Cameroon: Third Reviews Under the Extended Credit Facility and the Extended Fund Facility Arrangements, and Requests for Waivers for Performance Criteria Applicability, Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon

This paper presents Cameroon’s Third Reviews under the Extended Credit Facility and the Extended Fund Facility Arrangements, and Requests for Waivers for Performance Criteria Applicability, Nonobservance of Performance Criteria and Modification of Performance Criteria. The economic recovery is underway amid increased challenges in an uncertain global environment, with growth estimated at 3.4 percent in 2022, supported by higher oil prices and non-oil production. Sustained reform implementation will be needed to create additional fiscal space for productive investment and social spending and to move toward inclusive and resilient growth. The authorities are committed to sustaining their fiscal consolidation to help achieve macroeconomic stability, while building the foundations for inclusive and resilient growth. They have taken the decision to reduce fuel subsidies accompanied by measures to mitigate the social impact. In order to unlock Cameroon’s abundant growth potential, effective and resolute implementation of structural reforms in the National Development Strategy is essential. In this regard, further steps are needed to enhance investment efficiency, strengthen financial inclusion, and improve the business climate.