IMF, AfDB pledge to help Cameroonian economy withstand external shocks

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African Development Bank (AfDB) President Akinwumi Adesina speaks during an interview with Reuters in Dar es Salaam, Tanzania August 17, 2019. Picture taken August 17, 2019. REUTERS/Emmanuel Herman
African Development Bank (AfDB) President Akinwumi Adesina speaks during an interview with Reuters in Dar es Salaam, Tanzania August 17, 2019. Picture taken August 17, 2019. REUTERS/Emmanuel Herman

A joint delegation of International Monetary Fund (IMF) and African Development Bank (AfDB) on Friday pledged to accompany Cameroon in its efforts to overcome external shocks to its economy.

Head of delegation Amadou Sly said that shocks linked to insecurity could affect the economy adversely if not well addressed.

“We are hopeful that the country (Cameroon) can now start thinking about how to reap the peace dividends. Now, we see an upside risk in the sense of having peace dividends should things move in the right direction,” Sly told reporters after meeting with Cameroon’s Prime Minister Joseph Dion Ngute in the capital, Yaounde.

Cameroon is facing security challenges in the Far North region where terror group Boko Haram continues to terrorize citizens. In its English-speaking regions, armed separatists want to create an independent nation since 2017.

Besides the security concerns, an explosion that hit Cameroon’s lone refinery in June has negatively affected the banking sector and the collection of tax revenue in the country, Sly said.

The delegation made the observations after a two-week evaluation meeting in Cameroon.

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