Cameroon: Seventh Reviews Under the Extended Arrangement Under the Extended Fund Facility and the Arrangement Under the Extended Credit Facility, Request for a Waiver of Applicability of Performance Criteria, and Second Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Cameroon

IMF Country Report No.25/71 CAMEROON SEVENTH REVIEWS UNDER THE EXTENDED ARRANGEMENTUNDER THE EXTENDED FUND FACILITY AND THEARRANGEMENT UNDER THE EXTENDED CREDIT FACILITY,REQUEST FOR A WAIVER OFAPPLICABILITY OFPERFORMANCE CRITERIA, AND SECOND REVIEW UNDER THERESILIENCE AND SUSTAINABILITY FACILITY ARRANGEMENT—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THEEXECUTIVE DIRECTOR FOR CAMEROON March2025 In the context of theStaff Report for theSeventhReviewsUnder theExtendedArrangementUnder theExtendedFundFacility and theArrangementUnder theExtendedCreditFacility,Request for aWaiver ofApplicability ofPerformanceCriteria, andSecondReviewUnder theResilience andSustainabilityFacilityArrangement, the following documents have beenreleased and are included in this package: •APress Releaseincluding a statement by the Chair of the Executive Board. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onMarch12, 2025, following discussions that ended onOctober16, 2024, with the officials ofCameroonon economic developments andpolicies underpinning the IMF arrangement under theExtended Credit Facility. Basedon information available at the time of these discussions, the staff report wascompleted onFebruary25, 2025. •ADebt Sustainability Analysisprepared by a staff of the IMFand the World Bank. •AStaff Statementfor Cameroon •AStatement by the Executive DirectorforCameroon. Copies of this report are available to the public fromInternational Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.orgPrice: $18.00per printed copy International Monetary FundWashington, D.C. IMF Executive Board Concludes Seventh Reviews ofCameroon’s Extended Credit Facility and Extended FundFacility and Second Review of Resilience and SustainabilityFacility FOR IMMEDIATE RELEASE •The IMF Executive Board concluded today the seventh reviews under the Extended CreditFacility (ECF) and the Extended Fund Facility (EFF) arrangements, allowing for adisbursement equivalent to about US$ 73.5 million. •The IMF Executive Board also concluded the second review under the Resilience andSustainability Facility (RSF) arrangement, making available about US$ 45.9 million insupport of Cameroon’s climate change agenda. •Cameroon’s economic recovery has continued, but growth remains subdued. To enhancemedium-term growth, bolder action is needed to mobilize non-oil revenues, mitigatefinancial sector vulnerabilities, and address governance and anti-corruption weaknesses. Washington, DC, March 12, 2025:The Executive Board of the International Monetary Fund(IMF) concluded today the seventh reviews under Cameroon’s Extended Credit Facility (ECF)and the Extended Fund Facility (EFF) arrangements. The completion of the ECF-EFF reviewsallows for an immediate disbursement of SDR 55.2 million (about US$ 73.5 million), bringingtotal disbursements under the arrangements to SDR 538.2 million (US$ 718.1 million). TheExecutive Board also completed the second review under the Resilience and SustainabilityFacility (RSF) arrangement. Completion of this review makes available SDR 34.5 million (US$45.9 million), with disbursements to date totaling SDR 69.0 million (US$91.3 million). Cameroon’sthree-year ECF-EFFarrangements were originally approved by the IMFExecutive Board for a total amount of SDR 483 million (US$ 689.5 million, or 175 percent ofquota) in July 2021. An extension of these arrangements of 12 months was approved inDecember 2023 to allow more time to implement the policies and reforms, and access wasaugmented by SDR 110.4 million (US$ 145.4 million, or 40 percent of quota). The18-monthRSFwas approved by the Executive Board in January 2024 in the amount of SDR 138 million(US$ 181.7 million, or 50 percent of quota). Following the Executive Board’s discussion on Cameroon, Mr. Nigel Clarke, Deputy ManagingDirector and Acting Chair, made the following statement: “Cameroon’s economic recovery has continued, but growth remains subdued. The medium-term outlook remains broadly positive while the balance of risks is tilted to the downside.Program performance was broadly satisfactory, and the ECF-EFF and RSF arrangementscontinue to support the authorities’ efforts to maintain macroeconomic stability, implementpriority reforms, and advance the climate agenda to promote sustainable growth. “The authorities have made a commendable effort in maintaining a fiscal path in line withprogram objectives. Strengthening domestic non-oil revenue mobilization and public financial management remains key to preserving progress achieved under the program. Continuedefforts to limit spending through exceptional procedures are essential to maintaining budgetdiscipline and integrity. Advancing reforms of the public enterprises and the energy sector willbe critical for Cameroon’s fiscal sustainability and macroeconomic resilience. “The authoritie