IMF ap­proves $666m ex­tended credit fa­cil­ity for Cameroon

Tehran Times - - ECONOMY -

The In­ter­na­tional Mone­tary Fund has ap­proved an ex­tended credit fa­cil­ity of $666 mil­lion for Cameroon.

The three-year pro­gram is ex­pected to help the West African na­tion re­store ex­ter­nal and fis­cal sus­tain­abil­ity and lay the foun­da­tions for sus­tain­able, private sec­tor-led growth, the Wash­ing­ton-based lender said in an emailed state­ment Mon­day.

State rev­enue in the oil pro­ducer has plunged due to a fall in com­mod­ity prices since 2014 and at­tacks by Boko Haram in the north­ern parts of the coun­try. While the gov­ern­ment fore­casts eco­nomic growth of 4.9 per­cent for this year, the IMF pro­jects ex­pan­sion will slow to 4 per­cent from 4.7 per­cent in 2016.

“The Cameroo­nian econ­omy is now fac­ing de­cel­er­at­ing growth, de­clin­ing fis­cal and ex­ter­nal buf­fers, and rapidly-ris­ing public debt,” IMF Deputy Man­ag­ing Di­rec­tor Mit­suhiro Fu­ru­sawa said in the state­ment. “The au­thor­i­ties’ fund-sup­ported pro­gram ap­pro­pri­ately aims at ad­dress­ing Cameroon’s large bal­ance of pay­ments need and restor­ing fis­cal and ex­ter­nal sus­tain­abil­ity.”

About $171.3 mil­lion will be avail­able im­me­di­ately and the re­main­der will be dis­bursed over the du­ra­tion of the pro­gram pend­ing semi-an­nual re­views, the IMF said.

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