Economic And Financial Programme: Cameroon Obtains Positive Preliminary Review

Within the framework of a maiden review on the performance of the Economic and Financial Programme of July 31, 2021, the Prime Minister, Head of Government, Chief Dr. Joseph Dion Ngute had technical discussions with the tripartite mission of the International Monetary Fund, World Bank and the African Development Bank on December 15, 2021 by video conference. The tripartite mission had as Head of Mission, Amadou SY. The review on the latest economic and financial programme signed between Cameroon and the Britton Woods Institution under the extended credit facility programme seeks to ensure accountability for development. In his opening remarks, Amadou SY said the first review of the Programme is positive given that Cameroon has made good progress in the governance sector. He added that the Programme is on track and they think efforts made by Cameroon can be defended by them before the Board. He further stated that Cameroon complies with governance efforts as concerns shedding more light in the management of Covid-19 funds and the procurement of public contracts. The Head of the tripartite mission however expressed certain worries such as off budget spending by Cameroon, poor management of oil money and security challenges which still very much weigh on the perception people have of Cameroon. He mentioned the desire of the tripartite mission to see more progress in terms of auditing of the reconstruction process of the National Oil Refinery (SONARA) and a reduction in direct invention while strengthening budget discipline. On the National Development Strategy (SND2030), Amadou SY said the programme is ambitious, but partners will like to see a clear timeline of implementation and more collaboration of the private sector for Cameroon to attain the eight per cent GDP growth rate...