May 4, 2020 / 5:26 PM / a month ago

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

DAKAR, May 4 (Reuters) - 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.” (Reporting by Aaron Ross and Bate Felix; Editing by Mark Potter)

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