Growth set to slip to 3.7%

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.