IMF and Cameroon reach $74.6 mln staff-level agreement ⁰

The International Monetary Fund and Cameroon have reached a staff-level agreement that will give the country access to around $74.6 million once the Board formally completes the review, the IMF said in a statement on Monday.

The announcement followed an IMF mission to Cameroon earlier this month and virtual meetings to discuss progress made on reforms and policy priorities in the context of the third review of the program, supported by Extended Credit Facility and Extended Fund Facility arrangements.

“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,” IMF mission chief for Cameroon Cemile Sancak said in the statement.

“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 central African country’s economy grew at an estimated 3.4% in 2022, up from 3.6% in 2021. It is projected to reach 4.3% growth this year, the statement said.

Headline inflation is expected to reach 6% at the end of 2022, mainly driven by food prices due to higher import costs and domestic supply pressures.

By Queen Besumbu Agbaw