Cameroon is poised to upgrade its emergency response towards COVID-19 outbreak following the approval of an emergency loan by International Monetary Fund (IMF), Cameroon’s Minister of Finance, Louis Paul Motaze said on Wednesday.
“It is (IMF loan) very good news for the country. You know that we are facing the crisis (COVID-19) and there is a plan that has been designed by the government and we needed money for that. We are very happy to know that the negotiations have led to a positive conclusion,” Motaze told reporters in the capital, Yaounde, adding that the loan will be used “specifically” to equip hospitals, supply needed material in a transparent way.
The outbreak of the COVID-19 pandemic is having a “significant” impact on Cameroon’s economy, and could lead to a historic fall of GDP growth, he said.
“We are losing a lot of money to COVID-19. That means that we are going to face a lot of difficulties in the future and this is why it’s very important for us to see how we can look for funding for all the projects we have, because life should continue after the crisis,” said Motaze.
On Monday, IMF declared it has approved a disbursement of 226 million U.S. dollars to help Cameroon meet the urgent balance of payments the country needs stemming from the COVID-19 pandemic.
To date, Cameroon has registered in 2,265 confirmed novel coronavirus cases, including 108 deaths and 934 cured cases, according to the latest statistics from the Africa CDC.