Cameroon President Paul Biya, right, talks to China's President Xi Jinping during their bilateral meeting at the Great Hall of the People, in Beijing, China, Friday, Aug. 31, 2018. Issoufou is in China for the Forum on China-Africa Cooperation which will be held on Sept. 3-4. (Roman Pilipey/Pool Photo via AP)

JOHANNESBURG - The International Monetary Fund (IMF) has approved the disbursement of approximately $76.3 million to Cameroon, citing improvements in economic programme performance and structural reform.

The executive board of the IMF said in a statement on Tuesday that it had completed the third review of an arrangement under the extended credit facility arrangement for Cameroon.

The release of the $76.3 million brings the total disbursement by the IMF to the West African country to approximately $438.9 million.

In completing the third review, the executive board also approved the authorities’ request for a waiver for the non-observance of the performance criterion on the ceiling on net BEAC financing, and the modification of two performance criteria pertaining to the ceiling on net borrowing of the central government from the central bank, excluding IMF financing, and the continuous performance criterion on new non-concessional external debt contracted or guaranteed by the government.

Cameroon’s three-year arrangement for about $667,8 million (or 175 percent of Cameroon’s quota), was approved on June 26, 2017.

It aims at supporting the country’s efforts to restore external and fiscal sustainability and lay the foundations for sustainable, inclusive and private sector-led growth.

- African News Agency (ANA)