Cameroon Finance: Cameroon Gets Over 2009 Crises

Yaounde, Cameroon Africa. (Cameroon News) – Cameroon Economy and Finance: Cameroon recoils from the 2009 financial crisis.

The supremo of the visiting International Monetary Fund (IMF), World Bank (WB) and African Development Bank (ADB) joint mission to Cameroon, Mauro Mecagni yesterday, March 29 told Members of Parliament that the consolidation of the recoil from the crisis of 2009 is moving in a positive direction in Cameroon.

Members of the delegation had discussions with members of the Committee on Finance and Budget and that of Economic Affairs of the National Assembly. Hon. Moutymbo Rosette Ayayi, chairperson of the Finance Committee, headed the meeting.

Yaounde, Cameroon - The Political Capital City of Cameroon Africa

Before arriving at the National Assembly, the members of the visiting group previously attended working sessions with the various domains of Cameroon’s economy that comprise of government officials, private sector, financial institutions and enterprises.

“We have verified that the recovery from the crisis of 2009 is being consolidated in Cameroon”, Mauro Mecagni told journalists in an interview after the meeting. He said that the stakeholders in the various domains of the country’s economy had been keeping them abreast of the fact that demand for products was on a steady rise, there was a hike in local agricultural produce and inflation was at around 1.3 percent in 2010.

He was highly appreciative of government’s policy to dispose off treasury bonds to fund projects, indicating that it was a positive move to enhance the financial market in Cameroon. When asked about his opinion on the decision to bring in 25,000 certificate holders into the public service, the head of the IMF mission said there were having brainstorming sessions on what could be done to improve growth and also as to how the process had been funded.

Asked about the progress with Members of Parliament, he said, “We had the opportunity to discuss the activities of the IMF in Africa, explain the reforms the IMF has implemented in the last few years and how the reforms can address the concerns and preoccupations”.

The biggest challenge that the government would need to look into, Mauro Mecagni said, comprise of building on the infrastructure which has been creating hurdles to international trade and agriculture, induction of the rapidly increasing labour force and efficiently manipulating the budgetary situation that is extremely dubious.