CPDM Crime Syndicate: Motazé prepares end of IMF-led program ⁰

Cameroon’s Minister of Finance, Louis Paul Motazé, is pushing for a plan to anticipate the impact of the end of the IMF-led program. On February 10, 2023, as the new managers of the Autonomous Amortization Fund (CAA) and the National Deposit and Consignment Fund (CDEC) were being installed, the official invited them to find solutions to compensate for the reduction in budget support that will accompany the end of the IMF program.

“(I’m) not sure right now that if the current program, which is scheduled to end in 2024, ends, another one will be negotiated,” the Minister said. “Cameroon will not be indefinitely under programs, we should remember that to manage is to foresee, and it is therefore up to all of us, and to you too, to find resources to replace these budgetary supports, so that Cameroon continues to move forward, and that the financing of our development continues. I am counting on you,” he added.

As a reminder, the 3-year IMF-led program was concluded on July 29, 2021, with the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) arrangements. Under this program, Cameroon will obtain a total of CFA770 billion in aid, according to the Minister of Finance. CFA380 billion will be provided by the IMF, while the rest should come from donors such as the World Bank, the AfDB, the European Union, and France.

Source: Business in Cameroon