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IMF releases 135 billion to help Cameroon against coronavirus.
IMF releases 135 billion to help Cameroon against coronavirus.
The International Monetary Fund on Monday approved a $226 million(about 135 billion FCFA) loan to help Cameroon to combat the coronavirus as it faced plunging oil revenues.
It was the latest disbursement under its Rapid Credit Facility (RCF), which is aimed at the world's poorest nations and has been doubled in size to quickly dispense aid to those most vulnerable to the economic effects of shutdowns to contain the outbreak.
"The outbreak of the COVID-19 pandemic and the terms of trade shocks from the sharp fall in oil prices are having a significant impact on Cameroon's economy, leading to a historic fall of real GDP growth," the IMF said in a statement.
The Cameroonian government has moved to combat the virus, and the IMF said its money would "help to fill immediate external needs and preserve fiscal space for essential COVID-19-related health expenditure," and also push other donors to act.
Cameroon is facing serious challenges from the COVID-19 pandemic and lost trade which have "given rise to substantial fiscal pressures and an urgent balance of payments need," IMF deputy managing director, Mitsuhiro Furusawa, said in a statement.
"IMF emergency financing under the RCF will support the government's efforts to mitigate the impact of the twin shocks," he said, while calling for "strict budgetary control and transparency" if the credit line is to be successful.
Speaking to journalists, Louis Paul Motaze, minister of finance, justified the loan, saying the money would help in filling financial gaps caused by drop in oil revenue and scrapping of some taxes by government. He said he had already been given the greenlight by President Paul to negotiate another programme with the IMFF when the current one expires by end of this year so as to keep Cameroon’s finances afloat.