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IMF projects positive economic outlook for Cameroon

Cameroon's 2018 economic outlook for remains positive, the International Monetary Fund has said. The executive board of the International Monetary Fund made…

Cameroon’s 2018 economic outlook for remains positive, the International Monetary Fund has said.

The executive board of the International Monetary Fund made the remark after completing its second review of the economic performance of Cameroon under the Extended Credit Facility (ECF) arrangement introduced in June 2017.

After the review, the executive board meeting, concluded that the macroeconomic outlook for 2018 remains positive, with growth expected to rebound to 4 percent (from 3.2 per cent in 2017) driven by the onset of gas production and construction activities for the 2019 African Cup of Nations. The completion of the review during a meeting of the board in Washington D.C on July 6, 2018 which showed that the 2018 economic outlook for Cameroon remains positive, paved the way for the disbursement of 77.8 million US dollars (about FCFA 43 billion) to the country.

According to reports, the ECF, worth 680.7 million US dollars, is intended to support economic and financial reforms in Cameroon over a period of three years. The approved disbursement would be the third of its kind. Some 171.3 million US dollars (circa 97 billion) was provided in July 2017 while another disbursement of 117.2 million US dollars was granted in December same year. The total amount disbursed at the moment stands at about 366 million US dollars.

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