IMF Approves $700 Million Loan for Cameroon

The International Monetary Fund (IMF) has approved a $700 million loan for Cameroon, to help the country recover from effects of the global COVID-19 pandemic and pursue reforms.

The lender’s executive board approved three-year financing agreement under the ECF (Extended Credit Facility) and the EFF (Extended Fund Facility), with an immediate disbursement of about $177.2 million as budget support.

The new financing was approved despite calls by groups for it to be deferred until the country offers clarity on how a recent disbursement of $326 million from Bretton Woods, for use in fighting COVID-19, was spent.

An audit by the Supreme Court of Cameroon revealed massive corruption and mismanagement of $326 million in the lender’s funds to fight against the pandemic in the period up to 30th December 2020.

See Also:

Cameroon’s Diool Raises $3.5 Million in Funding