{
  "title": "Cameroon: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cameroon",
  "publication": "IMF Staff Country Reports, November 9, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/11/05/cameroon-request-for-disbursement-under-the-rapid-credit-facility-press-release-staff-report-49865",
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  "summary": "Since the approval of the first Rapid Credit Facility (RCF-1) request on May 4, 2020 (IMF Country Report No 20/185), weaker external demand in major trading partners (China and Europe) and a more pronounced impact of containment measures to slow the rising number of COVID-19 cases, have further dete",
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    {
      "heading": "Summary and context",
      "content": "- Since the approval of the first Rapid Credit Facility (RCF-1) request on May 4, 2020 (IMF Country Report No 20/185), weaker external demand in major trading partners (China and Europe) and a more pronounced impact of containment measures to slow the rising number of COVID-19 cases have further deteriorated growth prospects and worsened Cameroon’s external and fiscal positions.\n- Given limited fiscal buffers and urgent balance of payments needs due to the pandemic, the authorities allowed the current ECF arrangement to expire at end-September, reiterated their interest in a successor arrangement, and in the meantime requested financial assistance under the “exogenous shocks window” of the RCF equivalent to 40 percent of quota (SDR 110.4 million).\n- This additional request will bring the total disbursement under the RCF to 100 percent of quota in 2020."
    },
    {
      "heading": "Key actions and requests",
      "content": "- Approval date referenced: May 4, 2020 (IMF Country Report No 20/185).\n- Authorities allowed the current ECF arrangement to expire at end-September.\n- Authorities reiterated interest in a successor ECF arrangement.\n- Request made under the RCF “exogenous shocks window” for an amount equivalent to 40 percent of quota (SDR 110.4 million).\n- Resulting total RCF disbursement in 2020: 100 percent of quota."
    },
    {
      "heading": "Economic pressures and channels",
      "content": "- Major external demand shock sources identified: China and Europe.\n- Domestic channel: a more pronounced impact of containment measures to slow rising COVID-19 cases.\n- Fiscal and external positions: described as further deteriorated with limited fiscal buffers and urgent balance of payments needs."
    },
    {
      "heading": "Publication metadata and identifiers",
      "content": "- Title: Cameroon: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cameroon\n- Date: November 9, 2020\n- Series: Country Report No. 2020/294\n- Issue: 294\n- Volume: 2020\n- Pages: 49\n- DOI: https://doi.org/10.5089/9781513560304.002\n- Stock No: 1CMREA2020003\n- ISBN: 9781513560304\n- ISSN: 1934-7685"
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subject: Arrears, Asset and liability management, Commodities, COVID-19, Credit, Debt relief, Debt service, Fiscal policy, Fiscal stance, Health, Money, Oil, Rapid Credit Facility\n- Keywords: Central Africa, COVID-19, CR, Credit, Debt relief, emergency financing request, Europe, Fiscal stance, Global, IMF emergency assistance, ISCR, Oil, RCF disbursement, RCF financing, staff appraisal, staff statement, Sub-Saharan Africa\n\nInternational Monetary Fund. African Dept. \"Cameroon: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cameroon\", IMF Staff Country Reports 2020, 294 (2020).\n\n---\n\n Content in this bundle\n\n- 1cmrea2020003\n  - 1cmrea2020003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1cmrea2020003 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 9, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513560304.002",
    "Since the approval of the first Rapid Credit Facility (RCF-1) request on May 4, 2020 (IMF Country Report No 20/185), weaker external demand in major trading partners (China and Europe) and a more pronounced impact of containment measures to slow the rising number of COVID-19 cases have further deteriorated growth prospects and worsened Cameroon’s external and fiscal positions.",
    "Given limited fiscal buffers and urgent balance of payments needs due to the pandemic, the authorities allowed the current ECF arrangement to expire at end-September, reiterated their interest in a successor arrangement, and in the meantime requested financial assistance under the “exogenous shocks window” of the RCF equivalent to 40 percent of quota (SDR 110.4 million).",
    "This additional request will bring the total disbursement under the RCF to 100 percent of quota in 2020.",
    "Approval date referenced: May 4, 2020 (IMF Country Report No 20/185).",
    "Authorities allowed the current ECF arrangement to expire at end-September.",
    "Authorities reiterated interest in a successor ECF arrangement.",
    "Request made under the RCF “exogenous shocks window” for an amount equivalent to 40 percent of quota (SDR 110.4 million).",
    "Resulting total RCF disbursement in 2020: 100 percent of quota.",
    "Major external demand shock sources identified: China and Europe.",
    "Domestic channel: a more pronounced impact of containment measures to slow rising COVID-19 cases.",
    "Fiscal and external positions: described as further deteriorated with limited fiscal buffers and urgent balance of payments needs.",
    "Title: Cameroon: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cameroon",
    "Date: November 9, 2020",
    "Series: Country Report No. 2020/294",
    "Issue: 294",
    "Volume: 2020",
    "Pages: 49",
    "DOI: https://doi.org/10.5089/9781513560304.002",
    "Stock No: 1CMREA2020003",
    "ISBN: 9781513560304",
    "ISSN: 1934-7685",
    "Subject: Arrears, Asset and liability management, Commodities, COVID-19, Credit, Debt relief, Debt service, Fiscal policy, Fiscal stance, Health, Money, Oil, Rapid Credit Facility",
    "Keywords: Central Africa, COVID-19, CR, Credit, Debt relief, emergency financing request, Europe, Fiscal stance, Global, IMF emergency assistance, ISCR, Oil, RCF disbursement, RCF financing, staff appraisal, staff statement, Sub-Saharan Africa",
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