• Cameroon considers new IMF program for 2026-2029
• Finance Minister warns support loss risks fiscal, FX instability
• IMF aid key to CEMAC reserve stability, says BEAC governor
  

A decision on whether to conclude a new economic and financial program between Cameroon and the International Monetary Fund (IMF) for 2026-2029 will soon be submitted to President Paul Biya for approval. The move follows a Cabinet meeting chaired by Prime Minister Joseph Dion Nguté in Yaoundé on October 30, 2025.

Finance Minister Louis Paul Motazé is already advocating for the renewal of the partnership with the IMF, according to Cameroon Tribune. He said the aim is to maintain the budgetary support provided by the Fund and other development partners, as such assistance depends on the satisfactory implementation of an economic program.

Between 2017 and 2025, Cameroon received about CFA 2.6 trillion under two successive IMF programs. “We would no longer have this support without a new agreement with the IMF. That would mean finding alternative funding sources. That is why we believe discussions on a new program are necessary,” Motazé said after the Cabinet meeting.

IMF-backed budget support is vital not only for stabilizing public finances but also for reinforcing foreign exchange reserves, which are used to pay for imports. These reserves are pooled in an operations account at the French Treasury, under the monetary cooperation agreements linking the six Central African Economic and Monetary Community (CEMAC) countries to France.

This mechanism ensures regional monetary solidarity, allowing member states to access each other’s reserves when needed to meet external payment obligations. As the economic engine of CEMAC, Cameroon is a major contributor to this account. A halt in IMF support due to the absence of a new program would therefore threaten fiscal stability in Cameroon and across the sub-region.

Yvon Sana Bangui, Governor of the Bank of Central African States (BEAC), has already warned of “an accelerated decline in foreign exchange reserves between June and August 2025,” partly due to reduced budget support following the expiry of previous IMF programs. This trend underscores how crucial such funds are for regional monetary stability.

Public finance experts view IMF programs as safeguards against fiscal slippage. They include quarterly reviews to assess whether governments are meeting agreed-upon targets and policy commitments. Disbursements are released only after these reviews are approved, ensuring discipline and transparency in the management of public finances.

Brice R. Mbodiam