The Government of Cameroon and the International Monetary Fund (IMF) have reached a new financial and economic deal that will cover the 2021-2024 period amid calls for the Bretton Woods institution to suspend any of such funding until Cameroon provides an account of the COVID-19 funds.
In a press release issued Thursday July 29, the Minister of Finance, Louis Paul Motaze says the new triennial support amounting to FCFA 375 billion was approved by the Board of Directors of the International Monetary Fund Thursday through its enlarged facility credit and its enlarged credit mechanism.
It is aimed at reviving Cameroon’s economy hard-hit by the crippling COVID-19 pandemic from the year 2021 to 2024 and providing sufficient financing for the Government to better address the pandemic.
According to the press release, in a bid to support Cameroon’s efforts to reinforce its external position as well as public finance, IMF Board members equally approved to disburse a first installment of 45%, amounting to FCFA 96 billion.
This new financial grant from the International Monetary Fund comes as a surprise to many, given that the institution had clearly stated that in the absence of a report on the management of the FCFA 180 billion disbursed for the response against the COVID-19 pandemic reported to have been allegedly misappropriated, no new grant would be made.
Cameroonians had stormed their social media pages to back this move from the International Monetary Fund, asking Government to account for every dime disbursed.
Some 20 Women had including front line activists Bar Alice Kom and Kah Wallah had signed a memorandum, urging the IMF to suspend the funding due to Cameroon's mismanagement of COVID-19 funds and reluctance to solve the Anglophone conflict.
After what seemed to be clear that part of the money was diverted and no one is yet to account for it, some Cameroonians have expressed dissatisfaction with the new disbursement, indicating it will still be swindled.