IMF to lend Cameroon $226 Million to cushion effect of COVID-19

The International Monetary Fund (IMF) has approved a loan of around $226 million for Cameroon. The money will help the central African nation meet urgent balance of payments needs emanating due to the COVID-19 pandemic.

 

Source : The Guardian Nigeria

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 twin COVID-19 pandemic and terms of trade shocks,” the statement further said, adding that “the shocks have given rise to substantial fiscal pressures and an urgent balance of payments need.”