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Higher Growth, Poverty Reduction: IMF ready to continue supporting Cameroon.
Higher Growth, Poverty Reduction: IMF ready to continue supporting Cameroon.
The Head of the International Monetary Fund (IMF) review mission to Cameroon, Sy Amadou Nicolas Racine, says the institution will continue to support Cameroon beyond 2020 when the Extended Credit Facility ends. He said the support that will be in the way the country desires, will enable Cameroon tackle issues such as higher growth, poverty reduction and employment which the institution shares with the country.
Mr Sy Amadou Nicolas Racine spoke at the Star Building on November 8, 2019 after talks with Prime Minister, Head of Government, Chief Dr Joseph Dion Ngute. The talks came at the end of their fifth review mission to Cameroon. He was accompanied to the discussions with the Prime Minister by representatives of partners such as the World Bank and the African Development Bank.
On their observation during the review mission, he mentioned shocks the country is addressing. They include the security situation in the country. He said the IMF had earlier made projections on the cost. The mission leader said the country could already start thinking of how to reap the peace dividends should things move in the right direction. The second shock, he mentioned, was the fire incident on the National Oil Refining Company (SONARA). He said the incident has impacts in the banking, tax collection, social and economy sectors. He advised that SONARA and the authorities think of addressing the shock quickly as it brings uncertainty which can be costly.
Discussions between the Prime Minister and IMF mission members also centred on domestic revenue mobilization and investment. He said what was important as the country prepares its second strategy plan was to think of how to give “Cameroon the tools to really meet its ambitions of higher growth, employment, poverty reduction and further financing.” He proposed that to succeed, Cameroon should broaden the tax base and state-owned enterprises should also have to contribute.
Culled from Cameroon Tribune