The outbreak of the coronavirus pandemic has mercilessly impeded on Cameroon’s external accounts leading to an urgent balance of payment need. The information is contained in a report published Monday by the International Monetary Fund, IMF.
According to the report, the resulting balance of payment needs are at about FCFA 628 billion or at 2.8% of Gross Domestic Products (GDP). This is also attributed to setbacks of the prices of Cameroon’s commodities such as crude oil, natural gas and cocoa.
The IMF holds that, the needs are equally caused by the fall in exports due to lockdown in Europe and Asia, which accounts for more than 80% of foreign demands for Cameroon’s goods.