The International Monetary Fund published an end-of-mission statement for its 2026 Article IV consultation discussions with Cameroon following a January 29 to February 12 mission. Staff assessed the economy as resilient but with subdued growth and a weakening in fiscal performance in 2025, while projecting a modest pickup in 2026 supported by an appropriately tighter 2026 budget stance aligned with regional convergence criteria. Growth is expected to slow to 3.1% in 2025 from 3.5% in 2024, reflecting post-election unrest, while inflation eased to a 12-month average of 3.4% in December and is projected at 2.9% in 2026. Staff saw indications of a weaker external position in 2025, with the current account deficit projected to widen to 3.9% of GDP from 3.3% in 2024. Fiscal outcomes were estimated to deteriorate, with the overall deficit widening to around 2% of GDP in 2025 from about 1.5% in 2024, and the non-oil primary balance worsening to about 2.6% of GDP versus a budget target of about 1.4%, amid non-oil revenue underperformance and current spending slippages; uncertainty remains around arrears and extrabudgetary commitments. Financing pressures were described as elevated, with external commercial borrowing contributing to broadly unchanged CEMAC reserve contributions, and Cameroon’s debt sustainability analysis continuing to show a high overall risk of debt distress. Staff projected growth at 3.3% in 2026 and a strong rebound in 2027–28 subject to risks including the timely completion of electricity transmission projects, and highlighted reform priorities including improved access to finance, stronger investment planning and implementation, greater use of concessional project financing for infrastructure, sustained non-oil revenue mobilization, operationalizing the Single Treasury Account, deeper regional treasury markets, stronger public financial management and commitment controls, a realistic arrears clearance timetable, and sustained follow-through on 2023 governance assessment recommendations on asset declaration, audit, and anti-corruption frameworks. The staff report, subject to management approval, is expected to be discussed by the IMF Executive Board in late March.
International Monetary Fund 2026-02-13
International Monetary Fund staff concludes Cameroon Article IV mission and projects 3.3% growth in 2026 while urging fiscal tightening and governance reforms
The International Monetary Fund's end-of-mission statement for its 2026 Article IV consultation with Cameroon highlights a resilient economy with subdued growth and fiscal weakening in 2025, projecting a modest recovery in 2026 with a tighter budget. Key reform priorities include improved access to finance, stronger investment planning, and sustained non-oil revenue mobilization, with the IMF Executive Board discussion anticipated in late March.