Cameroon receives $144M to contain crisis

  1. Posted on Tuesday 7 July 2009 - 17:39
    Benkam
    Image of Benkam
    Elisabeth Benkam, VoicesofAfrica alumna, Yaoundé, Cameroon
    The Executive Board of the International Monetary Fund (IMF) has approved a92.85 US$144.1 million disbursement under the rapid access component of the Exogenous Shocks Facility (ESF) to help Cameroon recover from the effects of the global shocks on its balance of payments.
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    The disbursement is meant to be done immediately. The IMF financial assistance will help contain the decline in Cameroon's foreign reserves. The ESF is designed to provide policy support and financial assistance to low-income countries facing exogenous but temporary shocks. It is available to countries eligible for the Poverty reduction and growth facility (PRGF) the IMF's main instrument for financial assistance to low-income countries but that does not have a PRGF-supported program in place.

    Financing terms are equivalent to a PRGF arrangement and are more concessional than under other IMF emergency lending facilities. Addressing a press conference on Thursday in Yaounde, the IMF representative in Cameroon Ms Malangu Kabedi-Mbuyi, said the amount which is about 72 billion CFA . The interest rate amounts to 0,5 percent.

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