The Mario de Zamaroczy-led team is holding working sessions with government officials in Yaounde.
Recent economic and financial developments in Cameroon, the execution of the 2013 programme budget, and the economic outlook for 2013 and beyond are some of the issues under review between government officials and an eight-man inspection team from the International Monetary Fund (IMF), led by Mario de Zamaroczy. The visit which began on May 2 to end on May 14 with concluding discussions with the Ministers of Finance and that of the Economy, Planning and Regional Development as well as a news conference falls within the traditional Article IV Consultation of the institution.
After meeting with stakeholders of the private sector in Douala last week, the Mario de Zamaroczy-led team is currently holding talks in Yaounde with government officials to assess their sector-by-sector performance and perspectives. Already, they have reviewed the country’s recent macro-economic and financial developments notably industrial production, balance of payments, monetary situation, inflation, the impact of new economic measures taken by the State in 2012 as well as the path already covered with the ten-year development plan contained in the Growth and Employment Strategy Paper. Last Friday, the team and government officials evaluated the execution of 2012 State budget as well as held technical meetings on the country’s balance of payments.
According to the programme of the visit, the IMF team was yesterday May 7 scheduled to hold a working session at the national office of the Bank of Central African States (BEAC) on the loan and monetary policies and one with authorities of the National Sinking Fund on the situation of the country’s internal and external debts. The banking situation in the country, the national monetary situation, the situation of major growth-induced projects as well as the policy in fixing prices of hydrocarbon products in the country, were also expected to be handled. All things being equal, between this Tuesday May 8 and May 14 when the team rounds off its mission, reforms on public finance management, the situation and reforms in public enterprises, inclusive development, competitiveness, regional integration and economic partnership agreements, reforms on the mechanism of fuel prices et al would come under attention.
At the end of a similar mission last year, the team said to launch the economy on a path of higher and inclusive growth, it was imperative to address the severe infrastructure gaps, promote sectors with high employment potential, improve the business climate, promote access to financial services and strengthen public institutions.
