{
  "title": "Cameroon: Staff Report for the 2014 Article IV Consultation",
  "publication": "IMF Staff Country Reports, July 17, 2014",
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  "summary": "KEY ISSUES Context. Cameroon’s macroeconomic outlook and risks have deteriorated slightly since the Article IV consultation in 2013.",
  "sections": [
    {
      "heading": "Context and macroeconomic assessment",
      "content": "- Macroeconomic outlook and risks have deteriorated slightly since the Article IV consultation in 2013.\n- Economic activity has remained strong and inflation subdued.\n- Fiscal and balance-sheet pressures:\n  - The fiscal position has worsened.\n  - Public debt has been rising at a less sustainable pace.\n  - Government deposits have dwindled.\n  - Payment delays have continued.\n- Long-term growth concern:\n  - The anticipated growth path may not suffice to reach upper-middle-income country status by 2035."
    },
    {
      "heading": "Focus of the consultation and risks",
      "content": "- Overarching policy issue: how to set Cameroon on a higher growth path while mitigating low but growing risks to macroeconomic stability.\n- Main exogenous risk: spillovers from regional insecurity.\n- Main endogenous risks: rising contingent liabilities and credit concentration.\n- Past policy advice remains relevant."
    },
    {
      "heading": "Key findings and projections (selected)",
      "content": "- Continued strong real economic activity and subdued inflation (no numeric growth rates provided on the page).\n- Deterioration in fiscal sustainability indicators and erosion of fiscal buffers (government deposits, payment delays).\n- Banking sector stress: presence of three small distressed banks requiring resolution.\n- Implication for poverty and development goals: current growth path unlikely to achieve upper-middle-income country status by 2035."
    },
    {
      "heading": "Key policy recommendations",
      "content": "- Public financial management and fiscal policy:\n  - Strengthen cash management and expenditure controls to prevent a further accumulation of payment deferrals.\n  - Close the financing gap in 2014, and adopt a downward path for the non-oil primary deficit to rebuild fiscal space and preserve macroeconomic stability.\n  - Improve non-oil revenue by broadening the tax base and streamlining tax exemptions.\n  - Reprioritize public expenditure by reducing fuel subsidies gradually; provide targeted compensation measures for the most vulnerable.\n  - Increase the selectivity of investment projects and adopt a rigorous screening of the financing terms to ensure debt sustainability.\n- Financial sector and supervision:\n  - Pursue the resolution of three small distressed banks.\n  - Support the strengthening of regional bank and microfinance supervision.\n- Growth and inclusion:\n  - Promote higher and more inclusive growth through better targeted educational and social spending, a propitious business climate, and deeper regional integration."
    },
    {
      "heading": "Publication and metadata (as presented)",
      "content": "- Title: Cameroon: Staff Report for the 2014 Article IV Consultation\n- Date: July 17, 2014\n- Pages: 71\n- Volume: 2014\n- Issue: 212\n- Series: Country Report No. 2014/212\n- DOI: https://doi.org/10.5089/9781498342636.002\n- Stock No: 1CMREA2014001\n- ISBN: 9781498342636\n- ISSN: 1934-7685\n- Subjects: Energy subsidies, Expenditure, External debt, Public debt, Public financial management (PFM)\n- Keywords: CR, Energy subsidies, executive board assessment, financing gap, GDP, GDP deflator, Global, ISCR, oil revenue, private sector, real GDP, revenue policy, right, Sub-Saharan Africa\n- Additional note: Also available in French\n- Auxiliary fact: Our eLibrary offers over 25,000 IMF publications in multiple formats.\n\nSource: IMF Staff Country Report — Cameroon: Staff Report for the 2014 Article IV Consultation (Country Report No. 2014/212), July 17, 2014.\n\n---\n\n Content in this bundle\n\n- Cameroon: 2014 Article IV consultation, IMF Country Report No. 14/212, June 13, 2014\n  - Cameroon: 2014 Article IV consultation, IMF Country Report No. 14/212, June 13, 2014 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cameroon: 2014 Article IV consultation, IMF Country Report No. 14/212, June 13, 2014 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Cameroun: Consultations de 2014 au titre de l'Article IV; Rapport du FMI 14/212; Le 13 juin 2014\n  - Cameroun: Consultations de 2014 au titre de l'Article IV; Rapport du FMI 14/212; Le 13 juin 2014 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cameroun: Consultations de 2014 au titre de l'Article IV; Rapport du FMI 14/212; Le 13 juin 2014 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 17, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498342636.002",
    "Macroeconomic outlook and risks have deteriorated slightly since the Article IV consultation in 2013.",
    "Economic activity has remained strong and inflation subdued.",
    "Fiscal and balance-sheet pressures:",
    "Long-term growth concern:",
    "Overarching policy issue: how to set Cameroon on a higher growth path while mitigating low but growing risks to macroeconomic stability.",
    "Main exogenous risk: spillovers from regional insecurity.",
    "Main endogenous risks: rising contingent liabilities and credit concentration.",
    "Past policy advice remains relevant.",
    "Continued strong real economic activity and subdued inflation (no numeric growth rates provided on the page).",
    "Deterioration in fiscal sustainability indicators and erosion of fiscal buffers (government deposits, payment delays).",
    "Banking sector stress: presence of three small distressed banks requiring resolution.",
    "Implication for poverty and development goals: current growth path unlikely to achieve upper-middle-income country status by 2035.",
    "Public financial management and fiscal policy:",
    "Financial sector and supervision:",
    "Growth and inclusion:",
    "Title: Cameroon: Staff Report for the 2014 Article IV Consultation",
    "Date: July 17, 2014",
    "Pages: 71",
    "Volume: 2014",
    "Issue: 212",
    "Series: Country Report No. 2014/212",
    "DOI: https://doi.org/10.5089/9781498342636.002",
    "Stock No: 1CMREA2014001",
    "ISBN: 9781498342636",
    "ISSN: 1934-7685",
    "Subjects: Energy subsidies, Expenditure, External debt, Public debt, Public financial management (PFM)",
    "Keywords: CR, Energy subsidies, executive board assessment, financing gap, GDP, GDP deflator, Global, ISCR, oil revenue, private sector, real GDP, revenue policy, right, Sub-Saharan Africa",
    "Additional note: Also available in French",
    "Auxiliary fact: Our eLibrary offers over 25,000 IMF publications in multiple formats.",
    "**Cameroon: 2014 Article IV consultation, IMF Country Report No. 14/212, June 13, 2014**",
    "**Cameroun: Consultations de 2014 au titre de l'Article IV; Rapport du FMI 14/212; Le 13 juin 2014**"
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