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Cameroon: IMF approves new disbursement of FCFA 87B to address COVID-19 impacts

IMF Executive Board (c) copyright

The Executive Board of the International Monetary Fund, IMF has approved a second disbursement of about FCFA 87 billion to support Cameroon in her response against the impacts of the crippling Coronavirus pandemic.

The loan solicited by the Government of Cameroon under the Rapid Credit Facility was approved Wednesday October 21 during the institution’s board meeting that held in Washington DC.

It is the second disbursement to Cameroon to support the fight against the Coronavirus pandemic.

The fund is expected to help the country meet its urgent balance of payment and fiscal needs.

“The COVID-19 pandemic continues to pose significant challenges for Cameroon. Declining economic activity and persisting terms of trade shock are giving rise to substantial fiscal pressures and an urgent balance of payments need…” Said Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair of the IMF during the board meeting.

Added to the first disbursement, this second one brings the total amount of assistance by the international organisation to FCFA 222.6 billion.

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