IMF Approves US$183.4M Under the Resilience and Sustainability Facility for Cameroon

ON 02/01/2024 AT 10 : 27 AM

The Executive Board of the International Monetary Fund (IMF) recently approved an 18-month arrangement for Cameroon under the IMF Resilience and Sustainability Facility (RSF) for a total amount of SDR 138 million (about US$183.4 million, 50 percent of quota), with disbursements to start when the First Review of the arrangement is completed.

Cameroon is highly vulnerable to climate change, with risks from recurrent droughts, floods, landslides, and coastal erosion.

The RSF will support Cameroon’s efforts to adapt to and mitigate the impact of climate change and replace more expensive financing.

It will help address climate vulnerabilities by supporting the authorities’ efforts to strengthen the country’s institutional framework for governance and policy coordination related to climate change, mainstream the climate agenda into public financial management, enhance national adaptation policies, and step up mitigation efforts.

The reform measures under the RSF are also expected to reinforce the growing engagement of development partners and other stakeholders in climate-resilient development and catalyze additional climate finance.

The RSF arrangement coincides with the remaining 18 months under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements approved in July 2021 and extended in December 2023 to support the country’s economic and financial reform program.