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Cameroon Borrows Another FCFA 415 Billion Loan From IMF
Category :- Culture & Society Author :- isidore abah 
Posted on August 28, 2017, 12:00 am

The visiting International Monetary Fund (IMF) delegation to Cameroon says the country will benefit from another FCFA 415 billion loan. The loan will be paid over a period of three years. The announcement was recently made in Yaounde at the end of a reviewed mission between IMF and Government officials.

Speaking to the press, the Head of the IMF Delegation, Corinne Delechat, said they were in Cameroon within the context of a three-year programme that was endorsed in June, 2017, by the Bretton Woods Institution.

“This is a seasonal open encounter that is focused on a three-year programme signed last June. We were in Cameroon to have the first assessment of the programme and how the Government is seeing the framework. The meeting has helped us to discuss future orientations particularly in the preparation of the 2018 budget,” Delechat stated.

Given that FCFA 415 billion has been earmarked for a period of three years, the Head of the Delegation said, Cameroon will benefit circa FCFA 180 billion by the end of December.

“We agreed over an amount of FCFA 415 billion for three years and for the first year, Cameroon will have FCFA 180 billion from IMF by the end of December,” she added.

Going by her declarations, the first disbursement was done in July and after the review in October, the second disbursement will be made.

Quizzed on whether the funds are targeting specific areas, the IMF diplomat said, the money is a general support to the Government for the implementation of the 2017 budget.

“There are no specific areas where the funds are coming to target. The funds are coming in to support the implementation of the 2017 budget of the Government of Cameroon,” she reiterated.



Tagged Keywords:  Cameroon Borrow Again
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