IMF grants financial support to Cameroon despite budget execution concerns

The IMF announced on June 3 that it reached an agreement with Cameroon. This deal is part of the first review for the Facility for Resilience and Sustainability (FRS) and the sixth review for the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) programs. Pending approval by the IMF Board of Directors later in June 2024, the agreement will result in $118.6 million being sent to Cameroon’s treasury, equal to CFA71.5 billion. Out of this amount, CFA44 billion will go towards supporting Cameroon’s budget under the ECF and EFF. Despite the IMF’s overall satisfaction with the program’s implementation in…