IMF ends consultation mission with Cameroon

An International Monetary Fund (IMF) mission led by Mr. Mario de Zamaróczy has just ended its visit to Cameroon to conduct the 2014 Article IV Consultation discussions, reports said on Friday. The mission met with President Paul Biya, Minister of Finance Alamine Ousmane Mey, Minister of Economy, Emmanuel Nganou Djoumessi, Mr. Jean-Marie Benoà®t Mani, the National Director of the Bank of Central African States, among others.

After the consultation, the mission issued a statement which says recent macroeconomic developments point to a higher growth rate than was projected in 2013.

Growth (real GDP) is estimated at 5.5 percent in 2013 (up from 4.6 percent in 2012), thanks to sustained capital expenditure and increases in oil production and services, the statement reads.

It says inflation moderated to 2.1 percent (from 2.4 percent in 2012) and current account deficit, including grants, widened to 4.0 percent of GDP, notably because of higher imports of capital goods.

However, the mission expressed its concern about generalized fuel subsidies, saying cost of these subsidies remains elevated and crowds out other expenditure that could promote more inclusive growth.