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)
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