Since Monday, June 26, 2017, the Board of Directors of the International Monetary Fund (IMF) has decided to grant Cameroon, a country with a very bad economy, a loan of about CFAF 400 billion to enable her to implement a program of economic and financial reforms for three years.
Four days after this IMF decision, the President of the Republic, Paul Biya, was not indifferent to this decision which represents for him, a saving act for his country which is going through a serious economic crisis.
Paul Biya, through a communiqué signed by Ferdinand Ngoh Ngoh, Minister, Secretary General of the Presidency of the Republic, thanked all those who got involved so that the IMF would give credit to Cameroon.
“Following the extraordinary summit of CEMAC organized by the President of the Republic, Paul Biya, on 23 December 2016 in Yaoundé, devoted to the examination of the economic and monetary situation in the area, the Board of Trustees of the Fund on June 26, 2017, signed an agreement supported by the Extended Credit Facility, amounting to about CFAF 400 billion, for the implementation of a program of economic reforms and financial framework covering the 2017-2020 period. This program is coherent with the GESP, the objective of which is to reduce poverty and accelerate economic growth in order to achieve the status of an emerging country by 2035. Of the measures envisaged, Cameroon, whose economy has shown resilience so far, intends to consolidate and even strengthen her economic growth. The reforms to be implemented are supported by measures aimed at increasing government revenues and, on the other hand, by improving the quality of public spending, in particular those linked to priority investments. While preserving social spending and emergency humanitarian aid to the populations of the areas affected by insecurity. Under this three-year agreement, other technical and financial partners, including France, the European Union, the World Bank and the African Development Bank, have pledged to provide Cameroon with additional financial resources. The Head of State takes this opportunity to express his gratitude to the bilateral and multilateral partners of Cameroon in general and to the IMF in particular, for their support to Cameroon’s program of economic and financial reforms “, wrote Ferdinand Ngoh Ngoh.
The Secretary General of the Presidency of the Republic concluded his statement by mentioning the commitment made by the Cameroonian president to implement the program of economic and financial reforms of his country edited by the IMF. “The commitment of the Head of State to implement this program should, in concert with the other CEMAC countries, lead to a controlled exit from the current difficult economic situation and the establishment of conditions of a virtuous and lasting revival of economic growth in the subregion “.
At the Extraordinary Summit of Heads of State of Central Africa held six months ago in Yaoundé in the presence of the Director-General of the IMF and the French Minister of Economy and Finance, the Presidents of the six member countries of the CEMAC (Central African Republic, Cameroon, Congo, Chad, Equatorial Guinea and Gabon) had not hidden their determination to emerge from the economic crisis in the Central African subregion without further devaluation of the CFA franc.