Cameroon is weighing the possibility of a new cooperation framework with the International Monetary Fund (IMF), as government officials shift focus towards growth, job creation, and investment. The issue topped discussions at the October cabinet meeting in Yaounde chaired by Prime Minister, Head of Government, Joseph Dion Ngute on 30 October.
Since joining the IMF, Cameroon has concluded multiple financial support programmes with the institution. These include the three-year Extended Credit Facility (ECF) from 2017 to 2020 and the second-generation Extended Credit Facility and Extended Fund Facility (ECF/EFF) spanning 2021 to 2025. The cabinet reviewed the economic impact of these arrangements, which were introduced to stabilise the economy after falling oil prices and heightened security costs across the CEMAC sub-region.
Speaking to the press after the meeting, the Minister of Finance, Louis Paul Motaze, said the earlier IMF programmes helped Cameroon recover from regional shocks.
“We had a problem in our sub-region, the drop of oil prices. We lost a lot of money and had security challenges. We have seen the results. We do not need any programme, but the resources from the IMF and the World Bank will stop. If we go to another programme, this new one must take into consideration the expectations of society, of youth, and focus on jobs, growth, and investment,” he stated.
The IMF’s 2024 review reported that Cameroon’s growth reached 3.3% in 2023 and is expected to rise to 3.9% in 2024, with inflation easing from 7.2% to 5.9%. Speaking recently in Cairo, Egypt, the Minister of Finanace revealed that Cameroon’s economy is forecasted to grow by over 4% in 2025, with public debt projected at 42% of GDP.
With the existing IMF programmes now ended, Prime Minister Joseph Dion Ngute and his cabinet looked at what a subsequent cooperation could entail. The discussion marks a turning point in Cameroon’s economic strategy after nearly eight years of IMF-backed reforms. Any future programme, officials said, will need to address inclusive growth, private sector expansion, and youth employment. The move aligns with regional trends in CEMAC, where member states are redefining cooperation terms with global financial partners to sustain fiscal stability beyond traditional as
