IMF approves $156 million for Cameroon to finance Covid-19 response

Cameroon will receive emergency aid totalling USD 156 million to help cover a shortfall in the nation's budget and balance of payments due to the coronavirus pandemic, the International Monetary Fund (IMF) said in a press release on Wednesday.

The USD 158 disbursement from the fund's Rapid Credit Facility represents about 40 per cent of Cameroon's IMF credit line, the release said.

"This is the second emergency disbursement to the country since the onset of the COVID-19 pandemic, bringing total IMF emergency support since the outbreak of the pandemic to SDR [special drawing rights] 276 million (about USD 382 million, 100 per cent of quota)," the release added.

The release credited Cameroon with mounting a proactive response to COVID-19 with efforts to contain the disease while boosting health and social spending.

The disbursement will help the nation pay for crisis-related emergency programs and cope with a pandemic-related economic slowdown, according to the release.