Browsing: EFF

The Executive Board of the International Monetary Fund (IMF) has approved a three-year arrangements under the Extended Credit Facility and the Extended Fund Facility for the Cameroon for SDR 483 million which is equivalent to about US$ 689.5 million, or 175 percent of Cameroon’s quota to support the country’s economic and financial reform program.

The Approval of the ECF/EFF enables immediate disbursement of about US$ 177.2 million, usable for budget support.

This latest movement follows a Fund emergency support to Cameroon under the Rapid Credit Facility (RCF) totaling SDR 276 million, of about US$ 382 million or 100 percent of Cameroon’s quota.

Cameroon faces significant development challenges heightened by the pandemic. An upsurge in COVID-19 cases since January 2021, has raised concerns about growth prospects and the external and fiscal positions. Additionally, security risks in parts of the country persist. The pandemic could reverse improvements in poverty reduction and development …