{
  "title": "Cameroon: Request for a Three-Year Arrangement Under the Extended Credit Facility — Press Release; Staff Report; and Statement by the Executive Director for Cameroon",
  "publication": "IMF Staff Country Reports, July 5, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/07/05/cameroon-request-for-a-three-year-arrangement-under-the-extended-credit-facility-press-45038",
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  "summary": "This paper discusses Cameroon’s Request for a Three-Year Arrangement Under the Extended Credit Facility (ECF). Cameroon has been hit by significant export price declines and security threats since 2014.",
  "publishDate": "2017-07-05",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Background and shock transmission",
      "content": "- Cameroon has been hit by significant export price declines and security threats since 2014.\n- Consequences highlighted:\n  - Oil revenue declined.\n  - Security and humanitarian spending increased.\n  - Large infrastructure programs continued.\n  - Resulting macroeconomic pressures included widening fiscal and current account deficits, rapidly accumulating external debt, and a decline in imputed reserves."
    },
    {
      "heading": "Macroeconomic impact and vulnerabilities",
      "content": "- Fiscal and external balances have deteriorated due to:\n  - Lower petroleum revenue.\n  - Higher spending needs for security and humanitarian response.\n  - Continued large public investment commitments.\n- External balance pressures:\n  - Rapid accumulation of external debt.\n  - Decline in imputed reserves.\n- Subject tags indicating focus areas: Debt sustainability analysis, External debt, Fiscal consolidation, Fiscal policy, Fiscal stance, Public debt, Public financial management (PFM)."
    },
    {
      "heading": "Authorities’ request and program objectives",
      "content": "- The Cameroonian authorities are requesting a three-year program under the Extended Credit Facility (ECF) in the amount of SDR 483 million.\n- Program objectives stated:\n  - Restore external and fiscal sustainability.\n  - Lay the foundations for sustainable, private-sector led growth."
    },
    {
      "heading": "IMF staff assessment and support",
      "content": "- IMF staff supports the authorities’ request for an ECF-supported program.\n- The report discussed the rationale for IMF engagement to address:\n  - Fiscal consolidation needs.\n  - External debt and balance of payments pressures.\n  - Structural reforms to support private-sector led growth.\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/07/05/cameroon-request-for-a-three-year-arrangement-under-the-extended-credit-facility-press-45038"
    }
  ],
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    "Published: July 5, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484307328.002",
    "Cameroon has been hit by significant export price declines and security threats since 2014.",
    "Consequences highlighted:",
    "Fiscal and external balances have deteriorated due to:",
    "External balance pressures:",
    "Subject tags indicating focus areas: Debt sustainability analysis, External debt, Fiscal consolidation, Fiscal policy, Fiscal stance, Public debt, Public financial management (PFM).",
    "The Cameroonian authorities are requesting a three-year program under the Extended Credit Facility (ECF) in the amount of SDR 483 million.",
    "Program objectives stated:",
    "IMF staff supports the authorities’ request for an ECF-supported program.",
    "The report discussed the rationale for IMF engagement to address:",
    "**Country Report**"
  ],
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