Cameroon has committed to negotiating a new economic and financial program with the International Monetary Fund, alongside its Cemac peers, as the region seeks to safeguard fiscal stability and external reserves.

The pledge was made on March 17 in Paris during a meeting of finance ministers, central bank governors, and institutional leaders from the Cemac bloc—Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and the Central African Republic—along with French officials, according to a communiqué published March 23 by the Bank of Central African States (BEAC).

The statement said Cemac countries agreed to pursue both the proper implementation of existing IMF-backed programs and the conclusion of new ones to ensure public finance sustainability and strengthen foreign exchange reserves. France reaffirmed its support for the region’s macroeconomic and financial stability, including assistance in dealings with the IMF and other development partners.

In practical terms, Cameroon, Congo, and Gabon—whose most recent IMF programs ended between 2024 and 2025—have now committed to securing new arrangements. Chad, the Central African Republic, and Equatorial Guinea, which are still under IMF programs, pledged to continue their cooperation with the institution.

Budget Support at Stake

Cameroon’s position reflects earlier calls by Finance Minister Louis Paul Motazé, who in October 2025 argued for renewing the IMF partnership to maintain access to budget support.

Between 2017 and 2025, Cameroon received around CFA2,600 billion in budget support under two successive IMF programs. Without a new agreement, those flows would stop, forcing the government to find alternative financing sources.

Although the finance minister made the case months earlier, the final decision had been left to the presidency. The commitment announced in Paris suggests that approval has now been granted at the highest level.

Regional Condition Still Pending

Despite the renewed political backing, a key condition remains at the regional level. The conclusion of new IMF programs depends on the completion of the Fund’s review of Cemac’s common policies.

That review, initially expected in December 2025, has been delayed due to misalignment between national fiscal policies and the regional strategy, as well as incomplete agreements on regional reform commitments, according to BEAC documents.

The delay has already pushed back program reviews and disbursements for Chad and the Central African Republic. It is now also holding up new IMF agreements for Cameroon, Congo, and Gabon.

Source: Business in Cameroon