The International Monetary Fund (IMF) Executive Board has concluded the seventh reviews of Cameroon's Extended Credit Facility (ECF) and Extended Fund Facility (EFF), as well as the second review of the Resilience and Sustainability Facility (RSF). The completion of these reviews allows for an immediate disbursement of Special Drawing Rights (SDR) 55.2 million, approximately US$ 73.5 million, bringing total disbursements under these arrangements to SDR 538.2 million or US$ 718.1 million.
Additionally, the second RSF review was completed, making available SDR 34.5 million or US$ 45.9 million, with total disbursements to date amounting to SDR 69.0 million or US$91.3 million.
Cameroon's three-year ECF-EFF arrangements were initially approved by the IMF Executive Board in July 2021 for a total amount of SDR 483 million or US$ 689.5 million, representing 175 percent of quota. In December 2023, an extension of these arrangements by twelve months was granted to allow more time for policy implementation and reforms, with access increased by SDR 110.4 million or US$145.4 million.
The RSF arrangement was approved in January 2024 for SDR 138 million or US$181.7 million, equating to fifty percent of quota.
Following discussions on Cameroon, Nigel Clarke, Deputy Managing Director and Acting Chair at the IMF stated: "Cameroon’s economic recovery has continued, but growth remains subdued." He added that while the medium-term outlook is broadly positive, risks remain tilted to the downside.
Clarke noted that program performance was satisfactory and highlighted ongoing efforts by authorities to maintain fiscal discipline: “The authorities have made a commendable effort in maintaining a fiscal path in line with program objectives.”
He emphasized that strengthening domestic non-oil revenue mobilization and public financial management are key areas requiring attention: “Continued efforts to limit spending through exceptional procedures are essential to maintaining budget discipline and integrity.”
On financial sector reforms Clarke remarked: “The authorities’ efforts to strengthen financial sector soundness and advance bank recapitalization are welcome.”
He also underscored governance reforms as critical: “Stepping up governance reforms and strengthening the anti-money laundering and combatting the financing of terrorism (AML/CFT) regime will be needed."
Despite high debt distress risk for Cameroon’s economy, Clarke noted its sustainability: “Cameroon remains at high risk of debt distress but its debt is sustainable.” He stressed advancing restructuring in oil refinery operations alongside electricity sector reforms.
Finally, he commented on progress under RSF stating it is crucial "to maintain reform momentum" particularly concerning climate policies aimed at resilience building against climate shocks.