At end of 7th review mission: IMF hails gov’t’s growth strides, public finance management reforms.

Officials from the Bretton Woods Institution made the positive remarks in the nation’s capital city, Yaounde, Wednesday. 

This was during an audience granted the IMF delegation at the Star Building, by the Prime Minister, Head of Government, Dr Chief Joseph Dion Ngute.

The IMF officials, led by the Head of Mission, Cémile Sancak, it should be noted, have been in the country since October 3, 2024, for the 7^th review mission of the institution’s economic and financial programmes in Cameroon.

The IMF delegation during their stay in the country, carried out the 7^th review of programmes supported by the institution, under the Extended Credit Facility, ECF, and the Extended Fund Facility, EFF, as well as the second review of the programme supported by the Resilience and Sustainability Facility, RSF. 

The team of officials came to the end of their mission yesterday. 

The audience with the Prime Minister was therefore a restitution meeting for the IMF officials to present findings to their review mission. 

The Cémile Sancak-led delegation used the meeting with the Prime Minister to highlight the positive points observed in the country’s microeconomic performance during their stay in the country. 

Sancak told reporters after the audience that they found out that Cameroon’s “performance has been good”.

This, the IMF Head of Mission detailed, has been “in terms of macroeconomic stability, fiscal sustainability and sustainability”.

Hail results, presses for more reforms 

The official also used the audience to harp results being recorded on the implementation of reforms meant to support public finance management and stimulate higher inclusive growth in the country.

The IMF officials also reiterated the need for an acceleration in the putting in place of some reforms, some of which she said have advanced while some are still continuing. 

“We have discussed with the authorities in areas where reforms are continuing and how they can advance faster. For example, one area is how to have a level playing field for the private sector in terms of tax contribution,” Sancak said.

The IMF Head of Mission said this is “important, both for revenue mobilisation and in an equitable way, private sector development”.

The senior IMF official furthered that “this is an area where we see there are more rooms for progress”. 

Recommends speedy rehabilitation of SONARA

While pressing for more reforms, the IMF official also recommended the speedy rehabilitation of the country’s lone oil refinery company, SONARA, which was partly ravaged by fire in May 2019. 

“Also, in terms of public enterprises, there is a reform measure on restructuring the fuel refinery, SONARA…we know that this refinery is important for Cameroon, and we want to see progress in its rehabilitation, which will bring both results for the real economy and also public finances,” Sancak recommended. 

Meeting with MINFI officials 

Prior to the restitution meeting the Prime Minister, the IMF officials also had a meeting with officials of the Ministry of Finance, MINFI.

The mission was chaired by the Minister Delegate to the Minister of Finance, Yaouba Abdoulaye. 

The meeting marked the end of IMF’s 7^th review of the Extended Credit Facility and Extended Fund Facility and the second Resilience and Sustainability Facility, under the institution’s economic and financial programmes. 

The second review of the Resilience and Sustainability Facility, it should be noted, is to improve the adaptation of Cameroon against climate change. 

This story was first published in The Guardian Post Edition No:3262 of Thursday October 17, 2024