CAMEROON is hopeful that its economy will recover faster following the approval of a loan by International Monetary Fund (IMF), Cameroon’s Minister of Finance Louis Paul Motaze has said.
‘(The loan) will facilitate a better conduct of reforms, gradual strengthening of the stability of our public finances and the reconstitution of regional foreign exchange services,’ Motaze said in a statement made public Friday night.
On Wednesday, IMF announced it has approved a disbursement of $73 million to help Cameroon’s economic recovery which has been affected by the Russian-Ukrainian conflict.
Cameroon’s structural reforms need to be accelerated to strengthen medium-term external and fiscal sustainability and move the country toward inclusive and resilient growth through a diversified economy, IMF said.
‘The Cameroonian authorities remain committed to pursuing and deepening the structural reforms agreed with all the technical and financial partners in order to accelerate our country’s march towards economic and social emergence,’ Motaze said.
Cameroon’s GDP growth is projected at 4.3 percent in 2023 and should average 4.5 percent in the medium term, according to IMF.