{
  "title": "Cameroon: Third Review Under the Extended Credit Facility Arrangement and Requests for a Waiver of Nonobservance of a Performance Criterion and Modification of Performance Criteria — Press Release; Staff Report; and Statement by the Executive Director for Cameroon",
  "publication": "IMF Staff Country Reports, December 27, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/12/27/cameroon-third-review-under-the-extended-credit-facility-arrangement-and-requests-for-a-46491",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2018/12/27/cameroon-third-review-under-the-extended-credit-facility-arrangement-and-requests-for-a-46491",
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  "summary": "President Biya was re-elected as President of Cameroon on October 7 by a large margin, amidst some violence in anglophone regions. Growth is projected to gradually increase from 3.5 percent in 2017 to 3.",
  "sections": [
    {
      "heading": "Political and security context",
      "content": "- President Biya was re-elected as President of Cameroon on October 7 by a large margin, amidst some violence in anglophone regions.\n- Continued insecurity in the anglophone regions is identified as a risk to the outlook."
    },
    {
      "heading": "Growth projections and drivers",
      "content": "- Growth was 3.5 percent in 2017.\n- Growth is projected to be 3.8 percent in 2018, driven by construction activity ahead of the Africa Cup of Nations (CAN) and large infrastructure projects.\n- Growth is expected to increase to 4.4 percent in 2019.\n- Growth is projected to reach 5 percent in the medium-term."
    },
    {
      "heading": "Fiscal developments and program status",
      "content": "- Fiscal consolidation as of end-June was in line with program objectives.\n- Fiscal consolidation faces significant headwinds in the second half of the year owing to accelerating capital spending and revenue shortfalls.\n- A request was made for a waiver of nonobservance of a performance criterion and modification of performance criteria (implied by the title)."
    },
    {
      "heading": "External sector developments",
      "content": "- The goods trade balance worsened significantly in H1.\n- Private capital outflows increased, contributing to a slower-than-anticipated buildup of external buffers."
    },
    {
      "heading": "Medium-term outlook and risks",
      "content": "- The medium-term outlook remains positive with rising growth as noted above.\n- Risks identified include:\n  - Heightened global uncertainty.\n  - Insufficient adjustment at the regional level.\n  - Continued insecurity in the anglophone regions."
    },
    {
      "heading": "Key statistics and facts (as reported)",
      "content": "- 3.5 percent (growth in 2017)\n- 3.8 percent (projected growth in 2018)\n- 4.4 percent (expected growth in 2019)\n- 5 percent (projected medium-term growth)\n- end-June (timing of fiscal consolidation assessment)\n- H1 (period in which the goods trade balance worsened)\n- Pages: 115\n- Issue: 378\n- Series: Country Report No. 2018/378\n\nSource: Cameroon: Third Review Under the Extended Credit Facility Arrangement and Requests for a Waiver of Nonobservance of a Performance Criterion and Modification of Performance Criteria—Press Release; Staff Report; and Statement by the Executive Director for Cameroon (IMF Staff Country Reports 2018, 378).\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\"}"
    }
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    "[Markdown version](/en/publications/cr/issues/2018/12/27/cameroon-third-review-under-the-extended-credit-facility-arrangement-and-requests-for-a-46491/index.md)",
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    "Published: December 27, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484392003.002",
    "President Biya was re-elected as President of Cameroon on October 7 by a large margin, amidst some violence in anglophone regions.",
    "Continued insecurity in the anglophone regions is identified as a risk to the outlook.",
    "Growth was 3.5 percent in 2017.",
    "Growth is projected to be 3.8 percent in 2018, driven by construction activity ahead of the Africa Cup of Nations (CAN) and large infrastructure projects.",
    "Growth is expected to increase to 4.4 percent in 2019.",
    "Growth is projected to reach 5 percent in the medium-term.",
    "Fiscal consolidation as of end-June was in line with program objectives.",
    "Fiscal consolidation faces significant headwinds in the second half of the year owing to accelerating capital spending and revenue shortfalls.",
    "A request was made for a waiver of nonobservance of a performance criterion and modification of performance criteria (implied by the title).",
    "The goods trade balance worsened significantly in H1.",
    "Private capital outflows increased, contributing to a slower-than-anticipated buildup of external buffers.",
    "The medium-term outlook remains positive with rising growth as noted above.",
    "Risks identified include:",
    "3.5 percent (growth in 2017)",
    "3.8 percent (projected growth in 2018)",
    "4.4 percent (expected growth in 2019)",
    "5 percent (projected medium-term growth)",
    "end-June (timing of fiscal consolidation assessment)",
    "H1 (period in which the goods trade balance worsened)",
    "Pages: 115",
    "Issue: 378",
    "Series: Country Report No. 2018/378",
    "**Country Report**"
  ],
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