{
  "title": "IMF Executive Board Concludes 2026 Article IV Consultation with Cameroon",
  "publication": "IMF News, March 30, 2026",
  "sourceUrl": "https://www.imf.org/en/news/articles/2026/03/30/pr-26096-cameroon-imf-executive-board-concludes-2026-article-iv-consultation",
  "canonical": "https://www.imf.org/en/news/articles/2026/03/30/pr-26096-cameroon-imf-executive-board-concludes-2026-article-iv-consultation",
  "overlayPath": "/en/news/articles/2026/03/30/pr-26096-cameroon-imf-executive-board-concludes-2026-article-iv-consultation/index.md",
  "summary": "On March 25, the Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Cameroon.",
  "publishDate": "2026-03-30",
  "sections": [
    {
      "heading": "Executive summary and context",
      "content": "- Executive Board completed the Article IV Consultation for Cameroon on March 25, 2026; authorities consented to publication of the Staff Report.\n- The Cameroonian economy has been resilient to external shocks but growth slowed in 2025 due to election-related disruptions in October and November.\n- Outlook described as \"cautiously favorable\" with recovery expected in 2026, but notable downside risks are highlighted."
    },
    {
      "heading": "Key 2024–26 developments and 2026 near-term outlook",
      "content": "- Growth\n  - GDP growth: 3.5 percent (2024 est.), 3.1 percent (2025 est.), projected 3.3 percent (2026).\n  - Non-Oil GDP growth: 3.4 percent (2024), 3.9 percent (2025), 4.1 percent (2026).\n  - Oil GDP growth: -9.7 percent (2024), -7.2 percent (2025), 0.8 percent (2026).\n- Inflation and prices\n  - Inflation (average): 2.9 percent (2024), 3.4 percent (2025, noted in text), 2.9 percent (projected 2026, text).\n  - GDP deflator and consumer price series from table: GDP deflator 5.4 (2024), 0.9 (2025), 1.9 (2026); Consumer prices (average) 2.9 (2024), 2.6 (2025), 2.5 (2026).\n- Fiscal\n  - Preliminary estimate: fiscal position weakened in 2025 with a non-oil primary deficit of 2.6 percent of GDP (2025), exceeding budget target of 1.4 percent of GDP.\n  - Total revenue (including grants): 15.1 percent of GDP (2024), 15.4 (2025), 15.9 (2026).\n  - Total expenditure: 17.1 percent of GDP (2024), 16.5 (2025), 16.6 (2026).\n  - Overall fiscal balance (payment order basis, excluding grants): -1.8 percent of GDP (2024), -2.3 (2025), -1.9 (2026).\n  - Overall fiscal balance (cash basis): -1.6 (2024), -2.4 (2025), -2.2 (2026).\n- External sector\n  - Current account balance (excluding official grants): -4.0 percent of GDP (2024), -5.3 (2025), -5.5 (2026).\n  - Current account balance (including official grants): -3.3 (2024), -5.2 (2025), -5.4 (2026).\n  - Trade balance: -3.9 percent of GDP (2024), -3.7 (2025), -3.6 (2026).\n  - Terms of trade: 21.1 (2024), -1.1 (2025), -16.3 (2026).\n- Public debt and financing\n  - Stock of public debt: 43.4 percent of GDP (2024), 40.3 (2025), 39.6 (2026); projected decline to 32.8 percent of GDP by 2031.\n  - Of which: external debt 28.4 percent of GDP (2024), 25.0 (2025), 24.8 (2026).\n  - Nominal GDP (CFAF billions): 32,316 (2024), 34,445 (2025), 35,915 (2026)."
    },
    {
      "heading": "Medium-term projections and risks",
      "content": "- Medium-term growth and external outlook\n  - Growth projected to reach 4.6 percent over the medium term as mining diversification materializes.\n  - Current account deficit projected to curb to 4.0 percent of GDP over the medium term.\n- Key downside risks identified\n  - Tight financial conditions and higher global interest rates increasing financing risks amid large amortizations.\n  - Reduced aid flows heightening budget pressures.\n  - Volatile commodity prices (notably cocoa and oil) affecting external and fiscal balances.\n  - Security and climate-related challenges weighing on growth.\n  - Further weakening of CEMAC international reserves creating additional uncertainty.\n- Short-term effects of recent oil price rise\n  - Recent rise in oil prices driven by the conflict in the Middle East expected to have contained near-term effects; oil revenue gains likely partly offset by subsidies under the administered price regime."
    },
    {
      "heading": "Executive Board assessment and policy recommendations",
      "content": "- Overall assessment\n  - Directors welcomed Cameroon’s economic resilience and noted the broadly favorable medium-term outlook, buoyed by mining and electricity investments.\n  - Directors agreed with staff appraisal and called for intensified efforts to entrench macroeconomic stability and accelerate structural reforms to support private‑sector‑led growth.\n- Fiscal policy and debt management\n  - Emphasized sustained fiscal consolidation to ease debt sustainability risks and bolster regional macro stability.\n  - Called for strengthened revenue mobilization, tighter expenditure controls, improved spending efficiency, and better public investment management to create space for infrastructure and social spending.\n  - Completing fuel subsidy reforms is important; adopting an automatic fuel price setting mechanism along with targeted assistance for the most vulnerable was recommended to ease fiscal risks.\n  - Strengthen debt management given high risk of debt distress; prioritize concessional project financing over expensive commercial borrowing.\n  - Urged embedding an arrears clearance plan within a credible medium-term financing strategy.\n  - Comprehensive SOE reforms and fiscal transparency highlighted as essential to enhance fiscal resilience.\n- Financial sector\n  - Directors underscored need for vigilance amid elevated NPLs and the sovereign-bank nexus.\n  - Caution urged regarding expanding state footprint in the banking sector; strengthen governance of state‑owned banks.\n  - Accelerate AML/CFT reforms to exit the FATF grey list.\n  - Continue promoting financial sector development and financial inclusion to support higher growth.\n- Structural reforms and coordination\n  - More decisive and sustained implementation of structural reforms needed to secure durable private‑sector‑led growth.\n  - Importance of strengthening governance and transparency, addressing regulatory bottlenecks, and advancing climate resilience reforms.\n  - Directors encouraged sustained, well-sequenced, and targeted capacity development and close coordination with regional entities.\n- Engagement with the Fund\n  - Directors looked forward to close engagement under the Post‑Financing Assessment framework.\n  - Next Article IV consultation expected on the standard 12‑month cycle."
    },
    {
      "heading": "Selected quantitative highlights from Table 1 (2024–31)",
      "content": "- GDP at constant prices (annual percent change): 3.5 (2024), 3.1 (2025), 3.3 (2026), 3.8 (2027), 4.2 (2028), 4.3 (2029), 4.4 (2030), 4.6 (2031).\n- Oil GDP at constant prices (annual percent change): -9.7 (2024), -7.2 (2025), 0.8 (2026), -4.3 (2027), 10.6 (2028), 3.7 (2029), 3.0 (2030).\n- Non-Oil GDP at constant prices (annual percent change): 3.4 (2024), 3.9 (2025), 4.1 (2026), 4.5 (2027).\n- GDP deflator: 5.4 (2024), 0.9 (2025), 1.9 (2026), 2.7 (2027), 2.4 (2028).\n- Consumer prices (average): 2.9 (2024), 2.6 (2025), 2.5 (2026).\n- Broad money (M2): 9.6 (2024), 13.4 (2025), 6.9 (2026).\n- Domestic credit to the private sector: 12.3 (2024), 11.2 (2025), 11.7 (2026), 12.2 (2027), 13.5 (2028), 14.2 (2029), 14.5 (2030), 14.3 (2031).\n- Gross national savings: 15.6 (2024), 14.8 (2025), 14.1 (2026), 14.9 (2027), 15.5 (2028), 15.8 (2029), 16.3 (2030).\n- Gross domestic investment: 18.9 (2024), 18.7 (2025), 19.3 (2026), 19.5 (2027), 19.7 (2028), 20.0 (2029), 20.2 (2030), 20.3 (2031).\n- Public investment: 6.0 (2024), 7.4 (2025), 7.7 (2026), 8.2 (2027), 8.9 (2028).\n- Total revenue (including grants, percent of GDP): 15.1 (2024), 15.4 (2025), 15.9 (2026), 16.4 (2027).\n- Total expenditure (percent of GDP): 17.1 (2024), 16.5 (2025), 16.6 (2026), 16.9 (2027).\n- Non‑oil primary balance (payment order basis): -2.6 percent of GDP (2025).\n- Current account balance (excluding official grants, percent of GDP): -4.0 (2024), -5.3 (2025), -5.5 (2026), -4.8 (2027), -4.6 (2028), -4.4 (2029), -4.1 (2030).\n- Stock of public debt (percent of GDP): 43.4 (2024), 40.3 (2025), 39.6 (2026), 38.9 (2027), 37.4 (2028), 35.9 (2029), 34.1 (2030), 32.8 (2031).\n- Nominal GDP (CFAF billions): 32,316 (2024), 34,445 (2025), 35,915 (2026), 37,980 (2027), 40,833 (2028), 43,736 (2029), 46,913 (2030), 50,261 (2031).\n- Oil nominal receipts (CFAF billions): 1,017 (2024), 834 (2025), 791 (2026), 648 (2027), 686 (2028), 695 (2029), 727 (2030), 761 (2031).\n- Non‑Oil nominal receipts (CFAF billions): 31,299 (2024), 33,610 (2025), 35,123 (2026), 37,333 (2027), 40,147 (2028), 43,041 (2029), 46,186 (2030), 49,500 (2031).\n\nSource: IMF press release “IMF Executive Board Concludes 2026 Article IV Consultation with Cameroon”, March 30, 2026.\n\n---\n\n\n References\n\n- IMF Policy Advice -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- www.imf.org/cameroon\n- http://www.IMF.org/external/np/sec/misc/qualifiers.htm\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2026/03/30/pr-26096-cameroon-imf-executive-board-concludes-2026-article-iv-consultation"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2026/03/30/pr-26096-cameroon-imf-executive-board-concludes-2026-article-iv-consultation/index.md)",
    "[Structured JSON version](/en/news/articles/2026/03/30/pr-26096-cameroon-imf-executive-board-concludes-2026-article-iv-consultation/index.json)",
    "[Bundle manifest](/en/news/articles/2026/03/30/pr-26096-cameroon-imf-executive-board-concludes-2026-article-iv-consultation/bundle-manifest.json)",
    "Published: March 30, 2026",
    "Executive Board completed the Article IV Consultation for Cameroon on March 25, 2026; authorities consented to publication of the Staff Report.",
    "The Cameroonian economy has been resilient to external shocks but growth slowed in 2025 due to election-related disruptions in October and November.",
    "Outlook described as \"cautiously favorable\" with recovery expected in 2026, but notable downside risks are highlighted.",
    "Growth",
    "Inflation and prices",
    "Fiscal",
    "External sector",
    "Public debt and financing",
    "Medium-term growth and external outlook",
    "Key downside risks identified",
    "Short-term effects of recent oil price rise",
    "Overall assessment",
    "Fiscal policy and debt management",
    "Financial sector",
    "Structural reforms and coordination",
    "Engagement with the Fund",
    "GDP at constant prices (annual percent change): 3.5 (2024), 3.1 (2025), 3.3 (2026), 3.8 (2027), 4.2 (2028), 4.3 (2029), 4.4 (2030), 4.6 (2031).",
    "Oil GDP at constant prices (annual percent change): -9.7 (2024), -7.2 (2025), 0.8 (2026), -4.3 (2027), 10.6 (2028), 3.7 (2029), 3.0 (2030).",
    "Non-Oil GDP at constant prices (annual percent change): 3.4 (2024), 3.9 (2025), 4.1 (2026), 4.5 (2027).",
    "GDP deflator: 5.4 (2024), 0.9 (2025), 1.9 (2026), 2.7 (2027), 2.4 (2028).",
    "Consumer prices (average): 2.9 (2024), 2.6 (2025), 2.5 (2026).",
    "Broad money (M2): 9.6 (2024), 13.4 (2025), 6.9 (2026).",
    "Domestic credit to the private sector: 12.3 (2024), 11.2 (2025), 11.7 (2026), 12.2 (2027), 13.5 (2028), 14.2 (2029), 14.5 (2030), 14.3 (2031).",
    "Gross national savings: 15.6 (2024), 14.8 (2025), 14.1 (2026), 14.9 (2027), 15.5 (2028), 15.8 (2029), 16.3 (2030).",
    "Gross domestic investment: 18.9 (2024), 18.7 (2025), 19.3 (2026), 19.5 (2027), 19.7 (2028), 20.0 (2029), 20.2 (2030), 20.3 (2031).",
    "Public investment: 6.0 (2024), 7.4 (2025), 7.7 (2026), 8.2 (2027), 8.9 (2028).",
    "Total revenue (including grants, percent of GDP): 15.1 (2024), 15.4 (2025), 15.9 (2026), 16.4 (2027).",
    "Total expenditure (percent of GDP): 17.1 (2024), 16.5 (2025), 16.6 (2026), 16.9 (2027).",
    "Non‑oil primary balance (payment order basis): -2.6 percent of GDP (2025).",
    "Current account balance (excluding official grants, percent of GDP): -4.0 (2024), -5.3 (2025), -5.5 (2026), -4.8 (2027), -4.6 (2028), -4.4 (2029), -4.1 (2030).",
    "Stock of public debt (percent of GDP): 43.4 (2024), 40.3 (2025), 39.6 (2026), 38.9 (2027), 37.4 (2028), 35.9 (2029), 34.1 (2030), 32.8 (2031).",
    "Nominal GDP (CFAF billions): 32,316 (2024), 34,445 (2025), 35,915 (2026), 37,980 (2027), 40,833 (2028), 43,736 (2029), 46,913 (2030), 50,261 (2031).",
    "Oil nominal receipts (CFAF billions): 1,017 (2024), 834 (2025), 791 (2026), 648 (2027), 686 (2028), 695 (2029), 727 (2030), 761 (2031).",
    "Non‑Oil nominal receipts (CFAF billions): 31,299 (2024), 33,610 (2025), 35,123 (2026), 37,333 (2027), 40,147 (2028), 43,041 (2029), 46,186 (2030), 49,500 (2031).",
    "[IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[www.imf.org/cameroon](http://www.imf.org/cameroon)",
    "[http://www.IMF.org/external/np/sec/misc/qualifiers.htm](http://www.imf.org/external/np/sec/misc/qualifiers.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
  "alternates": {
    "markdown": "/en/news/articles/2026/03/30/pr-26096-cameroon-imf-executive-board-concludes-2026-article-iv-consultation/index.md",
    "json": "/en/news/articles/2026/03/30/pr-26096-cameroon-imf-executive-board-concludes-2026-article-iv-consultation/index.json",
    "bundleManifest": "/en/news/articles/2026/03/30/pr-26096-cameroon-imf-executive-board-concludes-2026-article-iv-consultation/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-26T04:33:15.954Z"
}