Cameroon:Second Reviews Under The Extended Credit Facility And The Extended Fund Facility Arrangements, And Requests For Waivers For Performance Criteria Applicability And Modification Of Performance Criterion—Press Release; Staff Report; And Statemen

Second Reviews Under The Extended Credit Facility And The Extended Fund Facility Arrangements, And Requests For Waivers For Performance Criteria Applicability And Modification Of Performance Criterion—Press Release; Staff Report; And Statement By The Executive Director For Cameroon

Author: International Monetary Fund. African Dept. and International Monetary Fund. Strategy, Policy, & Review Department

Following two years of COVID-19 challenges, Cameroon, the largest economy in the Central African Economic and Monetary Union (CEMAC), is facing a new policy environment.

Volume/Issue: Volume 2022 Issue 268

Publication date: August 2022

ISBN: 9798400217388

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Topics covered in this book

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Exports and Imports , Finance , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , State asset management company , Cameroon staff team , commitment plan , capacity development strategy note update , authorities' goal , Fuel prices , Energy subsidies , Oil prices , Global

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Summary

Following two years of COVID-19 challenges, Cameroon, the largest economy in the Central African Economic and Monetary Union (CEMAC), is facing a new policy environment. The nascent economic recovery from mid-2021, supported by higher oil prices and non-oil production, is now subject to greater uncertainties with spillovers from the war in Ukraine, high inflationary pressures, especially on food and fuel prices, and a tightening of global financial conditions. Low vaccination rates also leave the country vulnerable to further COVID-19 waves. In July 2021, the IMF’s Executive Board approved three-year arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for SDR 483 million (about US$689.5 million, or 175 percent of Cameroon’s quota) to support the country’s economic and financial reform program.