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Extended Credit Facility: IMF To Disburse FCFA 60 Billion

A nine-man delegation led by Corinne Delechat has begun a weeklong 3rd review mission to evaluate Cameroon’s performance of the triennial Economic and Financial Programme backed by the Extended Credit Facility (ECF).

The International Monetary Fund, IMF, will disburse some FCFA 60 billion to Cameroon by the end of the year if the 3rd review mission is successful. IMF’s Chief of Division for African Department, Corinne Delechat who is leading the 3rd review mission to Cameroon made the revelation in Yaounde on November 5, after meeting with the Minister of Finance Louis Paul Motaze and that of the Economy, Planning and Regional Development, Alamine Ousmane Mey in separate in-camera working sessions. The IMF delegation is in Cameroon to evaluate the country’s performance of the three-year Economic and Financial Programme concluded in June 2017 with an Extended Credit Facility amounting to about FCFA 390 billion.

Discussions between the IMF delegation and different stakeholders centers on the objectives of the programme. Delechat said the two review missions were successful as the Bretton Woods institution accompanies Cameroon in implementing the programme put in place by the Central African Economic and Monetary Community (CEMAC). She said they are pursuing with dialogue with Cameroonian authorities in order to implement strategies to restore macroeconomic stability in the sub-region, where Cameroon is the biggest economy. While acknowledging the good execution of the 2018 State Budget, the IMF official stated that they are assisting Cameroon in drawing up the 2019 Financial Law with reforms aimed at improving non-petroleum revenue (broadening resource base), ensuring quality spending, improve access to credit by enterprises as well as the business climate of the country.

For one week, the IMF delegation will hold talks on the recent evolution and economic perspective of Cameroon, the country’s performance based on laid down criteria, implications on the 2018 budget, preparations of the 2019 budget, public debt, restructuring of the banks in difficulty and strategy to revive the Cameroon Bank of Small and Medium-sized Enterprises (BCPME). In order to have a profound knowledge of the macroeconomic situation of the country, the IMF delegation is also set to examine the financial situation of some public enterprises such as Camair-Co, Camwater, SONATREL, CAMPOST, CAMTEL and CDC. It should be noted that the IMF has already disbursed FCFA 209 billion since 2017 following two successful review missions to Cameroon.

Minister Alamine Ousmane Mey told the IMF team that after the October 7 Presidential election that saw the re-election of the incumbent Paul Biya, there is a new dawn for Cameroon based on the “Great Opportunity” programme that will involve both the public and private sectors for the growth of the country.

FCFA 209: The total amount that has been disbursed already by the IMF within the Extended Credit Facility arrangement with Cameroon

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