IMF Approves $226 million to Help Cameroon’s Covid-19 Recovery

The International Monetary Fund is disbursing $226 million to help Cameroon deal with the effects of Covid-19 on its economy. The country was forced to shut down businesses, schools, transport, and its service industry, which squeezed an already faltering economy.

Cameroon, which depends heavily on oil exports, also took a significant hit from falling oil prices leading record to dip in growth. Drop-in exports, commodity prices, and increased spending to prop up its healthcare and social security have left gaps, which will take time to cover.

The country has since opened up for business even as the rate of infections continues to rise, probably encouraged by the fact that its fatality rate hovers around three percent. Still, just 30,000 samples had been tested as of June 1, with 6,752 turning out positive, meaning there’s a long way to contain and recover.

Chasing recovery for Cameroon’s economy has meant making tax concessions in addition to the revenue the government is already losing, but it’s hoping the benefits outweigh the damage. Money is going into its ten testing facilities across the country and Covid-19 treatment centers, so the IMF package will help adjust its balance of payments and keep the economy afloat and ready to trade as the world slowly opens up.

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