Economic Recovery, Dev’t Priorities : World Bank Group, IMF Promises More Support

The Executive Director of the World Bank Group for Cameroon, Mr. Alphonse Ibi Kouagou and Cameroon’s Country Director, Mr. Abdoulaye Seck, have hailed Cameroon for its resilience in weathering and absorbing the shocks created by the recent global economic turmoil, domestic challenges and the lingering effects of the Covid-19 pandemic. These appreciable commendations of Cameroon’s efforts by the World Bank Group officials
were made recently in Washington D.C. and within the framework of the on-going one week
long World Bank Group and IMF Annual Meetings that began holding on Monday, October 11, 2022. Impressed by the strides Cameroon is making, the two officials reaffirmed the World Bank Group's ongoing support for Cameroon's development priorities which are focused on projects related to education, health, energy, agriculture, digital transformation and drives to strengthen the private sector. They remarked that the Lom Pangar hydroelectric power project, the third largest in Sub Saharan Africa, is a veritable success story with potentials to supply low cost energy not only in Cameroon but also to the whole sub region. Discussions also centered on measures to mitigate the impact of the ongoing war in Ukraine on Cameroon. 
While highlighting the excellent relations existing between Cameroon and the Bretton Woods
institutions, Cameroon's Minister of Finance, Louis Paul Motaze reiterated the government's commitment to sustain growth and alleviate poverty. He further commented on Cameroon's ambitious fiscal consolidation efforts and structural reforms; which he says are on a good path. 
Minister Motaze went on to add that the government was already preparing the country's budget
for 2023 and went on to note that: “what we call the budgetary deficit is less than 2 percent. This means we are going to have very interesting results.” This, as said by the Minister, while in the US, means that the economic and fiscal future for Cameroon in the ...