World Economy

IMF Cuts Cameroon GDP Growth

IMF Cuts Cameroon GDP GrowthIMF Cuts Cameroon GDP Growth

Cameroon’s economic growth rate is expected to slip to 3.7% this year, down from an earlier estimate of around 4%, due to falling oil production, the International Monetary Fund said, Yahoo reported. The IMF approved a $666 million, three-year extended credit facility in June for Cameroon, which has been hit hard by the global decline in crude prices. Economic growth came in at 4.5% last year. In a statement at the end of a 10-day review mission, the IMF said that it had reached an agreement with the government on economic and financial policy ahead of the first review of the program, which is expected in mid-December. “The economic program of the country remains on the right track despite the difficult context. All the quantitative benchmarks established in the program... have been fulfilled,” said mission head Corinne Delechat. The IMF, meanwhile, said that inflation would remain low this year at 0.5%.

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