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Cameroon To Design Own Economic Programme 

During a press conference at the Finance Ministry on February 4, attended by the IMF officials, the Finance Minister, Essimi Menye, stated that  Cameroon would continue to work with the IMF and other donors.

He said a new programme does not mean severing links with the IMF, adding that the IMF would remain as a guide to orientate the government and give its opinion on economic issues and provide a backing to its economic programme. The relationship, he stressed, would be that of surveillance with regular consultations and technical assistance.

The new economic regime, whose duration has not yet been determined, would be different in that Cameroon would not be linked to the IMF financially, but with the IMF signature it would be able to get finances for its programme. He said government would define its objectives and key areas and would only need the IMF to accompany the government in the new venture.

In line with Article 4 of the IMF statute, there is still a level of cooperation between Cameroon and the IMF, and Cameroon has the right to request for technical assistance in certain domains and remain a partner. In an earlier statement on the last review of the IMF for Cameroon on January 9, it was observed that much still had to be done to attain the desired level of growth needed to fight poverty.

It was also observed that the challenges for Cameroon are to attain results in the area of public finance, the business climate, the cost of production, ameliorate access to small and medium-size enterprises and ensure follow-up of reforms.

Cameroon, therefore, has to consolidate the results achieved in structural reforms that led to the attainment of the completion point of the Heavily Indebted Poor Countries Initiative, HIPC-I whereby her debts were alleviated.

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