{
  "title": "Cameroon: Fifth Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion and Modification Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon",
  "publication": "IMF Staff Country Reports, February 18, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/02/14/cameroon-fifth-review-under-the-extended-credit-facility-arrangement-and-request-for-a-49058",
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  "summary": "This paper discusses Cameroon’s Fifth Review Under the Extended Credit Facility Arrangement and Request for a Waiver of NonObservance of a Performance Criterion and Modification of Performance Criteria (PC). Growth reached 3.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Purpose: Fifth review under the Extended Credit Facility (ECF) arrangement; request for a waiver of nonobservance of a continuous performance criterion (PC) and modification of performance criteria (one December 2019 and one 2020 PC).\n- Timeframe references: first half of 2019; first three quarters of 2019; first nine months of 2019; December 2019; 2020."
    },
    {
      "heading": "Economic performance",
      "content": "- Growth:\n  - Growth reached 3.9 percent in the first half of 2019, supported by a rebound in the oil and gas sector.\n- Impact of sectoral shock:\n  - The economy is coping with the impact of the suspension of production at the national oil refinery (SONARA)."
    },
    {
      "heading": "Fiscal and external positions",
      "content": "- Fiscal deficit:\n  - The overall fiscal deficit was 1.4 percent of GDP for the first three quarters of 2019, slightly better than the program’s projection.\n- External buffers:\n  - External buffers are being rebuilt, despite external and domestic headwinds."
    },
    {
      "heading": "Program implementation and performance criteria",
      "content": "- Implementation status:\n  - Program implementation over the first nine months of 2019 was mixed and faces challenges.\n- Missed targets:\n  - The continuous PC on external arrears accumulation and three September indicative targets (ITs) were missed.\n- Requests by authorities:\n  - Authorities requested completion of the fifth review, a waiver of nonobservance of one continuous PC, and modification of one December 2019 and one 2020 PC.\n- IMF staff position:\n  - IMF staff supports the authorities’ requests for completion of the fifth review, a waiver of nonobservance of one continuous PC, and modification of one December 2019 and one 2020 PC."
    },
    {
      "heading": "Structural reforms",
      "content": "- Progress:\n  - Structural reforms are advancing but with delays.\n\nSource: Cameroon: Fifth Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion and Modification Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon (February 18, 2020).\n\n---\n\n Content in this bundle\n\n- 1cmrea2020001\n  - 1cmrea2020001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1cmrea2020001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Markdown version](/en/publications/cr/issues/2020/02/14/cameroon-fifth-review-under-the-extended-credit-facility-arrangement-and-request-for-a-49058/index.md)",
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    "Published: February 18, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513530383.002",
    "Purpose: Fifth review under the Extended Credit Facility (ECF) arrangement; request for a waiver of nonobservance of a continuous performance criterion (PC) and modification of performance criteria (one December 2019 and one 2020 PC).",
    "Timeframe references: first half of 2019; first three quarters of 2019; first nine months of 2019; December 2019; 2020.",
    "Growth:",
    "Impact of sectoral shock:",
    "Fiscal deficit:",
    "External buffers:",
    "Implementation status:",
    "Missed targets:",
    "Requests by authorities:",
    "IMF staff position:",
    "Progress:",
    "**1cmrea2020001**"
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