Economy: IMF advises Cameroon on financial stability

Yaounde, Cameroon - The IMF has warned that Cameroonian financial stability can only be achieved through enhanced surveillance on and close monitoring of its financial institutions, according to an IMF mission which ended a working visit to Yaounde Thursday. Led by Mauro Mecagni, the mission visited Cameroon from 16 to 31 March, for consultations under the IMF Article IV for the year 2011. The IMF consults annually with each member government. Through these contacts, known as “Article IV Consultations,” the IMF attempts to assess each country’s economic health and to forestall future financial problems. The fund also operates the IMF Institute, a department that provides training in macroeconomic analysis and policy formulation for officials of member countries. During the visit, IMF officials met with the Cameroonian ministers of finance, economy, planning and regional planning, the Prime Minister, other top government officials and parliamentarians involved in budgeting.