The International Monetary Fund (IMF) has approved a loan of $226 million for Cameroon. The funds will help the country meet an urgent balance of payment needs owing to the COVID-19 pandemic.
According to a statement from the lender, the pandemic and terms of trade shocks from the sharp fall in oil prices are having a significant impact on Cameroon’s economy, leading to a historic fall of real GDP growth.
“Cameroon is facing serious challenges from the COVID-19 pandemic and terms of trade shocks,” the statement further says, adding that “the shocks have given rise to substantial fiscal pressures and an urgent balance of payments need”
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