It is no secret that the mission of the International Monetary Fund (IMF), led for a few days in Cameroon by Cemile Sancak, is part of the exchanges started last April during the Spring meetings held in Washington in the United States.
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On May 5, the said mission met with the Minister of Finance, Louis Paul Motaze. According to our information, they discussed the possibility of increasing the resilience of the Cameroonian economy, increasing fiscal space among others. Since, it is explained, despite external shocks like the coronavirus pandemic, Cameroon has remained under control at this level. On May 8, this mission was received by the Minister of Economy, Planning and Regional Development (Minepat), Alamine Ousmane Mey.
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The exchanges between the two parties fall within the framework of the fourth review of the Economic and Financial Program (EFP) concluded with the International Monetary Fund for the period 2021-2024, supported by the Extended Credit Facility (ECF) and the Extended Credit Facility. Credit (MEDC).
The meeting will therefore have made it possible to evaluate the performance of this program and make improvements if necessary. The exchanges logically revisited the evolution and economic prospects of Cameroon, scrutinized the policy of fixing prices and subsidies for mass consumption products, evoked the National Development Strategy 2020-2030, the budgetary policy to which must be added the medium-term debt strategy.
Let us specify on these subjects the issues related to the prioritization, maturation, implementation and monitoring of investment projects. ” We discussed with the Minister of Economy on the key points of this review. We are going to work on the reforms that are necessary for the development of the country, especially that of the private sector”, said Cemile Sancak. She also notes that Cameroon has made good progress with the review in the past. The IMF mission chief also announces that the Cameroonian government is working on the amending finance law for the 2023 budget. And that preparations are being made for the 2024 finance law.
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In Yaoundé, it is argued that the objectives set out in the budget are the expression of the political will of the Head of State to make the best use of Cameroon’s remarkable potential. It is a question, we learn, of implementing sound policies to ensure macroeconomic stability and pursue the government’s reform agenda through the execution of SND 30.
It should be noted that the budget is one of the main priorities to which the Bretton Woods institution pays particular attention, in order to better control Cameroon’s intentions and other projections. This is how the topic of ongoing reforms to improve revenue collection needed for major investments was discussed. Not to mention the efficiency of public spending and the strengthening of governance. The objective is to significantly support the country’s economic growth. Cemile Sancak’s team completes its mission on May 17th.
Source: Current Challenges n°767 from Thursday AA to May 14, 2023
