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

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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, (USA: International Monetary Fund, 2020) accessed September 20, 2024

Also available in: français

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 3.9 percent in the first half of 2019, supported by a rebound in the oil and gas sector. The overall fiscal deficit was 1.4 percent of GDP for the first three quarters of 2019, slightly better than the program’s projection. External buffers are being rebuilt, despite external and domestic headwinds. The economy is coping with the impact of the suspension of production at the national oil refinery (SONARA). Program implementation over the first nine months of 2019 was mixed and faces challenges. The continuous PC on external arrears accumulation and three September ITs were also missed. Structural reforms are advancing but with delays. The IMF staff supports the authorities’ requests for completion of the fifth review, a waiver of nonobservance of one continuous performance criterion and modification of one December 2019 and one 2020 performance criterion.

Subject: Arrears, Banking, Debt sustainability analysis, External debt, Fiscal policy, Fiscal stance, Public debt

Keywords: Arrears, Contract enforcement, CR, Debt, Debt sustainability analysis, Fiscal stance, Global, Government, ISCR, List of project, Modification of performance criteria, Supplement request, Supplementary letter of intent

Publication Details

Pages:

114
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/048
Stock No:

1CMREA2020001
ISBN:

9781513530383
ISSN:

1934-7685

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