Economy

IMF mission in Yaounde for sixth review mission, other engagements.

by Edmond
29 Apr 2024 20:26
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Head of IMF delegation, Cemile Sancak, telling journalists purpose of visit

A powerful delegation from the International Monetary Fund, IMF, is in Yaounde on a review mission of their programmes. They will also carry out other engagements that are aimed at strengthening the Cameroonian economy, making it more resilient for the benefit of citizens; home driven and able to better withstand external shocks.

This was unveiled by the head of the visiting delegation, Camile Sancak, who was granted audience with her team by the Minister of Finance, Louis Paul Motaze, on Friday 26 April.

The working visit that kicked off on April 25, she said, will last until May 8. During that period, they will review varied programmes the IMF had approved for Cameroon, including the Enlarged Credit Facility, ECF.

They will also discuss with the Minister of Finance and other finance and monetary stakeholders, on how best to instill economic resilience in the long-term, taking into consideration the challenges that prop up from time to time.

In their previous programmes, they had put in place a programme for the government to follow so that economic growth would be restored, in a manner that the growth impacts significantly on improving, not only the living condition of the population, but brings overall facelift in basic infrastructure, delivery of basic service, among others.

She recalled that in January this year, the IMF and the government agreed on a programme that would guarantee better management of climate shocks.

This will be reviewed to assess how the expected result of durability in the long-term is being achieved.

Therefore, the delegation expects the government to furnish it with national accounts that have been produced since their last inspection, so that they will scrutinise and see where improvements need to be made or commendations ought to be dished out.

The state of Public Investment Budgets, PIB, the workability of inflation and deflation control mechanisms and so on will also be assessed.

They will look at price indices as they relate to how they affect consumer incomes; industrial production, business turnovers, among others.

The IMF delegation will also look at balance of payments as they relate to the current account of the state, capital and financial account, as well as level of foreign reserves.

They will also look at the monetary and credit situation of the state as it relates to mass monetary supply, external benefits, internal credits, among other issues.

Cemile Sancak is accompanied on the working visit by other experts of the Fund including, Toomas Orav, Gillian Nkhata, Asel Isakova, and Xianguo Huang. As well as Radhika Goyal, Idossou Adom, Salim Dehme, Du Prince Tchakote and Martin Ambassa.