Originally posted on Interactive Investor
YAOUNDE, June 29 (Reuters) - Cameroon wants rapid access to 92.85 million in Special Drawing Rights ($144 million) from the International Monetary Fund (IMF), to help cushion the impact of the financial crisis, the Central African country's Prime Minister said in a letter to the IMF seen by Reuters on Monday.
Cameroon's economy, which is struggling to dampen the impact of the global downturn, will grow by 2.5 percent this year, Ephraim Inoni said, down from a previous estimate of 3 percent, itself a reduction from 4 percent when the budget was prepared late last year.
"The effects of the international crisis will result in a need for greater financing for the budget," Inoni said in the letter.
Cameroon needed the extra funding, half of its allocation under the IMF's Exogenous Shocks Facility, to compensate for lower global demand for many of the products it exports, including wood and cotton, he said.
Many African economies have been hit by lower demand for commodities, which are often major sources of income.
Earlier this month, the World Bank forecast gross domestic product (GDP) growth in sub-Saharan Africa would slow to 1 percent in 2009, down from 4.8 percent in 2008.
The IMF has approved loans to help fight the effects of the financial crisis in Several African countries including Zambia, Tanzania and Kenya in recent weeks.
(Reporting by Tansa Musa; Editing by Daniel Magnowski/Victoria Main)
Many African economies have been hit by lower demand for commodities, which are often major sources of income.
Earlier this month, the World Bank forecast gross domestic product (GDP) growth in sub-Saharan Africa would slow to 1 percent in 2009, down from 4.8 percent in 2008.
The IMF has approved loans to help fight the effects of the financial crisis in Several African countries including Zambia, Tanzania and Kenya in recent weeks.
(Reporting by Tansa Musa; Editing by Daniel Magnowski/Victoria Main)
who shall repay the debt + interest?
Posted by: Rees, Flames | Tuesday, 30 June 2009 at 08:30 AM
You. Your children. Your grandchildren.
http://www.everybodypays.com/
Posted by: Ma Mary | Tuesday, 30 June 2009 at 08:59 AM
The future generation shall not be held responsible for any misappropriated funds. The man on the street never felt the effect of whatever "economic boom" we had. If he becomes a victim of an economic downturn, then the government is of no use to him.
We can't allow a reckless government to jeopardise the future of the coming generation.The civil societies in Cameroon need to be more active . They should start sending petitions to the IMF; except they know how these loans will benefit them.
Posted by: Bob Bristol | Tuesday, 30 June 2009 at 09:34 AM
Why don't they go get our money from the French Treasury?:
http://www.ocnus.net/artman2/publish/Editorial_10/The_CFA_ECOWAS_And_Monetary_Union.shtml
http://www.thefreelibrary.com/CFA,+the+devil+is+in+the+details:+the+Ivorian+economist+and+author+of...-a089235791
http://www.thefrontiertelegraph.com/content/012908/slavery.html
Posted by: TAGRO | Tuesday, 30 June 2009 at 10:20 AM
Hahahaha ordinary Cameroonians have always been placed on the slab to be slaughtered. They have always been the ones to foot the loans that were borrowed from the IMF and the world Bank.
Posted by: Ndim Bernard Nguoche | Wednesday, 01 July 2009 at 06:57 AM