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5th Review under the Extended Credit Facility: The IMF on a working visit to MINEPAT

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Une mission du Fonds Monétaire Internationale conduite par Amadou Sy, a été reçue ce 28 octobre 2019 par le Ministre de l’Economie, de la Planification et de l’Aménagement du Territoire, Alamine OUSMANE MEY.

The two parties discussed, among other things, the progress of work on the preparation of the post-GESP national development strategy, Cameroon's 2019-2022 debt strategy, the current situation of the National Oil Refinery Company and the implementation of certain major investment projects (Nachtigal hydroelectric dam, connection of the Memve'ele hydroelectric dam to the South Interconnected Network). They also reviewed the report on undisbursed committed balances, initiatives to ensure better follow-up of externally financed projects, and the status of mechanisms for evaluating, maturing, implementing and monitoring the country's investment projects.

On receiving this delegation from the IMF, the Minister of Economy recalled that this mission is taking place only a few days after the signature with the World Bank of a major financing agreement for an amount of 200 million US dollars (approximately 117.744 billion FCFA), intended for the second operation to support policies aimed at fiscal consolidation and inclusive growth in Cameroon. It also comes at a time when the country is engaged in many projects related to improving the quality of public spending, diversifying its economy and rebuilding regions affected by the security shocks.

It should be noted that the Fund's mission, which runs from 28 October to 08 November 2019 in Cameroon, is part of the fifth review of the Economic and Financial Programme, based on the Extended Credit Facility, concluded in June 2017 with this Bretton Woods institution.