## Cameroon: Request for a Three-Year Arrangement Under the Extended Credit Facility — Press Release; Staff Report; and Statement by the Executive Director for Cameroon

_IMF Staff Country Reports, July 5, 2017_

## Source details

**Canonical URL:** [Cameroon: Request for a Three-Year Arrangement Under the Extended Credit Facility — Press Release; Staff Report; and Statement by the Executive Director for Cameroon](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)

## Other formats

- [Markdown version](/en/publications/cr/issues/2017/07/05/cameroon-request-for-a-three-year-arrangement-under-the-extended-credit-facility-press-45038/index.md)
- [Structured JSON version](/en/publications/cr/issues/2017/07/05/cameroon-request-for-a-three-year-arrangement-under-the-extended-credit-facility-press-45038/index.json)
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## Bibliographic details
- Published: July 5, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484307328.002

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### Background and shock transmission
- Cameroon has been hit by significant export price declines and security threats since 2014.
- Consequences highlighted:
  - Oil revenue declined.
  - Security and humanitarian spending increased.
  - Large infrastructure programs continued.
  - Resulting macroeconomic pressures included widening fiscal and current account deficits, rapidly accumulating external debt, and a decline in imputed reserves.

### Macroeconomic impact and vulnerabilities
- Fiscal and external balances have deteriorated due to:
  - Lower petroleum revenue.
  - Higher spending needs for security and humanitarian response.
  - Continued large public investment commitments.
- External balance pressures:
  - Rapid accumulation of external debt.
  - Decline in imputed reserves.
- Subject tags indicating focus areas: Debt sustainability analysis, External debt, Fiscal consolidation, Fiscal policy, Fiscal stance, Public debt, Public financial management (PFM).

### Authorities’ request and program objectives
- 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:
  - Restore external and fiscal sustainability.
  - Lay the foundations for sustainable, private-sector led growth.

### IMF staff assessment and support
- IMF staff supports the authorities’ request for an ECF-supported program.
- The report discussed the rationale for IMF engagement to address:
  - Fiscal consolidation needs.
  - External debt and balance of payments pressures.
  - Structural reforms to support private-sector led growth.

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## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2017/cr17185.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2017/cr17185.pdf){rel="external" type="application/pdf"}

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_Source: 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_