World Bank supports Cameroon to build a resilient and inclusive recovery
Cameroon will be better able to address the COVID-19 pandemic with a $100 million Development Policy Operation (DPO) approved to support the Government of Cameroon to advance reforms for fiscal consolidation and competitiveness.
“As Cameroon is embarking in an ambitious program of reforms, this operation will support policy action to mitigate the impact of COVID-19 pandemic by, supporting public sector management, improving competition and protecting the poor and most vulnerable,” says Abdoulaye Seck, World Bank Country Director for Cameroon.
This operation, the third in a series of three, builds on the first DPO and is aligned with Cameroon’s economic growth, poverty reduction, and reform priorities as set forth in its long-term development agenda, Vision 2035.
More specifically, the program supports reforms to mitigate the economic impact of COVID-19 on the private and public sectors by strengthening public debt management, improving public procurement processes, and transparency in the use of COVID-19 response funds. It will help enhance competitiveness by reducing entry barriers, improving regulations in strategic sectors, and incentivizing private sector investment in three strategic sectors, including telecommunications, energy, and transport. It will also improve the equity and efficiency in the allocation and use of health resources, as well as scale up social protection.
Together, the program of reforms supported by this operation are expected to have positive effects on poverty. In particular, cash transfers will provide direct support to vulnerable groups who have lost income as a result of the crisis and restrictions measures.
The World Bank supports Cameroon through 18 national IDA, Global Environment Facility, and Trust Fund operations, with a net commitment of about $2.4 billion, in addition to a comprehensive program of analytical services. These activities contribute to the country’s overall economic growth, through the implementation of economic reforms, trade diversification, improvements in agriculture and livestock sectors, energy, transport, healthcare, education and social safety net for the most vulnerable.