23, January 2020
Yaounde to receive the sixth US$76.1 million disbursement from the IMF 0
The Executive Board of the International Monetary Fund (IMF) today completed the fifth review of the arrangement under the Extended Credit Facility (ECF) for Cameroon. The completion of the review enables the disbursement of SDR55.2 million (about US$76.1 million), bringing total disbursements under the arrangement to SDR427.8 million (about US$590 million).
The Executive Board also approved the authorities’ request for a waiver of nonobservance of the continuous performance criteria on the non-accumulation of new external payments arrears, based on the corrective actions taken by the authorities.
Cameroon’s three-year arrangement was approved on June 26, 2017 for SDR 483 million (about US$666.1 million, or 175 percent of Cameroon’s quota— The arrangement aims at supporting the country’s efforts to restore external and fiscal sustainability and to lay the foundations for a more sustainable, inclusive and private sector-led growth.
Following the Executive Board discussion, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, made the following statement:
“Cameroon’s performance under the ECF-supported program has been mixed. All end-June 2019 performance criteria have been met but four out of the five indicative targets for end-June were missed. Structural reforms are advancing but with delays.
“Cameroon is supporting the CEMAC’s regional external and financial stability through fiscal consolidation and enforcement of foreign exchange regulations. It will be important to also fully align the new Petroleum Code with the BEAC’s foreign exchange regulation.
“Staying the course on fiscal consolidation is essential for building fiscal and external buffers. The authorities are encouraged to broaden the non-oil revenue base, reduce discretionary tax exemptions, combat tax fraud and evasion, and enhance tax and customs administration. Completion of the Treasury Single Account reform and reduced recourse to direct interventions and exceptional spending procedures will help improve cash management and budget execution and strengthen fiscal transparency and budget credibility.
“Urgently addressing financial and fiscal risks associated with the National Oil Refinery (SONARA) is critical. SONARA’s corporate restructuring should be based on a thorough cost-benefit analysis of all available options. The planned audits of four large state-owned enterprises (SOEs) and the clearance of government cross-debts with state-owned enterprises and of government arrears will help mitigate contingent risks.
“Cameroon is at high risk of debt distress. To safeguard debt sustainability, it is important to strictly adhere to the disbursement plan for contracted-but-undisbursed loans and to limit nonconcessional borrowing to macrocritical projects for which concessional financing is not available.
“Enhancing the business climate and governance is key to promoting private sector-led and inclusive growth. Bold actions must be taken to strengthen contract enforcement, improve compliance with the Extractive Industry Transparency Initiative (EITI) recommendations and AML/CFT standards, reduce nonperforming loans, and resolve ailing banks. Further steps to diversify the export base and enhance investment efficiency remain essential to unlock Cameroon’s growth potential.
“Cameroon’s program continues to be supported by policies and reforms by the regional institutions in the areas of foreign exchange regulation and monetary policy and a recovery in regional net foreign assets that is critical to the program’s success.”



















23, January 2020
Southern Cameroons War: Muyuka CPDM councillor bows to Interim Gov’t pressure, pulls out of February elections 0
Barrister Ndille Ngwese Joseph, a prominent councilor in the Muyuka municipality has reportedly pulled out of the February 9, 2020 elections citing threats from Southern Cameroons Restoration Forces.
The ruling CPDM militant made his decision not to participate in the so-called twin poll during a conversation with the Buea based HiTV, Cameroon Info.Net reported.
The Ambazonia Interim Government banned all French Cameroun teleguided elections in the Southern Cameroons territory and Vice President Dabney Yerima ordered a lockdown in a televise address to the people of Ambazonia.
Councillor Ndille Ngwese said: “I think the benefits of becoming a councillor and the benefits of what I have acquired throughout my life – my family and my property far outweighs. I think I prefer staying, not being a councillor, than to lose my properties. Because the amount of threats I have, I can’t bear them.
“And I think it is good and time enough for me to say I cannot continue to allow my name to be on that list as a councillor. So, I better drop. I think if I want to be a politician anymore, might be I will give some time. Not now, at this time when my life and my properties are at stake.”
Ndille Ngwese revealed that his letter of resignation has been sent to the Minister of Decentralisation and Local Development. Ndille Ngwese is former YCPDM Section President for Fako II, Muyuka.
By Rita Akana with files from CIN