IMF’s CHRISTINE LAGARDE VISITS ECONOMICALLY WEAKENED CAMEROON

The Managing Director of the International Monetary Fund, IMF is due to begin a two day visit to Cameroon, beginning January 7- 9, 2016 on invitation of Cameroon’s President Paul Biya.

Mrs Christine Lagarde is due to hold discussions with the PM, Philemon Yang, Ministers of Finance of the Central African Economic and Monetary Community of Central Africa, CEMAC, Region and the Bank of Central African States, BEAC, Governor.

Mrs Christine Lagarde: IMF Managing Director

After joint press conference in Yaoundé she would meet women entrepreneurs, civil society actors and private sector business owners in the economic capital Douala.

ECONOMICALLY WEAKENED CAMEROON

The IMF in a report in December 2015 had observed that “fiscal performance has weakened and the government continued to accumulate domestic arrears, as expenditure pressures have shifted from fuel subsidies to security expenditure. Cameroon’s economic outlook has worsened and proximate risks have become more dominant. 

Yaounde: Central Town

As a result of projected financing gaps and a surge in public infrastructure investment, public debt is expected to increase rapidly. Growth is projected to stabilize at about 5 percent in the medium-term, a rate lower than what would be needed to achieve emerging market status by 2035.”

 The international organization said terrorist attacks in the far north regions, as well as the problem of displaced persons within the country and the refugees from the Central African Republic have generated additional expenditure.

The IMF also remarked some improvements. “As the largest and most diversified economy in CEMAC, Cameroon is well placed to sustain, and reinforce, the momentum of integration,” it said.

Cameroon: Food Everywhere, No money to buy

Mrs Christine Lagarde’s visit comes barely months after Cameroon was rated the 2^nd most corrupt country in the world. Her visit precedes that from Nigeria.

The International Monetary Fund (IMF) is an international organization of 188 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.