Friday July 3, 12:29 AM
IMF disburses $144.1 million loan to Cameroon
WASHINGTON, July 2 (Reuters) - The International Monetary Fund on Thursday disbursed a $144.1 million loan to Cameroon to help the country weather the impact from the global recession, especially the drop in commodity prices.
'Lower oil prices are reducing exports and fiscal revenues,' IMF First Deputy Managing Director John Lipsky said in a statement.
He said weaker global demand has affected exports, while tight financing conditions have delayed investment projects, which will affect economic growth in the West African country.
'As a result of these sizable shocks, growth is expected to be slower, and the overall fiscal and external balances are projected to turn into a deficit,' he added.
'Against this background, the authorities' efforts to deal with the effects of the crisis with Fund support under the rapid access component of the Exogenous Shocks Facility are welcome,' he added.
(Reporting by Lesley Wroughton; Editing by Leslie Gevirtz) Keywords: IMF/CAMEROON
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