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The IMF has for years called on Cameroon to reduce its fuel subsidies, which are estimated to reach 2.9% of GDP in 2022.
President of Cameroon Paul Biya announced in his annual end-of-year address that prices of petroleum products in the national market will increase with the rolling out of subsidies. He said recently that despite a cut, the subsidy remained a heavy burden on public coffers.
It cost the state around 640 billion CFA francs (about US$1billion) in 2023 down from over 1,000 billion CFA francs (US$ 1.7 billion ) in 2022. The IMF has for years called on Cameroon to reduce its fuel subsidies, which are estimated to reach 2.9% of GDP in 2022.
The lender and the Central African nation agreed last November to extend an Economic Program until 2025. Biya also vowed to intensify actions implemented to combat corruption and misappropriation of public funds which he said are essential for protecting public resources.
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At the end of September 2023, the inflation rate in Cameroon reached an annual average of 7.8%. mostly due to the rise in food prices and transport costs, with inflation rates of 12.8% and 11.5% respectively.
