At IMF/World Bank Spring Meetings in Washington: Int’l partners pledge to support Cameroon’s development drive.

The delegation from Cameroon was led by the Minister of the Economy, Planning and Regional Development, MINEPAT, Alamine Ousmane Mey.

During the meetings, Cameroonian officials and those of the International Monetary Fund, IMF, and World Bank, expressed satisfaction with the implementation and performance of ongoing World Bank sponsored projects in Cameroon.

After discussions held between the two parties on Wednesday April 12, in Washington D.C., Minister Alamine Mey and the Interim Director of Operations at the World Bank, Elisabeth Huybens, both sounded satisfied after the bilateral discussions.

"Overall, I will like to say that we had a very constructive, positive and fruitful discussion…," Minister Alamine Mey said.

"We want to believe that around 1,000 billion FCFA of committed resources are going to help us continue with the process of implementing our projects around the national development programme put forth by the Head of State, H.E. Paul Biya, to turn Cameroon into an emergent nation by 2035," the Minister added.

He further said it was also an opportunity to review the effectiveness of reforms and progress of ongoing projects sponsored by and implemented under the supervision of the World Bank and IMF. These projects, he noted, are in the domains of education, health, and other sectors such as electricity that are key to the development of Cameroon.

"We were able to identify where we have made a lot of progress, particularly with projects that have already been signed in terms of financing and accelerate those that are still left, such that our country should be able to fully benefit from the resources being provided by the World Bank," he stated. 

“We also had the opportunity to review the performance in terms of reforms implementation and we were keen to talk about P4R, which is a programme that is going to take place in the energy sector, with the support of the World Bank,” Minister Alamine Mey disclosed.

He was particularly elated that the World Bank, following their discussions, has, in addition, agreed to support Cameroon's connectivity project in the Far North Regions that is geared towards linking the communities of Mora, Waza, Dabanga and Kousseri by way of rehabilitating the road infrastructure along this northern corridor.

The Minister disclosed that overall the World Bank, through its International Development Association, IDA, has a total of 20 projects it is currently sponsoring in Cameroon.

The Cameroon delegation also discussed rising inflation and the impact of climate change, among others, and also pursued other objectives of signing accords to ameliorate economic growth. 

‘Discussions necessary to address progress’

On her part, the Interim Director of Operations at the World Bank, Elisabeth Huybens, noted that the discussions between Cameroon and the Bank were necessary for them to assess their progress and ensure that all these projects are moving on according to their agreed plans.

"We have a very large package of projects in Cameroon. So, it is but normal to meet and make an appraisal of the projects and ensure that all are progressing as envisaged," she said, adding that: "We had these discussions today and they were very positive. We were able, at each point, to define the next steps so that our programmes can move forward in the interest of development in Cameroon”.

It should be noted that the meetings attended by members of the Boards of Governors of the World Bank Group and the IMF usually bring together central bankers, Ministers of finance and development, parliamentarians, private sector executives, civil society experts, among others, who gather to discuss issues of global concern, poverty eradication, economic development and aid effectiveness.

The IMF Managing Director, Ms Kristalina Georgieva, while assessing the world's economic outlook for the next five years, noted that the world was going to witness a slow economic growth rate estimated at only three percent.

But given the above positive outcome of the meeting between Cameroon and the World Bank Group during the ongoing spring meetings, experts say there are hopes that Cameroon, notwithstanding the uncertain global economic outlook, will meet growth targets.

Courtesy call on Cameroonian-born World Bank Vice President

Meanwhile, on the sidelines of the meetings, Minister Alamine Mey paid a courtesy visit on Cameroonian-born Dr Mercy Tembon, Vice President and Corporate Secretary of the World Bank Group. 

Minister Alamine used the occasion to present government's message of congratulation and words of encouragement to Dr Tembon as she embarks on her new responsibilities. 

Dr Tembon is the first Cameroonian ever, to be appointed as Vice President and Corporate Secretary at the World Bank Group.