CI-NEWS

Fifth IMF review mission underway in Cameroon.

2019-11-05

No: 454

Fifth IMF review mission underway in Cameroon.

Expectations are high, especially among government circles that the on-going International Monetary Fund, IMF, evaluation of the management of funds disbursed to Cameroon; within the framework of the 2017-2020 Extended Credit Facility will produce positive results. Since last Monday, the Brettonwood institution has paid courtesy visits to key government stakeholders, including the Prime Minister, before holding working sessions with top officials of the Ministers, ParaPublic and Private Enterprises directly concerned with IMF funds. Within the frame work of the Extended Credit Facility, IMF committed to disburse FCFA 400 Billion to Cameroon. So far, over FCFA 300 Billion has already been made available. The visiting mission will thus evaluate how well the previous funds have been used. Their results will determine the disbursement of the remaining FCFA 100 Billion. The eight-man team that is led by Amadou Sy is conscious of what it is looking out for.

They will seek to see what progress has been made in the implementation of structural reforms that guarantee economic stability and private sector-led development .During meetings with officials of the Ministry of Finance and those of the Economy, Planning and Regional Development, the evaluation mission sought to know the progress made in the petroleum and non-petroleum sector, the state of the balance of payments and the liquidity of the banking system. They were also keen to find out the impact created by the ongoing socio political crisis in the North West and South West Regions and the fire outbreak at the National Oil Refinery, SONARA, recently.

Among the different working sessions the delegation has held is the high-level technical meeting they held on Monday October 28 with key officials of the Ministry of the Economy, Planning and Regional Development, MINEPAT. This Ministry is the administrator of IMF funds in the country.

Addressing the press after the in-camera working session, the delegation head said they hope to finalise the review at the level of the board. “We will go to the IMF Board in mid-December and we will conclude this fifth review. So we are meeting with all the stakeholders that we can, including the private sector, to really improve our analysis,”Mr. Amadou Sy stated.

The delegation head added that the review is not a far-fetched thing, but a continuation of the first four reviews that had already been done. The results of the first four reviews, it should be recalled, were positive. By doing so, he stated that they want to accompany Cameroon in its development efforts. But at each level, the IMF team said, “We always try to improve our approach and our analysis.”

The delegation team leader stressed that they are usually concerned about the short term stability, but after discussing with Minister Mey, we are also putting an eye on the medium- and long-term objectives which include developing the economy, creating jobs and assuring the welfare of the population. “The delegation has a charged schedule as members hope to meet as many stakeholders as possible. They will assess the progress made at the Nachtigal Hydroelectricity Project, before holding talks with leaders of the Cameroon Airlines Corporation, the Cameroon Postal Services, the National Oil refining company, SONARA and the Employers’ Association, GICAM.

Culled from Cameroon Insider

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Fifth IMF review mission underway in Cameroon.