, albeit at a modest pace.\n  - Inflation has moderated relative to recent peaks.\n  - The medium-term outlook remains broadly positive, but risks are tilted to the downside.\n- Fiscal policy:\n  - Pursuing a prudent fiscal stance remains paramount to preserve debt sustainability.\n  - Key measures include boosting non-oil revenues, improving public investment management, and strengthening domestic arrears control.\n- Debt and state-owned enterprises:\n  - Cameroon is at high risk of debt distress, but its debt is declining and remains sustainable.\n  - Important reforms: restructuring of the oil refinery; reforms in the electricity sector; strengthening governance in other state-owned enterprises to limit contingent liabilities and improve budgetary control and service quality.\n- Financial sector:\n  - Authorities recapitalized two banks to boost financial sector resilience.\n  - Remaining priorities: clear domestic arrears, deepen the domestic financial market, implement strategies for financial sector development and inclusion, and coordinate with regional financial institutions.\n- Governance and AML/CFT:\n  - Stepping up governance reforms and strengthening anti-money laundering and combating the financing of terrorism regimes is needed to:\n    - Promote inclusive and durable private sector-led growth.\n    - Exit the FATF “grey” list.\n    - Reinstate full membership in the Extractive Industries Transparency Initiative.\n  - Addressing persistent public financial management weaknesses is critical for improving fiscal transparency.\n- Climate and resilience:\n  - Good progress reported on strengthening the framework for tackling climate change risks.\n  - Implementing the new framework should improve resilience to climate shocks, minimize balance of payments impact, and catalyze funds for new green investments at favorable terms."
    },
    {
      "heading": "Selected economic and financial indicators (series of values reported in table)",
      "content": "- GDP at constant prices: 3.9; 3.5; 4.0; 3.8; 4.1; 4.3; 4.5; 4.6\n- Oil GDP at constant prices: -2.7; -9.2; -7.7; -5.6; 0.4; -0.1; 1.3; 2.1; 2.8\n- Non-Oil GDP at constant prices: 3.7; 4.2; 4.4\n- GDP deflator: 3.4; 6.6; 3.2; 3.6; 3.0\n- Consumer prices (average): 3.3\n- Consumer prices (eop): 5.0; 3.1\n- Broad money (M2): 8.8; 9.6; 7.0; 6.9; 7.4; 7.6; 7.7\n- Net foreign assets 1/: 2.7; 7.8; 11.4; 1.4; 0.0; -0.2\n- Net domestic assets 1/: -0.8; -4.6; 5.6; 7.9\n- Domestic credit to the private sector: 9.5; 12.3; 10.0; 9.0; 8.0; 7.2; 7.3\n- Gross national savings (Percent of GDP): 17.2; 17.6; 18.3; 18.4; 18.8; 19.7; 20.1; 20.7; 21.0\n- Gross domestic investment (Percent of GDP): 20.6; 21.1; 22.3; 23.0; 23.4; 24.1; 24.3; 24.1?\n- Public investment (Percent of GDP): 5.4; 6.0; 8.2; 8.5\n- Private investment (Percent of GDP): 15.2; 15.3; 15.0; 15.1; 15.5; 15.6; 15.7; 15.9; 15.8\n- Central government total revenue (including grants): 14.8; 15.4\n- Oil revenue: 2.4; 1.8\n- Non-oil revenue: 13.2; 12.9; 13.5; 13.0; 13.3; 13.6; 13.8; 14.0\n- Non-oil revenue (percent of non-oil GDP): 13.7; 13.9; 14.1; 14.2\n- Total expenditure: 16.5; 16.7; 16.1; 16.3\n- Overall fiscal balance (payment order basis) excluding grants: -0.9; -1.7; -0.6; -1.1; -1.2; -1.3\n- Overall fiscal balance (payment order basis) including grants: -1.5; -0.3\n- Overall fiscal balance (cash basis): -2.6; -2.1; -2.4; -2.3; -1.8; -2.0\n- Non-oil primary balance (payment order basis): -1.4; -1.6\n- Trade balance: -2.2; -1.0; -1.9\n- Non-oil exports: 8.3; 8.7; 8.1\n- Imports: 14.3; 14.6; 13.4; 13.1\n- Current account balance excluding official grants: -3.6; -3.3; -3.0; -2.9; -3.7; -3.5; -3.4\n- Current account balance including official grants: -3.1; -2.8\n- Terms of trade: 11.7; 21.5; -10.2; 0.8; 0.5\n- Stock of public debt: 42.0; 42.8; 39.4; 37.8; 36.1; 34.6; 33.4; 32.0\n- Of which: external debt: 28.7; 27.9; 29.9; 26.7; 26.4; 25.4; 24.6; 23.6; 22.6\n- Memorandum—Nominal GDP (at market prices, CFAF billions): 32,099; 32,975; 34,452; 35,435; 38,176; 41,257; 44,408; 47,812; 51,511\n  - Oil: 1,130; 1,043; 919; 831; 776; 779; 801; 828; 851\n  - Non-Oil: 30,969; 31,931; 33,533; 34,604; 37,399; 40,478; 43,607; 46,984; 50,660\n\nSource: IMF press release, July 24, 2025, IMF Communications Department.\n\n---\n\n\n References\n\n- Cameroon and the IMF\n- IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- three-year ECF-EFF\n- 18-month RSF\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2025/07/24/pr-25265-cameroon-imf-concludes-8th-rev-under-ecf-and-eff-and-3rd-rev-under-rsf"
    }
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    "Published: July 24, 2025",
    "Completion of eighth reviews under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) allowed for a disbursement of SDR 55.2 million (about US$75.7 million).",
    "Total disbursements under ECF-EFF arrangements to date: SDR 593.4 million (US$793.8 million).",
    "Completion of the third review under the Resilience and Sustainability Facility (RSF) made available SDR 51.75 million (US$71 million).",
    "Disbursements to date under the RSF: SDR 120.75 million (US$162.3 million).",
    "Waivers approved for:",
    "Original three-year ECF-EFF arrangements approved in July 2021: SDR 483 million (US$ 689.5 million, or 175 percent of quota).",
    "Extension of ECF-EFF arrangements in December 2023: 12 months; access augmented by SDR 110.4 million (US$ 145.4 million, or 40 percent of quota).",
    "RSF arrangement approved in January 2024: SDR 138 million (US$ 181.7 million, or 50 percent of quota).",
    "Macroeconomic performance and outlook:",
    "Fiscal policy:",
    "Debt and state-owned enterprises:",
    "Financial sector:",
    "Governance and AML/CFT:",
    "Climate and resilience:",
    "GDP at constant prices: 3.9; 3.5; 4.0; 3.8; 4.1; 4.3; 4.5; 4.6",
    "Oil GDP at constant prices: -2.7; -9.2; -7.7; -5.6; 0.4; -0.1; 1.3; 2.1; 2.8",
    "Non-Oil GDP at constant prices: 3.7; 4.2; 4.4",
    "GDP deflator: 3.4; 6.6; 3.2; 3.6; 3.0",
    "Consumer prices (average): 3.3",
    "Consumer prices (eop): 5.0; 3.1",
    "Broad money (M2): 8.8; 9.6; 7.0; 6.9; 7.4; 7.6; 7.7",
    "Net foreign assets 1/: 2.7; 7.8; 11.4; 1.4; 0.0; -0.2",
    "Net domestic assets 1/: -0.8; -4.6; 5.6; 7.9",
    "Domestic credit to the private sector: 9.5; 12.3; 10.0; 9.0; 8.0; 7.2; 7.3",
    "Gross national savings (Percent of GDP): 17.2; 17.6; 18.3; 18.4; 18.8; 19.7; 20.1; 20.7; 21.0",
    "Gross domestic investment (Percent of GDP): 20.6; 21.1; 22.3; 23.0; 23.4; 24.1; 24.3; 24.1?",
    "Public investment (Percent of GDP): 5.4; 6.0; 8.2; 8.5",
    "Private investment (Percent of GDP): 15.2; 15.3; 15.0; 15.1; 15.5; 15.6; 15.7; 15.9; 15.8",
    "Central government total revenue (including grants): 14.8; 15.4",
    "Oil revenue: 2.4; 1.8",
    "Non-oil revenue: 13.2; 12.9; 13.5; 13.0; 13.3; 13.6; 13.8; 14.0",
    "Non-oil revenue (percent of non-oil GDP): 13.7; 13.9; 14.1; 14.2",
    "Total expenditure: 16.5; 16.7; 16.1; 16.3",
    "Overall fiscal balance (payment order basis) excluding grants: -0.9; -1.7; -0.6; -1.1; -1.2; -1.3",
    "Overall fiscal balance (payment order basis) including grants: -1.5; -0.3",
    "Overall fiscal balance (cash basis): -2.6; -2.1; -2.4; -2.3; -1.8; -2.0",
    "Non-oil primary balance (payment order basis): -1.4; -1.6",
    "Trade balance: -2.2; -1.0; -1.9",
    "Non-oil exports: 8.3; 8.7; 8.1",
    "Imports: 14.3; 14.6; 13.4; 13.1",
    "Current account balance excluding official grants: -3.6; -3.3; -3.0; -2.9; -3.7; -3.5; -3.4",
    "Current account balance including official grants: -3.1; -2.8",
    "Terms of trade: 11.7; 21.5; -10.2; 0.8; 0.5",
    "Stock of public debt: 42.0; 42.8; 39.4; 37.8; 36.1; 34.6; 33.4; 32.0",
    "Of which: external debt: 28.7; 27.9; 29.9; 26.7; 26.4; 25.4; 24.6; 23.6; 22.6",
    "Memorandum—Nominal GDP (at market prices, CFAF billions): 32,099; 32,975; 34,452; 35,435; 38,176; 41,257; 44,408; 47,812; 51,511",
    "[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)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[three-year ECF-EFF](https://www.imf.org/en/News/Articles/2021/07/29/pr21237-cameroon-imf-executive-board-approves-us-million-arrangements-under-ecf-eff)",
    "[18-month RSF](https://www.imf.org/en/News/Articles/2024/01/29/pr2430-cameroon-imf-executive-board-approves-usd-million-under-rsf)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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