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Cameroon Country Financing Parameters Note
Since the mid-1990’s, Cameroon has undertaken a comprehensive economic reform program, with a very positive impact on economic performance. Economic growth has been steady with a real GDP growth sustained at around 4.5 percent during 1997-2004, and inflation has been contained to less than 2.0, partly due to prudent monetary policy at the regional Central Bank, BEAC. In 2004, Cameroon has continued to maintain broad macroeconomic stability, with slowly rising per capita GDP. Growth performance in 2004 was good with GDP growth reaching 4.8 percent, and inflation remaining very low. The current account deficit has declined from 7.0 percent in 2002 to 1.2 percent in 2004 despite some appreciation of the real effective exchange rate, in part due to a stronger export performance and fewer oil-sector related imports. On the fiscal front, Cameroon has remained in overall fiscal surplus (including grants) of 1.4 percent of GDP in 2003. However there were slippages in the PRGF program due to lower payments on domestic public debt and utility bills, a deterioration of the financial situation of some public enterprises (especially CAMAIR and CAMPOST) and lower than expected rates of non-oil revenue mobilization (from 13.7% in 2003 to 13.1% in 2004) despite innovations in fiscal management.