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International Monetary Fund. African Dept. and International Monetary Fund. Strategy, Policy, & Review Department
Following two years of COVID-19 challenges, Cameroon, the largest economy in the Central African Economic and Monetary Union (CEMAC), is facing a new policy environment. The nascent economic recovery from mid-2021, supported by higher oil prices and non-oil production, is now subject to greater uncertainties with spillovers from the war in Ukraine, high inflationary pressures, especially on food and fuel prices, and a tightening of global financial conditions. Low vaccination rates also leave the country vulnerable to further COVID-19 waves. In July 2021, the IMF’s Executive Board approved three-year arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for SDR 483 million (about US$689.5 million, or 175 percent of Cameroon’s quota) to support the country’s economic and financial reform program.
International Monetary Fund. African Dept.
Cameroon, the largest economy in the Central African Economic and Monetary Union (CEMAC), continues to face the repercussions of the COVID-19 pandemic. In July 2021, the IMF’s Executive Board approved three-year arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for SDR 483 million (about US$ 689.5 million, or 175 percent of Cameroon’s quota) to support the country’s economic and financial reform program. This followed two disbursements in 2020 under the Rapid Credit Facility (RCF) totaling SDR 276 million, equivalent to about US$382 million or 100 percent of Cameroon’s quota.
International Monetary Fund. African Dept.
Cabo Verde’s economy is facing significant economic challenges associated with the lingering effects of the pandemic, as well as rising food and fuel prices triggered by the war in Ukraine. Climate change is also creating new difficulties after a fourth consecutive drought year. The economy rebounded strongly in 2021 following the COVID-19 induced recession in 2020, due in part to the authorities’ effective policy response, including one of the most successful vaccination programs in sub-Saharan Africa. However, the spillover effects of the Ukraine war are likely to weaken the economic recovery, worsen the fiscal and external positions, lead to higher inflation, and result in a substantial decline in international reserves. As a result, strong policy measures are needed to shore up international reserves, preserve debt sustainability, increase resilience to shocks, including climate change adaptation and mitigation, and make growth more inclusive.
International Monetary Fund. African Dept.
Tanzania’s economy is gradually recovering from the negative effects of the COVID-19 pandemic. While IMF emergency financing (0.8 percent of GDP) in 2021 helped address fiscal pressures, preserve stability, and finance the authorities’ COVID-19 economic and health response, Tanzania continues to face development and reform challenges to unleash its economic potential. The authorities are seeking renewed Fund assistance to support the country facing protracted balance of payments needs associated with the two external shocks—the COVID-19 pandemic and the war in Ukraine—and to support the authorities’ reform agenda summarized in their Five-Year Development Plan.
International Monetary Fund. African Dept. and International Monetary Fund. Strategy, Policy, & Review Department
Following two years of COVID-19 challenges, Cameroon, the largest economy in the Central African Economic and Monetary Union (CEMAC), is facing a new policy environment. The nascent economic recovery from mid-2021, supported by higher oil prices and non-oil production, is now subject to greater uncertainties with spillovers from the war in Ukraine, high inflationary pressures, especially on food and fuel prices, and a tightening of global financial conditions. Low vaccination rates also leave the country vulnerable to further COVID-19 waves. In July 2021, the IMF’s Executive Board approved three-year arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for SDR 483 million (about US$689.5 million, or 175 percent of Cameroon’s quota) to support the country’s economic and financial reform program.