Abstract
Despite achieving macroeconomic stability, there is not much improvement in Cameroon's social indicators. To achieve higher and more inclusive growth, the report mentioned that problems in sectors such as infrastructure and a reduction in per capita income and mounting costs of fuel subsidies should be attended to. Due diligence should be exercised to control the expenditure chain and to better track the flow of funds. Better cooperation between national and regional bodies should be initiated for financial stability.
Relations With The Fund
As of May 31, 2012
I. Membership Status: Joined: July 10, 1963 Article VIII
II. General Resources Account:
| SDR Million | %Quota | |||
|---|---|---|---|---|
| Quota | 185.70 | 100.00 | ||
| Fund holdings of currency (Exchange Rate) | 184.80 | 99.52 | ||
| Reserve Tranche Position | 0.91 | 0.49 | ||
| SDR Million | %Quota | |||
|---|---|---|---|---|
| Quota | 185.70 | 100.00 | ||
| Fund holdings of currency (Exchange Rate) | 184.80 | 99.52 | ||
| Reserve Tranche Position | 0.91 | 0.49 | ||
III. SDR Department:
| SDR Million | %Allocation | |||
|---|---|---|---|---|
| Net cumulative allocation | 177.27 | 100.00 | ||
| Holdings | 15.59 | 8.80 | ||
| SDR Million | %Allocation | |||
|---|---|---|---|---|
| Net cumulative allocation | 177.27 | 100.00 | ||
| Holdings | 15.59 | 8.80 | ||
IV. Outstanding Purchases and Loans:
| SDR Million | %Quota | |||
|---|---|---|---|---|
| ESF RAC Loan | 92.85 | 50.00 | ||
| ECF Arrangements | 17.25 | 9.29 | ||
| SDR Million | %Quota | |||
|---|---|---|---|---|
| ESF RAC Loan | 92.85 | 50.00 | ||
| ECF Arrangements | 17.25 | 9.29 | ||
V. Latest Financial Arrangements:
Formerly PRGF.
VI. Projected Payments to Fund:1/
(SDR Million; based on existing use of resources and present holdings of SDRs):
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | ||||||
|---|---|---|---|---|---|---|
| 2012 | 2013 | 2014 | 2015 | 2016 | ||
| Principal | 1.06 | 2.39 | 3.45 | 22.28 | 21.49 | |
| Charges/Interest | 0.11 | 0.44 | 0.47 | 0.43 | 0.38 | |
| Total | 1.17 | 2.83 | 3.92 | 22.72 | 21.87 | |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | ||||||
|---|---|---|---|---|---|---|
| 2012 | 2013 | 2014 | 2015 | 2016 | ||
| Principal | 1.06 | 2.39 | 3.45 | 22.28 | 21.49 | |
| Charges/Interest | 0.11 | 0.44 | 0.47 | 0.43 | 0.38 | |
| Total | 1.17 | 2.83 | 3.92 | 22.72 | 21.87 | |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
VII. Implementation of HIPC Initiative:
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
| Enhanced | ||||||
|---|---|---|---|---|---|---|
| I. | Commitment of HIPC assistance | Framework | ||||
| Decision point date | October 2000 | |||||
| Assistance committed | ||||||
| by all creditors (US$ Million) 1/ | 1,267.00 | |||||
| Of which: IMF assistance (US$ million) | 37.04 | |||||
| (SDR equivalent in millions) | 28.62 | |||||
| Completion point date | April 2006 | |||||
| II. | Disbursement of IMF assistance (SDR Million) | |||||
| Assistance disbursed to the member | 28.62 | |||||
| Interim assistance | 11.25 | |||||
| Completion point balance | 17.37 | |||||
| Additional disbursement of interest income 2/ | 5.05 | |||||
| Total disbursements | 33.67 | |||||
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
| Enhanced | ||||||
|---|---|---|---|---|---|---|
| I. | Commitment of HIPC assistance | Framework | ||||
| Decision point date | October 2000 | |||||
| Assistance committed | ||||||
| by all creditors (US$ Million) 1/ | 1,267.00 | |||||
| Of which: IMF assistance (US$ million) | 37.04 | |||||
| (SDR equivalent in millions) | 28.62 | |||||
| Completion point date | April 2006 | |||||
| II. | Disbursement of IMF assistance (SDR Million) | |||||
| Assistance disbursed to the member | 28.62 | |||||
| Interim assistance | 11.25 | |||||
| Completion point balance | 17.37 | |||||
| Additional disbursement of interest income 2/ | 5.05 | |||||
| Total disbursements | 33.67 | |||||
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
VIII. Implementation of Multilateral Debt Relief Initiative (MDRI):
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
| I. MDRI-eligible debt (SDR Million)1/ | 173.26 | |
| Financed by: MDRI Trust | 149.17 | |
| Remaining HIPC resources | 24.09 |
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
| I. MDRI-eligible debt (SDR Million)1/ | 173.26 | |
| Financed by: MDRI Trust | 149.17 | |
| Remaining HIPC resources | 24.09 |
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
III. Debt Relief by Facility (SDR Million)
| Eligible Debt | ||||
|---|---|---|---|---|
| Delivery | ||||
| Date | GRA | PRGT | Total | |
| April 2006 | N/A | 173.26 | 173.26 | |
| Eligible Debt | ||||
|---|---|---|---|---|
| Delivery | ||||
| Date | GRA | PRGT | Total | |
| April 2006 | N/A | 173.26 | 173.26 | |
Decision point - point at which the IMF and the World Bank determine whether a country qualifies for assistance under the HIPC Initiative and decide on the amount of assistance to be committed.
Interim assistance - amount disbursed to a country during the period between decision and completion points, up to 20 percent annually and 60 percent in total of the assistance committed at the decision point (or 25 percent and 75 percent, respectively, in exceptional circumstances).
Completion point - point at which a country receives the remaining balance of its assistance committed at the decision point, together with an additional disbursement of interest income as defined in footnote 2 above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).
IX. Implementation of Post-Catastrophe Debt Relief (PCDR): Not Applicable
X. Safeguards Assessments:
The Bank of the Central African States (BEAC) is the regional central bank. The most recent safeguards assessment of the BEAC was completed on July 6, 2009. The findings of this assessment indicated that implementation of previous safeguards recommendations on financial reporting, internal audit, and internal control was limited, and that the changing risk profile of the BEAC foreign exchange holdings required further actions to strengthen safeguards at the BEAC. Subsequent to the revelation in the Paris office, a series of initial measures and longer-term reforms was agreed between the IMF and the BEAC in order to continue with country programs. The BEAC adopted an action plan for 2010 with the aim of reforming its own governance and strengthening key safeguards. Implementation delays and additional safeguards concerns raised in the first special audit triggered a suspension of IMF disbursements to CEMAC countries from June to early August 2010, after which they resumed. In addition, since 2010, the BEAC and the IMF agreed on additional periodic measures to address the weaknesses highlighted by the special audit and to strengthen governance bodies. A recent safeguards monitoring mission identified a new series of rolling benchmarks to address outstanding safeguards concerns going forward.
XI. Exchange Arrangements:
Cameroon participates in a currency union with five other members of the CEMAC and has no separate legal tender. Cameroon’s currency, the CFA franc, is pegged to the euro at the fixed rate of CFAF 655.957 per euro. Local currency equivalent: CFAF 792.68=SDR 1, as of June 14, 2012. Effective January 1, 2007, the exchange arrangement of the CEMAC countries has been reclassified to the category of conventional pegged arrangement from the category of exchange arrangement with no separate legal tender. The new classification is based on the behavior of the common currency, whereas the previous classification was based on the lack of a separate legal tender. The new classification thus reflects only a definitional change, and is not based on a judgment that there has been a substantive change in the exchange regime or other policies of the currency union or its members.
Cameroon maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions, except for restrictions maintained for security reasons that have been notified to the Fund pursuant to Executive Board decision 144 152/51.
XII. Article IV Consultation:
The last Article IV consultation with Cameroon was concluded by the Executive Board on June 24, 2011.
XIII. FSAP Participation and ROSCs:
A Financial System Stability Assessment (FSSA) report was issued in May 2000. An update of the FSSA was completed in February 2009, based on the work of a joint IMF-World Bank mission that visited Cameroon as part of the Financial Sector Assessment Program (FSAP) in June 2007, itself building upon the Central African Economic and Monetary Community (CEMAC) regional FSAP that was conducted in 2006.
The first Report on the Observance of Standards and Codes (ROSC) on fiscal transparency and transparency of monetary and financial policies for Cameroon was issued in June 2000.
A fiscal ROSC reassessment mission visited Yaoundé, Cameroon, during May 6-18, 2009. Its report was issued in June 2010.
XIV. Technical Assistance:
| 2012 | |
| May 2012: | AFRITAC-Central mission on cash-based accounting |
| February 2012: | FAD mission on Customs, diagnostic and modernization |
| January 2012: | STA mission on quarterly national accounts |
| 2011 | |
| December 2011: | FAD mission on PFM |
| October 2011: | FAD mission on broadening the tax base |
| August 2011: | FAD tax mission: on segmentation of taxpayers |
| August 2011: | STA mission on quarterly national accounts |
| April 2011: | STA mission on national accounts statistics |
| March 2011: | FAD mission on tax / customs administration diagnostic |
| January 2011: | FAD mission on PFM |
| 2010 | |
| November 2010: | STA mission on quarterly national accounts |
| November 2010: | FAD mission on implementation of the new budget law |
| October 2010: | STA mission on national accounts |
| October 2010: | AFRITAC-Central mission on PFM (including procurement plan) |
| September 2010: | FAD mission on tax administration |
| August 2010: | AFRITAC-Central mission on public financial management (TOFE) |
| June 2010: | FAD mission on implementation of the new budget law |
| May 2010: | AFRITAC mission on tax administration |
| April 2010: | FAD and AFRITAC-Central mission on implementation of the Organic Budget Law |
| January 2010: | STA mission on national accounts |
| 2009 | |
| December 2009: | STA mission on national accounts statistics |
| September 2009: | FAD mission on strengthening revenue administration |
| September 2009: | AFRITAC Central mission on strengthening treasury management |
| July 2009: | MCM mission on public debt management |
| March 2009: | STA mission on quarterly national accounts |
| February 2009: | FAD mission on strengthening revenue administration |
| 2012 | |
| May 2012: | AFRITAC-Central mission on cash-based accounting |
| February 2012: | FAD mission on Customs, diagnostic and modernization |
| January 2012: | STA mission on quarterly national accounts |
| 2011 | |
| December 2011: | FAD mission on PFM |
| October 2011: | FAD mission on broadening the tax base |
| August 2011: | FAD tax mission: on segmentation of taxpayers |
| August 2011: | STA mission on quarterly national accounts |
| April 2011: | STA mission on national accounts statistics |
| March 2011: | FAD mission on tax / customs administration diagnostic |
| January 2011: | FAD mission on PFM |
| 2010 | |
| November 2010: | STA mission on quarterly national accounts |
| November 2010: | FAD mission on implementation of the new budget law |
| October 2010: | STA mission on national accounts |
| October 2010: | AFRITAC-Central mission on PFM (including procurement plan) |
| September 2010: | FAD mission on tax administration |
| August 2010: | AFRITAC-Central mission on public financial management (TOFE) |
| June 2010: | FAD mission on implementation of the new budget law |
| May 2010: | AFRITAC mission on tax administration |
| April 2010: | FAD and AFRITAC-Central mission on implementation of the Organic Budget Law |
| January 2010: | STA mission on national accounts |
| 2009 | |
| December 2009: | STA mission on national accounts statistics |
| September 2009: | FAD mission on strengthening revenue administration |
| September 2009: | AFRITAC Central mission on strengthening treasury management |
| July 2009: | MCM mission on public debt management |
| March 2009: | STA mission on quarterly national accounts |
| February 2009: | FAD mission on strengthening revenue administration |
XV. Resident Representative:
The post of IMF Resident Representative has been maintained in Yaoundé continuously since 1989. The current Resident Representative, Mr. Ekué G. Kpodar, has been in his post since August 10, 2009.
Joint IMF–World Bank Work Program, 2012–13
| Products | Mission timing | Expected delivery |
| A. Mutual Information on Relevant Work Programs | ||
| IMF work program | ||
| Strategy: Fund’s policy advice and technical assistance will focus on helping Cameroon preserve fiscal sustainability and economic stability, while expanding priority spending to accelerate growth and poverty reduction. | ||
| Staff visit | September 2012 | Aide-mémoire at the end of the mission |
| 2013 Article IV consultation | March 2013 | Board discussion in June 2013 |
| TA to be offered by FAD/AFRITAC Central | ||
| PFM mission on budget execution and internal audit | July 2012 | Aide-mémoire at the end of the mission and final report |
| PFM mission on chart of accounts and transition to accrual accounting | June – July 2012 | Aide-mémoire at the end of the mission and final report |
| Two missions on tax policy and two missions on customs administration | FY2013 | Aide-mémoire at the end of the mission and final report |
| TA to be offered by STA | ||
| Mission(s) on improving national accounts and BOP statistics | TBD | Aide-mémoire at the end of the mission |
| Mission on improving quarterly national accounts | July 2012 | Aide-mémoire at the end of the mission |
| Mission on improving national accounts | August 2012 | Aide-mémoire at the end of the mission |
| TA to be offered by MCM | ||
| Mission(s) on debt management strategies and institutional coordination | TBD | Aide-mémoire at the end of the mission |
| World Bank program | ||
| Strategy: The World Bank Country Assistance Strategy for 2010-2013 aims to stimulate growth by improving governance, competitiveness, and service delivery. The World Bank will help stimulate more inclusive growth by improving competitiveness through (i) increased infrastructure investment in the energy, transport, and telecommunications sectors; (ii) activities geared toward ensuring the transparent, equitable, and sustainable use of natural resources; and (iii) promotion of high potential value chains and improved business climate. For service delivery, the emphasis is on (i) human development (education, health); (ii) social protection to help develop an effective safety net system based on targeted programs; and (iii) local development, where the focus will be on increasing access to basic services through infrastructure upgrading and capacity building for improved local governance. The Bank’s engagement in Cameroon will be examined and any adjustments reflected formally in a 2012 Country Assistance Strategy Progress Report, which is scheduled for Board presentation at the end of September 2012. | ||
| Competitive value chains | Possibly one or two missions to disseminate: dates to be decided | Aide-mémoire at the end of the mission |
| Cross-border trade—analytical work | Possibly one or two missions to disseminate: dates to be decided | Draft report to be delivered in June; aide-memoires at the end of each mission |
| CEMAC regional financial institutions | Two missions (September 2012 and March 2013) | Aide-mémoire at the end of the mission |
| Fiscal decentralization | Possibly one or two missions to disseminate: dates to be decided | Final report delivered in June; aide-memoires at the end of each mission |
| Debt management capacity | Possibly one or two TA missions on medium-term debt strategies: dates to be decided | Finalized action plan to be delivered in June; aide-memoires at the end of each mission |
| Technical assistance to customs | Possibly three missions: dates to be decided | Aide-mémoire at the end of each mission |
| Country Health Status | Possibly two or three events to discuss the findings of the first volume and prepare recommendations of the second volume. | Volume 1 will be available in Oct.-Nov. 2012; Volume 2 will be available by March, 2013. |
| Governance diagnosis of local health delivery | Dissemination in Oct.-Nov. 2012. | Report available by December 2012. |
| B. Requests for work program inputs | ||
| IMFrequest to Bank | ||
| Periodic update on World Bank program in Cameroon | ||
| Periodic economic update | ||
| World Bank request to IMF | ||
| Periodic update of the macroframework | ||
| C. Agreement on joint products and missions | ||
| DSA update | May 2012 | Board discussion in July 2012 |
| DSA update | April 2013 | Board discussion in June 2013 |
| Products | Mission timing | Expected delivery |
| A. Mutual Information on Relevant Work Programs | ||
| IMF work program | ||
| Strategy: Fund’s policy advice and technical assistance will focus on helping Cameroon preserve fiscal sustainability and economic stability, while expanding priority spending to accelerate growth and poverty reduction. | ||
| Staff visit | September 2012 | Aide-mémoire at the end of the mission |
| 2013 Article IV consultation | March 2013 | Board discussion in June 2013 |
| TA to be offered by FAD/AFRITAC Central | ||
| PFM mission on budget execution and internal audit | July 2012 | Aide-mémoire at the end of the mission and final report |
| PFM mission on chart of accounts and transition to accrual accounting | June – July 2012 | Aide-mémoire at the end of the mission and final report |
| Two missions on tax policy and two missions on customs administration | FY2013 | Aide-mémoire at the end of the mission and final report |
| TA to be offered by STA | ||
| Mission(s) on improving national accounts and BOP statistics | TBD | Aide-mémoire at the end of the mission |
| Mission on improving quarterly national accounts | July 2012 | Aide-mémoire at the end of the mission |
| Mission on improving national accounts | August 2012 | Aide-mémoire at the end of the mission |
| TA to be offered by MCM | ||
| Mission(s) on debt management strategies and institutional coordination | TBD | Aide-mémoire at the end of the mission |
| World Bank program | ||
| Strategy: The World Bank Country Assistance Strategy for 2010-2013 aims to stimulate growth by improving governance, competitiveness, and service delivery. The World Bank will help stimulate more inclusive growth by improving competitiveness through (i) increased infrastructure investment in the energy, transport, and telecommunications sectors; (ii) activities geared toward ensuring the transparent, equitable, and sustainable use of natural resources; and (iii) promotion of high potential value chains and improved business climate. For service delivery, the emphasis is on (i) human development (education, health); (ii) social protection to help develop an effective safety net system based on targeted programs; and (iii) local development, where the focus will be on increasing access to basic services through infrastructure upgrading and capacity building for improved local governance. The Bank’s engagement in Cameroon will be examined and any adjustments reflected formally in a 2012 Country Assistance Strategy Progress Report, which is scheduled for Board presentation at the end of September 2012. | ||
| Competitive value chains | Possibly one or two missions to disseminate: dates to be decided | Aide-mémoire at the end of the mission |
| Cross-border trade—analytical work | Possibly one or two missions to disseminate: dates to be decided | Draft report to be delivered in June; aide-memoires at the end of each mission |
| CEMAC regional financial institutions | Two missions (September 2012 and March 2013) | Aide-mémoire at the end of the mission |
| Fiscal decentralization | Possibly one or two missions to disseminate: dates to be decided | Final report delivered in June; aide-memoires at the end of each mission |
| Debt management capacity | Possibly one or two TA missions on medium-term debt strategies: dates to be decided | Finalized action plan to be delivered in June; aide-memoires at the end of each mission |
| Technical assistance to customs | Possibly three missions: dates to be decided | Aide-mémoire at the end of each mission |
| Country Health Status | Possibly two or three events to discuss the findings of the first volume and prepare recommendations of the second volume. | Volume 1 will be available in Oct.-Nov. 2012; Volume 2 will be available by March, 2013. |
| Governance diagnosis of local health delivery | Dissemination in Oct.-Nov. 2012. | Report available by December 2012. |
| B. Requests for work program inputs | ||
| IMFrequest to Bank | ||
| Periodic update on World Bank program in Cameroon | ||
| Periodic economic update | ||
| World Bank request to IMF | ||
| Periodic update of the macroframework | ||
| C. Agreement on joint products and missions | ||
| DSA update | May 2012 | Board discussion in July 2012 |
| DSA update | April 2013 | Board discussion in June 2013 |
Statistical Issues
| A. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance purposes. There is scope for improvement in quality, coverage, and timeliness in most macroeconomic datasets. In recent years, the authorities have taken the initiative to improve the macroeconomic database, particularly the national accounts and balance of payments statistics. | |
| Real sector statistics: The Institut National de la Statistique du Cameroun (INS) has compiled a revised set of national accounts estimates based on the 1993 System of National Accounts (1993 SNA). Updating to the 2008 SNA is ongoing. The framework for the collection and production of business enterprise statistics was found to be weak, creating difficulties for gauging the structure of the economy and current industrial activity. Particularly serious difficulties affect data quality in the following key sectors: agriculture, manufacturing, retail and wholesale trade, local government, and services. The production index should be overhauled and integrated with the corresponding components of the annual national accounts. Other areas for concern include a limited selection of price indices for deflation of national accounts concepts and the lack of information on employment. In light of these shortcomings, technical assistance will remain essential in the coming years. The STA missions in 2009, 2010 and 2011 sought to support the compilation of improved national accounts statistics, including the development of quarterly national accounts. | |
| Government finance statistics: The quality of fiscal data is broadly adequate for surveillance, but has some shortcomings in coverage, periodicity, timeliness, and accessibility. Quarterly reports on the overall budget execution, and the investment budget execution have been produced on a continuous basis. Despite this progress, data on the public finances are still in need of improvements in quality, coverage, timeliness, and dissemination of data based on the Government Finance Statistics Manual 2001 (GFSM 2001) Weaknesses in the fiscal data include: (i) incomplete compilation of budget implementation data on a commitment and, to some extent, on a cash basis; (ii) a lack of information on the financial information of local governments; (iii) poor monitoring of cross-liabilities in the public sector and of public enterprise debt; and (iv) lack of information on the financial information of public enterprises more generally. The authorities plan to establish comprehensive fiscal accounts on a commitment basis, a functional classification of the budget and will strive to monitor the float. Moreover, the ongoing audit of government domestic debt, which will cover cross-liabilities in the public sector and public enterprise external debt, is expected to strengthen debt data. Efforts to enhance transparency of financial operations in the oil sector should also improve overall fiscal reporting. Efforts are also underway to collect data on the operations of the largest 20 public enterprises. | |
| Monetary and financial statistics: Monetary statistics are reported to the Fund by the Banque des États de l’Afrique Centrale (BEAC) on a monthly basis in the format of the standardized report forms (SRFs), with delays of up to two months. A key shortcoming of monetary and financial statistics is the lack of data for interest rates offered by the financial institutions sector to non-financial entities on deposits and loans. In addition, the depository corporation survey does not include data from deposit taking microfinance institutions, a growing sector in the country. | |
| Balance of payments: Since March 2006 STA technical assistance, the authorities have started to produce higher quality data within a reasonable time period but there are still some significant delays. Balance of payments data are reported annually to STA albeit with some lags. The latest reported data refer to 2010. External debt data are broadly adequate for surveillance, but are comprehensive only for public and publicly guaranteed debt. Data are collected by the Caisse Autonome d’Amortissement (CAA), which is responsible for signing international loan agreements and servicing the government’s external debt obligations. The CAA’s database is fairly comprehensive and up-to-date, and contains accurate stock data, and produces projected debt-service flows on a loan-by-loan basis, but regular statements are not received from creditors. | |
| B. Data Standards and Quality | |
| Cameroon commenced its participation in the General Data Dissemination System (GDDS) in 2001. | No ROSC data is available. |
| C. Reporting to STA | |
| Cameroon does not report data for publication in the IMF Government Finance Statistics Yearbook or the government finance statistics section in International Financial Statistics. Data reporting for publication in the Fund’s Balance of Payments Statistics publications has encountered delays. | |
| A. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance purposes. There is scope for improvement in quality, coverage, and timeliness in most macroeconomic datasets. In recent years, the authorities have taken the initiative to improve the macroeconomic database, particularly the national accounts and balance of payments statistics. | |
| Real sector statistics: The Institut National de la Statistique du Cameroun (INS) has compiled a revised set of national accounts estimates based on the 1993 System of National Accounts (1993 SNA). Updating to the 2008 SNA is ongoing. The framework for the collection and production of business enterprise statistics was found to be weak, creating difficulties for gauging the structure of the economy and current industrial activity. Particularly serious difficulties affect data quality in the following key sectors: agriculture, manufacturing, retail and wholesale trade, local government, and services. The production index should be overhauled and integrated with the corresponding components of the annual national accounts. Other areas for concern include a limited selection of price indices for deflation of national accounts concepts and the lack of information on employment. In light of these shortcomings, technical assistance will remain essential in the coming years. The STA missions in 2009, 2010 and 2011 sought to support the compilation of improved national accounts statistics, including the development of quarterly national accounts. | |
| Government finance statistics: The quality of fiscal data is broadly adequate for surveillance, but has some shortcomings in coverage, periodicity, timeliness, and accessibility. Quarterly reports on the overall budget execution, and the investment budget execution have been produced on a continuous basis. Despite this progress, data on the public finances are still in need of improvements in quality, coverage, timeliness, and dissemination of data based on the Government Finance Statistics Manual 2001 (GFSM 2001) Weaknesses in the fiscal data include: (i) incomplete compilation of budget implementation data on a commitment and, to some extent, on a cash basis; (ii) a lack of information on the financial information of local governments; (iii) poor monitoring of cross-liabilities in the public sector and of public enterprise debt; and (iv) lack of information on the financial information of public enterprises more generally. The authorities plan to establish comprehensive fiscal accounts on a commitment basis, a functional classification of the budget and will strive to monitor the float. Moreover, the ongoing audit of government domestic debt, which will cover cross-liabilities in the public sector and public enterprise external debt, is expected to strengthen debt data. Efforts to enhance transparency of financial operations in the oil sector should also improve overall fiscal reporting. Efforts are also underway to collect data on the operations of the largest 20 public enterprises. | |
| Monetary and financial statistics: Monetary statistics are reported to the Fund by the Banque des États de l’Afrique Centrale (BEAC) on a monthly basis in the format of the standardized report forms (SRFs), with delays of up to two months. A key shortcoming of monetary and financial statistics is the lack of data for interest rates offered by the financial institutions sector to non-financial entities on deposits and loans. In addition, the depository corporation survey does not include data from deposit taking microfinance institutions, a growing sector in the country. | |
| Balance of payments: Since March 2006 STA technical assistance, the authorities have started to produce higher quality data within a reasonable time period but there are still some significant delays. Balance of payments data are reported annually to STA albeit with some lags. The latest reported data refer to 2010. External debt data are broadly adequate for surveillance, but are comprehensive only for public and publicly guaranteed debt. Data are collected by the Caisse Autonome d’Amortissement (CAA), which is responsible for signing international loan agreements and servicing the government’s external debt obligations. The CAA’s database is fairly comprehensive and up-to-date, and contains accurate stock data, and produces projected debt-service flows on a loan-by-loan basis, but regular statements are not received from creditors. | |
| B. Data Standards and Quality | |
| Cameroon commenced its participation in the General Data Dissemination System (GDDS) in 2001. | No ROSC data is available. |
| C. Reporting to STA | |
| Cameroon does not report data for publication in the IMF Government Finance Statistics Yearbook or the government finance statistics section in International Financial Statistics. Data reporting for publication in the Fund’s Balance of Payments Statistics publications has encountered delays. | |
Cameroon: Table Of Common Indicators Required For Surveillance
(As of May 31, 2012)
Monthly (M), Quarterly (Q), Annually (A), and Not Available (NA).
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Goods only, data on trade in services are not available.
| Date of latest observation | Date received | Frequency of data1 | Frequency of reporting1 | Frequency of publication1 | |
|---|---|---|---|---|---|
| Exchange rates | May 2012 | June 2012 | M | M | M |
| International reserve assets and reserve liabilities of the monetary authorities2 | Dec 2011 | April 2012 | M | M | M |
| Reserve/Base money | April 2012 | June 2012 | M | M | M |
| Broad money | April 2012 | June 2012 | M | M | M |
| Central bank balance sheet | April 2012 | June 2012 | M | M | M |
| Consolidated balance sheet of the banking system | April 2012 | June 2012 | M | M | M |
| Interest rates3 | May 2012 | May 2012 | M | M | M |
| Consumer price index (main cities) | February 2012 | April 2012 | M | M | M |
| Consumer price index (national) | Dec. 2011 | March 2012 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of financing4 – General government5 | NA | NA | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of financing4– Central government | February 2012 | May 2012 | M | M | Partial data published monthly |
| Stocks of central government and Central government-guaranteed debt6 | Dec. 2011 | March 2012 | M | M | M |
| External current account balance | June 2010 | June 2011 | A | A | NA |
| Exports and imports of goods and services7 | Dec. 2011 | March 2012 | M | M | NA |
| GDP/GNP | 2009 | 2010 | A | A | NA |
| Gross external debt | NA | NA | A | A | A |
| International investment position | NA | NA | NA | NA | NA |
Monthly (M), Quarterly (Q), Annually (A), and Not Available (NA).
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Goods only, data on trade in services are not available.
| Date of latest observation | Date received | Frequency of data1 | Frequency of reporting1 | Frequency of publication1 | |
|---|---|---|---|---|---|
| Exchange rates | May 2012 | June 2012 | M | M | M |
| International reserve assets and reserve liabilities of the monetary authorities2 | Dec 2011 | April 2012 | M | M | M |
| Reserve/Base money | April 2012 | June 2012 | M | M | M |
| Broad money | April 2012 | June 2012 | M | M | M |
| Central bank balance sheet | April 2012 | June 2012 | M | M | M |
| Consolidated balance sheet of the banking system | April 2012 | June 2012 | M | M | M |
| Interest rates3 | May 2012 | May 2012 | M | M | M |
| Consumer price index (main cities) | February 2012 | April 2012 | M | M | M |
| Consumer price index (national) | Dec. 2011 | March 2012 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of financing4 – General government5 | NA | NA | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of financing4– Central government | February 2012 | May 2012 | M | M | Partial data published monthly |
| Stocks of central government and Central government-guaranteed debt6 | Dec. 2011 | March 2012 | M | M | M |
| External current account balance | June 2010 | June 2011 | A | A | NA |
| Exports and imports of goods and services7 | Dec. 2011 | March 2012 | M | M | NA |
| GDP/GNP | 2009 | 2010 | A | A | NA |
| Gross external debt | NA | NA | A | A | A |
| International investment position | NA | NA | NA | NA | NA |
Monthly (M), Quarterly (Q), Annually (A), and Not Available (NA).
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Goods only, data on trade in services are not available.