IMF approves $226 mln for Cameroon to help with COVID-19 impact

The board of the International Monetary Fund (IMF) on Monday approved a disbursement for Cameroon of around $226 million to help the central African nation meet urgent balance of payments needs stemming from the COVID-19 pandemic.

The pandemic and terms of trade shocks from a sharp fall in oil prices are having a significant impact on Cameroon's economy, leading to a historic fall of real GDP growth, the IMF said in a statement.

"Cameroon is facing serious challenges from the twin COVID-19 pandemic and terms of trade shocks," it said, adding "the shocks have given rise to substantial fiscal pressures and an urgent balance of payments need."