IMF and Cameroon reach $74.6 million staff-level agreement

• The International Monetary Fund and Cameroon have reached a staff-level agreement.
• If the Board formally concludes the review, it will grant the nation access to roughly $74.6 million.
• The nation’s GDP is predicted to expand by 3.4% in 2022, up from 3.6% in 2021.

The International Monetary Fund (IMF) and Cameroon have reached a staff-level agreement that, if the Board formally concludes the review, will grant the nation access to roughly $74.6 million, the IMF said in a statement on Monday.

The statement came after an IMF mission to Cameroon earlier this month and online discussions to discuss the third review of the program, supported by Extended Credit Facility and Extended Fund Facility agreements, and the advancement of reforms and policy initiatives.

According to the IMF mission chief for Cameroon, Cemile Sancak, “The mission has reached staff-level agreement with the Cameroonian authorities on the economic and financial policies that could support the approval of the third review of the program.”

“Conclusion of the third review by the IMF Executive Board scheduled in early March 2023 would enable the disbursement of SDR 55.2 million (about US$74.6 million),” she added.

The nation’s GDP is predicted to expand by 3.4% in 2022, up from 3.6% in 2021. The announcement stated that this year’s growth is anticipated to be 4.3%.

At the end of 2022, overall inflation is predicted to reach 6%, primarily driven by rising food prices brought on by increased import costs and domestic supply constraints.

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