IMF approves 226 million dollars for Cameroon to overcome coronavirus pandemic

International Monetary Fund (IMF) has approved an expenditure of 226 million dollars to help to boost up Cameroon from trade shocks and the effects of the coronavirus pandemic.

The outbreak of the coronavirus and the sharp fall in oil prices have hurt Cameroon's economy, leading to a historic fall of real GDP growth, according to a news report by 'The East African'.

IMF Deputy Managing Director Mitsuhiro Furusawa said in the statement, "Cameroon is facing serious challenges from the twin Covid-19 pandemic and terms of trade shocks. the shocks have given rise to substantial fiscal pressures and an urgent balance of payments need,"

According to the Africa Centres for Disease Control and Prevention, Cameroon had 2,104 confirmed cases of coronavirus, 64 deaths, and 953 recoveries by May 5. It is the highest hit country within the six-member Economic and Monetary Community of Central African States (CEMAC).

The Cameroon government has relaxed restrictive measures that were earlier imposed to curb the spread of the coronavirus.

The authorities had allowed bars, restaurants, and other leisure spots to operate after 6 pm. Public transportation was also permitted to operate normally.

Prime Minister Joseph Dion Ngute said the measures to curb the spread of the coronavirus helped the country but also created economic and social hardship in several areas of activity with transport, hotel, and catering being among the hardest-hit sectors.

The Cameroon government has announced that schools would reopen on June 1. Earlier, President Paul Biya has canceled this year's public celebrations of Labour Day on May 1 and National Unity Day on May 20.