The Star Early Edition

Growth set to slip to 3.7%

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CAMEROON’S eco­nomic growth rate is ex­pected to slip to 3.7 per­cent this year, down from an ear­lier es­ti­mate of around 4 per­cent, due to fall­ing oil pro­duc­tion, the In­ter­na­tional Mon­e­tary Fund said. The IMF ap­proved a $666 mil­lion (R9.4 billion), three-year ex­tended credit fa­cil­ity in June for Cameroon, hit hard by the global de­cline in crude prices. Eco­nomic growth came in at 4.5 per­cent last year. Af­ter a 10-day re­view mis­sion, the IMF said it had reached an agree­ment with the gov­ern­ment on eco­nomic and fi­nan­cial pol­icy. “The coun­try’s eco­nomic pro­gramme re­mains on the right track… All the quan­ti­ta­tive bench­marks... have been ful­filled.” In­fla­tion would re­main low this year at 0.5 per­cent.

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