- The International Monetary Fund (IMF) in talks with the Cameroonian government has urged for an economic reform programme. After a longer and successful implementation of such a programme, the IMF would be willing to support an anti-poverty effort and negotiate debt reduction, the Fund told authorities in Cameroon.
Mr Bio-Tchané, Director of the African Department of the International Monetary Fund (IMF), met during 29-30 October with the Prime Minister and other senior officals of the Cameroonian government "to exchange views on recent economic developments, and to discuss the ongoing cooperation between the IMF and Cameroon," according to a statement released by the Fund today.
In Yaoundé, the IMF delegation had "welcomed the continued strong growth of Cameroon's economy amid low inflation." It however stressed "the importance of ensuring that these developments are not only sustained but also used as a foundation for further growth and employment creation."
In that regard, the IMF noted that it would be important to "continue to strengthen budgetary and financial management performance under the government's policy programme." Cameroon is ill-reputed as one of the world's most corrupt countries and its transparency level is far from compatible with IMF standards.
During the Yaoundé meeting, it was agreed that discussions should resume soon on an economic programme for Cameroon that would "seek to enhance economic growth and contribute to poverty reduction, as well as gain renewed financial support from the Fund." A new Poverty Reduction and Growth Facility (PRGF) arrangement could then be put in place, but only "after a sustained period of implementation of reform measures," the IMF emphasised.
- The successful implementation of a programme supported by a new PRGF arrangement would allow Cameroon to reach its completion point under the Heavily Indebted Poor Countries Initiative and obtain an important reduction of its external debt, the Fund informed. Mr Bio-Tchané also hat told Cameroonian authorities that a new IMF Resident Representative was to be stationed in Yaoundé as soon as administrative processes had been completed.
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