Abstract
CAMEROON
Title Page
CAMEROON
STAFF REPORT FOR THE 2013 ARTICLE IV
CONSULTATION—INFORMATIONAL ANNEX
June 12, 2013
Prepared By
The African Department
(In Consultation with Other Departments)
Contents
RELATIONS WITH THE FUND
JOINT IMF-WORLD BANK WORK PROGRAM, 2013–14
STATISTICAL ISSUES
Relations with The Fund
as of May 31, 2013
Membership Status: Joined: July 10, 1963; Article VIII
General Resources Account:
| SDR Million | %Quota | |
|---|---|---|
| Quota | 185.70 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 184.77 | 99.50 |
| Reserve Tranche Position | 0.94 | 0.51 |
| SDR Million | %Quota | |
|---|---|---|
| Quota | 185.70 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 184.77 | 99.50 |
| Reserve Tranche Position | 0.94 | 0.51 |
SDR Department:
| SDR Million | %Allocation | |
|---|---|---|
| Net cumulative allocation | 177.27 | 100.00 |
| Holdings | 15.24 | 8.60 |
| SDR Million | %Allocation | |
|---|---|---|
| Net cumulative allocation | 177.27 | 100.00 |
| Holdings | 15.24 | 8.60 |
Outstanding Purchases and Loans:
| SDR Million | %Quota | |
|---|---|---|
| ESF RAC Loan | 92.85 | 50.00 |
| ECF Arrangements | 15.66 | 8.43 |
| SDR Million | %Quota | |
|---|---|---|
| ESF RAC Loan | 92.85 | 50.00 |
| ECF Arrangements | 15.66 | 8.43 |
Latest Financial Arrangements:
Formerly PRGF.
Projected Payments to Fund:2
(SDR millions; 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 | |||||
| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Principal | 1.86 | 3.45 | 22.28 | 21.49 | 20.69 |
| Charges/Interest | 0.09 | 0.11 | 0.33 | 0.28 | 0.23 |
| Total | 1.95 | 3.56 | 22.62 | 21.77 | 20.92 |
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 | |||||
| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Principal | 1.86 | 3.45 | 22.28 | 21.49 | 20.69 |
| Charges/Interest | 0.09 | 0.11 | 0.33 | 0.28 | 0.23 |
| Total | 1.95 | 3.56 | 22.62 | 21.77 | 20.92 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
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 can not 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.
Implementation of HIPC Initiative:
| I. Commitment of HIPC assistance | Enhanced 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 can not 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.
Implementation of HIPC Initiative:
| I. Commitment of HIPC assistance | Enhanced 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 can not 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.
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.
Implementation of Multilateral Debt Relief Initiative (MDRI):
| I. MDRI-eligible debt (SDR Million)1 | 173.26 | |||
| Financed by: MDRI Trust | 149.17 | |||
| Remaining HIPC resources | 24.09 | |||
| II. Debt Relief by Facility (SDR Million) | ||||
| Eligible Debt | ||||
| Delivery | ||||
| Date | GRA | PRGT | Total | |
| April 2006 | N/A | 173.26 | 173.26 | |
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.
Implementation of Multilateral Debt Relief Initiative (MDRI):
| I. MDRI-eligible debt (SDR Million)1 | 173.26 | |||
| Financed by: MDRI Trust | 149.17 | |||
| Remaining HIPC resources | 24.09 | |||
| II. Debt Relief by Facility (SDR Million) | ||||
| Eligible Debt | ||||
| Delivery | ||||
| Date | GRA | PRGT | Total | |
| April 2006 | N/A | 173.26 | 173.26 | |
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.
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).
Implementation of Post-Catastrophe Debt Relief (PCDR): Not Applicable
Safeguards Assessments:
In accordance with Safeguards Policy requirements for regional central banks, a quadrennial safeguards assessment of the Bank of the Central African States (BEAC) is underway. The assessment, which included a mission to Yaoundé during March 20–29, 2013, occurs against the backdrop of fraudulent activities uncovered in the BEAC office in Paris in 2009, and subsequent special audits initiated by the BEAC authorities that identified governance challenges and control failures. For its part, the BEAC adopted an action plan with the aim of reforming its own governance, strengthening key safeguards, and building capacity. In addition, a series of rolling measures were agreed between the BEAC and the IMF, as a basis for determining whether periodic IMF program reviews could continue for those BEAC members using IMF resources. A summary of the results of the current assessment will be reported upon its completion.
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 755.95=SDR 1, as of May 31, 2013. 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.
Article IV Consultation:
The last Article IV consultation with Cameroon was concluded by the Executive Board on June 13, 2012.
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.
Technical Assistance:
Technical Assistance:
| 2013 | |
| May 2013: | FAD mission on public finance management |
| March 2013 | FAD Customs Administration follow-up visit |
| February 2013: | AFRITAC-Central mission on public debt management |
| January 2013: | FAD mission on tax and custom administration |
| 2012 | |
| October 2012: | MCM-World Bank mission on public debt management |
| 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 |
Technical Assistance:
| 2013 | |
| May 2013: | FAD mission on public finance management |
| March 2013 | FAD Customs Administration follow-up visit |
| February 2013: | AFRITAC-Central mission on public debt management |
| January 2013: | FAD mission on tax and custom administration |
| 2012 | |
| October 2012: | MCM-World Bank mission on public debt management |
| 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 |
Resident Representative:
The post of IMF Resident Representative has been maintained in Yaoundé continuously since 1989. The current Resident Representative, Ms. Boriana Yontcheva, has been stationed in the field since December 26, 2012.
Joint IMF-World Bank Work Program, 2013–14
| 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 financial sector stability, while expanding priority spending to accelerate economic growth and poverty reduction. | |||
| Staff visit | October 2013 | Concluding Statement | |
| 2014 Article IV consultation | May 2014 | Board discussion in June 2014 | |
| TA on public finance to be offered by FAD or AFRITAC Central | |||
| Two PFM missions on multiyear and program budgeting, accrual accounting, and LRFE and CEMAC directives. | May 2013 and TBD | Aide Mémoire at the end of mission. | |
| One tax policy mission is envisaged. | October 2013 | Aide Mémoire at the end of mission. | |
| Two revenue administration missions to support tax and customs administration reform priorities. | January 2013 and FY2014 | Aide Mémoire at the end of mission. | |
| Improvement of public accounting | May 2013 | Aide Mémoire at the end of mission. | |
| Support of public accounting reform | September/October 2013 | Aide Mémoire at the end of mission. | |
| Support of public accounting reform | February 2014 | Aide Mémoire at the end of mission. | |
| TA on statistics to be offered by STA or AFRITAC Central | |||
| Quarterly National Accounts | Q1 | Aide Mémoire at the end of mission. | |
| Manufacturing Production Index/ Manufacturing Producer Price Index | Q2 | Aide Mémoire at the end of mission. | |
| TA on debt management to be offered by MCM or AFRITAC Central | |||
| Evaluating and interpreting financing offers | July/August 2013 | Aide Mémoire at the end of mission. | |
| Managing financial risk in a debt portfolio | January/February 2014 | Aide Mémoire at the end of mission. | |
| World Bank work 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 and social protection to help develop an effective safety net system based on targeted programs); and (ii) local development, where the focus will be on increasing access to basic services through infrastructure upgrading and capacity building for improved local governance. | |||
| Non-concessional borrowing ceiling monitoring | Four missions a year: dates to be decided. | Back-to-office reports at the end of the mission. | |
| Debt management capacity | Possibly two TA missions on the implementation of the reform plan and the medium-term debt strategies: dates to be decided | Back-to-office reports at the end of each mission | |
| Technical assistance to customs | Possibly three missions: dates to be decided | Back-to-office reports at the end of each mission | |
| Competitive value chains | Possibly one or two missions to disseminate: dates to be decided | Aide-mémoire at the end of the mission | |
| CEMAC regional financial institutions | Two missions (September 2012 and March 2013) | Aide-mémoire at the end of the 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 is available; Volume 2 will be available by June, 2013. | |
| B. Requests for work program inputs | |||
IMF request to Bank
| |||
World Bank request to IMF
| |||
| C. Agreement on joint products and missions | |||
| DSA update | May 2013 | Board discussion in June 2013 | |
| DSA update | May 2014 | Board discussion in June 2014 | |
| 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 financial sector stability, while expanding priority spending to accelerate economic growth and poverty reduction. | |||
| Staff visit | October 2013 | Concluding Statement | |
| 2014 Article IV consultation | May 2014 | Board discussion in June 2014 | |
| TA on public finance to be offered by FAD or AFRITAC Central | |||
| Two PFM missions on multiyear and program budgeting, accrual accounting, and LRFE and CEMAC directives. | May 2013 and TBD | Aide Mémoire at the end of mission. | |
| One tax policy mission is envisaged. | October 2013 | Aide Mémoire at the end of mission. | |
| Two revenue administration missions to support tax and customs administration reform priorities. | January 2013 and FY2014 | Aide Mémoire at the end of mission. | |
| Improvement of public accounting | May 2013 | Aide Mémoire at the end of mission. | |
| Support of public accounting reform | September/October 2013 | Aide Mémoire at the end of mission. | |
| Support of public accounting reform | February 2014 | Aide Mémoire at the end of mission. | |
| TA on statistics to be offered by STA or AFRITAC Central | |||
| Quarterly National Accounts | Q1 | Aide Mémoire at the end of mission. | |
| Manufacturing Production Index/ Manufacturing Producer Price Index | Q2 | Aide Mémoire at the end of mission. | |
| TA on debt management to be offered by MCM or AFRITAC Central | |||
| Evaluating and interpreting financing offers | July/August 2013 | Aide Mémoire at the end of mission. | |
| Managing financial risk in a debt portfolio | January/February 2014 | Aide Mémoire at the end of mission. | |
| World Bank work 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 and social protection to help develop an effective safety net system based on targeted programs); and (ii) local development, where the focus will be on increasing access to basic services through infrastructure upgrading and capacity building for improved local governance. | |||
| Non-concessional borrowing ceiling monitoring | Four missions a year: dates to be decided. | Back-to-office reports at the end of the mission. | |
| Debt management capacity | Possibly two TA missions on the implementation of the reform plan and the medium-term debt strategies: dates to be decided | Back-to-office reports at the end of each mission | |
| Technical assistance to customs | Possibly three missions: dates to be decided | Back-to-office reports at the end of each mission | |
| Competitive value chains | Possibly one or two missions to disseminate: dates to be decided | Aide-mémoire at the end of the mission | |
| CEMAC regional financial institutions | Two missions (September 2012 and March 2013) | Aide-mémoire at the end of the 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 is available; Volume 2 will be available by June, 2013. | |
| B. Requests for work program inputs | |||
IMF request to Bank
| |||
World Bank request to IMF
| |||
| C. Agreement on joint products and missions | |||
| DSA update | May 2013 | Board discussion in June 2013 | |
| DSA update | May 2014 | Board discussion in June 2014 | |
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 improvements in quality, coverage, and timeliness in most macroeconomic dataset. In recent years, the authorities have taken initiative to improve the macroeconomic database, particularly the national accounts. |
| 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 limited 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, and led to the development of quarterly national accounts statistics starting in 2012. 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: 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. |
| A. Assessment of Data Adequacy for Surveillance |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance purposes. There is scope for improvements in quality, coverage, and timeliness in most macroeconomic dataset. In recent years, the authorities have taken initiative to improve the macroeconomic database, particularly the national accounts. |
| 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 limited 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, and led to the development of quarterly national accounts statistics starting in 2012. 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: 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. | |
| 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, 2013)
Of the monetary authorities. 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.
Goods only, data on trade in services are not available.
Cameroon: Table of Common Indicators Required for Surveillance
(as of May 31, 2013)
| Date of latest observation | Date received | Frequency of data | Frequency of reporting | Frequency of publication | |
| Exchange rates | May 2013 | May 2013 | D | ||
| International reserve assets and liabilities 2 | April 2013 | May 2013 | M | M | M |
| Reserve/Base money | March 2013 | May 2013 | M | M | M |
| Broad money | March 2013 | May 2013 | M | M | M |
| Central bank balance sheet | March 2013 | May 2013 | M | M | M |
| Consolidated balance sheet of the banking system | March 2013 | May 2013 | M | M | M |
| Interest rates 3 | April 2013 | May 2013 | M | M | M |
| Consumer price index (main cities) | March 2013 | May 2013 | Q | Q | Q |
| Consumer price index (national) | March 2013 | May 2013 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing 4 – General government 5 | NA | NA | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing4 – Central government 5 | March 2013 | May 2013 | M | M | Partial data published monthly |
| Stocks of debt contracted or guaranteed by the central government | Dec. 2012 | May 2013 | M | M | M |
| External current account balance | Dec. 2011 | 2012 | A | A | NA |
| Exports and imports of goods and services 7 | Dec. 2012 | Apr. 2013 | Q | Q | NA |
| GDP/GNP | 2011 | 2012 | A | A | A |
| Gross external debt | Dec. 2013 | Apr. 2013 | Q | Q | Q |
| International investment position | NA | NA | NA | NA | NA |
Of the monetary authorities. 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.
Goods only, data on trade in services are not available.
Cameroon: Table of Common Indicators Required for Surveillance
(as of May 31, 2013)
| Date of latest observation | Date received | Frequency of data | Frequency of reporting | Frequency of publication | |
| Exchange rates | May 2013 | May 2013 | D | ||
| International reserve assets and liabilities 2 | April 2013 | May 2013 | M | M | M |
| Reserve/Base money | March 2013 | May 2013 | M | M | M |
| Broad money | March 2013 | May 2013 | M | M | M |
| Central bank balance sheet | March 2013 | May 2013 | M | M | M |
| Consolidated balance sheet of the banking system | March 2013 | May 2013 | M | M | M |
| Interest rates 3 | April 2013 | May 2013 | M | M | M |
| Consumer price index (main cities) | March 2013 | May 2013 | Q | Q | Q |
| Consumer price index (national) | March 2013 | May 2013 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing 4 – General government 5 | NA | NA | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing4 – Central government 5 | March 2013 | May 2013 | M | M | Partial data published monthly |
| Stocks of debt contracted or guaranteed by the central government | Dec. 2012 | May 2013 | M | M | M |
| External current account balance | Dec. 2011 | 2012 | A | A | NA |
| Exports and imports of goods and services 7 | Dec. 2012 | Apr. 2013 | Q | Q | NA |
| GDP/GNP | 2011 | 2012 | A | A | A |
| Gross external debt | Dec. 2013 | Apr. 2013 | Q | Q | Q |
| International investment position | NA | NA | NA | NA | NA |
Of the monetary authorities. 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.
Goods only, data on trade in services are not available.