IMF Staff Completes 2026 Article IV Mission to Cameroon

IMF News, February 13, 2026

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An IMF mission, headed by Christine Dieterich, visited Cameroon during January 29 to February 12 to conduct the IMF’s 2026 Article IV Consultation discussions.
The mission focused on recent economic developments and the short- and medium-term economic outlook.
End-of-mission statement issued by Ms. Dieterich; IMF Executive Board expected to consider the staff report on the 2026 Article IV Consultation with Cameroon in late March.

Growth slowed to 3.1 percent in 2025, from 3.5 percent in 2024; slowdown attributed to post-election unrest that disrupted trade, services, and investment, and dampened domestic demand.
Inflation: the 12-month average eased to 3.4 percent in December 2025.
External position: current account deficit expected to have widened to 3.9 percent of GDP in 2025, from 3.3 percent in 2024, partly due to a decline in oil exports.
Cameroon’s contribution to CEMAC’s international reserves was broadly unchanged in 2025, supported by external commercial borrowing.
Fiscal performance: overall fiscal deficit estimated to have widened from about 1.5 percent of GDP in 2024 to around 2 percent of GDP in 2025.
Non‑oil primary balance estimated to have worsened to about 2.6 percent of GDP in 2025, compared with a budget target of about 1.4 percent of GDP.
Fiscal dynamics reflect underperformance in non-oil revenues, slippage in current expenditure, and lagging capital expenditure execution.
Debt sustainability analysis continues to show high overall risk of debt distress.
Near-term financing pressures remained elevated in 2025, prompting external commercial borrowing.
Uncertainty around the 2025 outturn remains high, including the risk of additional arrears and extrabudgetary commitments.

Growth is projected to recover to 3.3 percent in 2026, reflecting higher public investment amid easing uncertainty.
A strong rebound is expected in 2027–28, subject to elevated risks, notably related to the timely completion of ongoing projects to address bottlenecks in electricity transmission.
Medium-term growth projection: reach 4.6 in 2031 (as stated in the statement).
Inflation is projected to decline to 2.9 percent in 2026 and stabilize at around 2.5 percent in the medium run.
The mission agreed with the authorities’ objective under the 2026 budget to tighten the fiscal policy stance, targeting a deficit of 1.7 percent of GDP.

Elevated downside risks, including:
- Weakening regional reserves and tight liquidity.
- Public financial management weaknesses and debt market vulnerabilities.
- External risks: possible commodity price volatility, higher global interest rates, and reduced international aid.
- Domestic risks: continued security and climate-related challenges.
Risks to the outlook include the timely completion of infrastructure projects (electricity transmission) and uncertainty around fiscal outturns (arrears, extrabudgetary commitments).

Address persistent structural and policy obstacles that weigh on growth, including:
- Improving access to finance.
- Strengthening investment planning and implementation.
- Expanding infrastructure investment through greater reliance on concessional project financing.
- Sustaining efforts to boost non-oil domestic revenue mobilization.
- Initiating reforms to deepen the regional treasury market and operationalizing the Single Treasury Account.
Strengthen public financial management, particularly:
- Commitment controls and avoidance of off-budget expenditure.
- Include a realistic timetable for arrears clearance in the budget as part of a medium-term financing strategy to reduce risk perceptions and improve private sector liquidity.
Governance: sustain implementation of the recommendations of the 2023 governance assessment diagnostic, particularly to address weaknesses in asset declaration, audit, and anti-corruption frameworks.

Press Release No. 26/049 — IMF Communications Department, February 13, 2026.