The International Monetary Fund (IMF) disclosed that the board had approved a three-year financing deal for Cameroon worth $689.5 million to help the nation’s economy recover from the COVID-19 pandemic and to support promised reforms.
The arrangement allows for the immediate disbursement of the equivalent of $177.2 million for budget support, the Fund said in a statement.
“Cameroon faces significant development challenges heightened by the pandemic. An upsurge in COVID-19 cases since January 2021, has raised concerns about growth prospects,” it said. “Steadfast commitment to strengthen transparency and good governance and reduce corruption risks will be crucial.”
This announcement was made on Thursday, July 29.
According to IMF estimates, the coronavirus crisis and trade shocks from a sharp fall in oil prices led Cameroon’s economy to contract 1.5%.
A gradual recovery could see the economy posting growth of 3.6% in 2021 and 4.6% in 2022, the Fund stated.