Cameroon, like many countries, has faced economic challenges related to the COVID-19 pandemic and external shocks. In response, the State entered into an Economic and Financial Program (EFP) with the IMF, supported by the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF). This program, initially signed in July 2021, has been extended and strengthened with the addition of a Resilience and Sustainability Facility (RSF) component in 2024.
1. Objectives
Cameroon’s Economic and Financial Program (EFP), supported by the International Monetary Fund (IMF), aims to stabilize and strengthen the country’s economy. It is structured around several key areas, including:
• Macroeconomic stabilization: this involves controlling inflation, reducing the budget deficit, and ensuring debt sustainability;
• Strengthening governance: the program focuses on budget transparency, combating corruption, and improving public financial management;
• Economic diversification: Cameroon seeks to reduce its reliance on extractive sectors (oil, gas) and develop other sectors such as agriculture, services, and manufacturing industries;
• Private sector strengthening: the program aims to create a favorable environment for private investment, facilitate access to financing, and improve business competitiveness;
• Climate change adaptation: Cameroon must implement measures to address the impacts of climate change, particularly regarding adaptation and mitigation;
• Public sector reform: This includes restructuring loss-making public enterprises, improving the financial management of public enterprises, and implementing energy efficiency measures;
• Financial sector reform: the program includes measures to strengthen the stability of the financial sector and improve access to financing for small and medium-sized enterprises (SMEs);
• Fiscal reform: This involves improving tax revenue mobilization, modernizing tax and customs administrations, and strengthening the efficiency of public spending;
• Structural reforms: the program encourages economic diversification, business competitiveness, and private sector development.
2. Program Monitoring and Review
The IMF regularly monitors the program’s implementation through assessment missions and reviews. These reviews allow for assessing progress, identifying challenges, and readjusting policies as needed.
The IMF Executive Board, meeting in its session on July 24, 2025, satisfactorily concluded the latest reviews of the 2021-2025 EFP supported by this institution. This concerns, on the one hand, the eighth review under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF), and on the other hand, the third review of the agreement supported by the Resilience and Sustainability Facility (RSF).
The successful completion of this major step in our cooperation with the IMF demonstrates the international financial community’s recognition of the significant progress made by Cameroon under the impetus of the President of the Republic, His Excellency Paul BIYA, and the coordination of the Prime Minister, Head of Government, to strengthen the country’s macroeconomic stability and promote sustainable and inclusive economic growth.
3. Disbursements Approved by the IMF
As part of the latest reviews of the 2021-2025 EFP supported by the IMF, the IMF Executive Board approved disbursements to Cameroon totaling SDR 106.9 million (US$147 million), or approximately CFAF 82 billion, bringing the total budget support received from this partner since the program’s inception to nearly CFAF 570 billion. Cameroon has thus achieved a very commendable performance, despite a global context marked by persistent uncertainties.
4. Technical and Financial Partners
The IMF’s support has been essential for deepening structural reforms, thanks to the assistance of certain Technical and Financial Partners, including the World Bank, the African Development Bank (AfDB), l “European Union (EU) and the”French Development Agency (AFD).