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IMF approves $689.9m for Cameroon to help with Covid-19 impact

And to support promised reforms.
Image: Getty Images

The International Monetary Fund (IMF) said on Thursday its board had approved a three-year financing deal for Cameroon worth $689.5 million to help the Central African nation’s economy recover from the Covid-19 pandemic and to support promised reforms.

The arrangement allows for the immediate disbursement of the equivalent of $177.2 million for budget support, the Fund said in a statement.

“Cameroon faces significant development challenges heightened by the pandemic. An upsurge in Covid-19 cases since January 2021, has raised concerns about growth prospects,” it said. “Steadfast commitment to strengthen transparency and good governance and reduce corruption risks will be crucial.”

The coronavirus crisis and trade shocks from a sharp fall in oil prices led Cameroon’s economy to contract 1.5%, according to IMF estimates.

A gradual recovery could see the economy posting growth of 3.6% in 2021 and 4.6% in 2022, the Fund said.

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Sounds very dodgy, why only Cameroon? and such a small country.

Sometimes when western countries donate money to African countries,
part the donated money ends up into the donor politician’s bank accounts.

End of comments.

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