1. On behalf of our Cameroonian authorities, we would like to reiterate our appreciation to Staff, Management and the Executive Board for the continued support to Cameroon which has been playing a significant role in the implementation of the regional crisis exit strategy. The authorities remain committed to the regional objective of safeguarding internal and external stability through the strengthening of foreign reserves— as reiterated by the CEMAC Heads of State in their March 24th, 2019 meeting held in N’Djamena—as well as their national program towards sustained, inclusive growth and economic transformation.
2. Recent macroeconomic developments bode well for favorable prospects in Cameroon. The country’s performance under the Extended Credit Facility (ECF) arrangement remains satisfactory, despite a challenging domestic and external environment. Most quantitative performance criteria and indicative targets (ITs) under the Fourth Review have been met. The implementation of structural measures envisaged under the program is also proceeding with eight out of the eleven structural benchmarks (SBs) for December 2018 to May 2019 having been observed.
3. Going forward, the authorities are determined to pursue policies and reforms that are consistent with the program objectives. Against the backdrop of their accomplishments and commitment to the program, they request the completion of the Fourth Review under the ECF. They would also appreciate the Executive Board’s approval of their requests for waivers of nonobservance of PC and modification of PCs.