Cameroon’s External Debts: IMF/World Bank Mission Advises Restraint

The Prime Minister, Head of Government, Philemon Yang as early as 8:30 a.m. on May 4, 2018 had talks with members of the visiting International Monetary Fund (IMF) and World Bank (WB) Joint Mission to  Cameroon who will for 10 days evaluate the performance of the country’s economy.

Speaking to the press after the talks, the leader of the IMF/WB Joint Mission, Daniel Owen said they discussed the recent developments in the economy of Cameroon and acknowledged the challenges the economy faces. “We also discussed the situation of external debt and the fact that the debt is very high in Cameroon. It is important to be very restrained in taking new loans, particularly non-concessional loans,” Daniel Owen advised.

Concerning the fiscal situation in Cameroon, the head of the IMF/WB Joint Mission said, “We agreed with the PM the importance of maintaining the fiscal adjustment path that we agreed under the programme.” Cameroon and the IMF in June 2017 signed and Extended Credit Facility Programme amounting to FCFA 227.6...