The World Bank has approved the disbursement of over FCFA 54 billion to supports reforms undertaken by the Cameroonian Government to mitigate the economic impact of COVID-19 on the private and public sectors among others.
The disbursement, third in a series of three according to the body builds on the first Development Policy Operation, DPO and is aligned with Cameroon’s economic growth, poverty reduction, and reform priorities as set forth in its long-term development agenda, Vision 2035.
“As Cameroon is embarking in an ambitious program of reforms, this operation will support policy action to mitigate the impact of COVID-19 pandemic by, supporting public sector management, improving competition and protecting the poor and most vulnerable,” said Abdoulaye Seck, World Bank Country Director for Cameroon in a release published on April 23, announcing the disbursement approved on April 19.
Apart from mitigating the impact of the crippling COVID-19 pandemic, the operation seeks to enhance competitiveness by reducing entry barriers, improving regulations in strategic sectors, and incentivizing private sector investment in three strategic sectors, including telecommunications, energy, and transport.
It will also improve the equity and efficiency in the allocation and use of health resources, as well as scale up social protection.
The country’s reform programme supported by the World Bank operation are expected to yield positive effects on poverty.
In particular, cash transfers will provide direct support to vulnerable groups who have lost income as a result of the crisis and restriction measures.