The International Monetary Fund’s executive board has approved a $666 million, three-year extended credit facility for Cameroon to support economic and financial reforms, an IMF statement said. According to Reuters report, the fluctuation in the prices of oil has resulted to government's inability to raise enough revenue. This reports say has obliged to concentrate resources on combating the threat of Islamist Boko Haram militants along its northwestern border with Nigeria.
“Having initially shown resilience owing to its greater diversification, the Cameroonian economy is now facing decelerating growth, declining fiscal and external buffers, and rapidly-rising public debt,” IMF Deputy Managing director Mitsuhiro Furusawa said in the statement.
The board’s decision allows for the immediate disbursement of $171 million as part of a programme aimed at restoring fiscal and external sustainability and unlocking private sector-driven growth.
When News Breaks Out, We Break In. (The 2014 Bloggies Finalist)