Page 119 - Atouts Economiques Cameroun-2019-GB
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Over the past few decades, Cameroon had to develop its cooperation with international econo- mic and financial organisations. This was to res- pond to its development needs and the increa- sing role of international financial institutions favoured by the freeing of economies of several countries, as well as to the rise of globalization.
Having coped for many years with the difficult international economic situation, Cameroon faces a double challenge in 2014: the fall in commodity prices, especially oil, and the threats safe. A situation that leads in particular to a slow- down in growth in Cameroon, a narrowing of its budgetary and external margins, and the rapid increase of its public debt.
To face this difficult situation, Yaoundé will resort to the International Monetary Fund (IMF). On June 26, 2017, the Executive Board of the International Monetary Fund (IMF) approves a three-year agreement under the Extended Credit Facility (ECF) for Cameroon. Amount of the credit:
SDR 483 million (approximately $ 666.2 million) and 175% of Cameroon's quota to support the country's economic and financial reform pro- gramme. The ECF-supported programme intends
to help Cameroon restore external and fiscal sus- tainability and lay a foundation for sustainable growth driven by the private sector.
Besides approving the agreement, a disburse- ment equivalent to SDR 124.2 million (approxi- mately $ 171.3 million) will be immediately made available to Cameroon. The remaining amount will be spread over the duration of the programme and its disbursement subject to half- yearly reviews.
To correct the fiscal and external imbalances, Cameroonian authorities will have to carry out a sustained and balanced work of budgetary consolidation based on an increase in non-oil revenues, a prioritization of public investment projects that prove promising in terms of growth and rationalization of current expenditures, while protecting social spending. The budget programme of the Cameroonian authorities is based on broad structural reforms in revenue mobilization and public finance management, to further strengthen the mobilization of non-oil reve- nue, increase the efficiency of spending and control budgetary risks.
Authorities Yaoundé are determined to strengthen Cameroon's competitiveness and its growth potential in the medium term, in line with their strategy to achieve the emergence process by 2035. The completion of major infrastructure

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