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Cameroon : IMF Opposes State Subsidies on Fuel

fuel subsidy

Under a sub-programme with the Bretton Woods institution, the country has already injected more than 120 billion CFA francs to support the prices of petroleum products at the pump.

A situation that angers the Fund in the sense that it sees a large part of Cameroon’s efforts directed towards financing what the population consumes. The IMF is giving the authorities until the end of the year to display the truth about prices in petrol stations if they do not want to see the validation of the various reviews of the current three-year programme frozen.

The International Monetary Fund mission team in Cameroon as part of the review agreements under the Extended Fund Facility and the Extended Fund Facility are in the country. They held talks with the authorities including the Prime Minister, the Secretary General of the Presidency of the Republic, the Minister of the Economy and the Minister of Finance.

While the resilience of the country to exogenous shocks is welcomed by the Washington experts, the executives of the institution do not hide their concerns about the increase in fuel subsidies at the pump. Indeed, between February and the end of May, due to the war in Ukraine and the rise of crude oil prices on the world market, Cameroon, a net importer of petroleum products, is forced to support prices at the pump. This has already swallowed up more than CFAF 120 billion in four months.

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