Sustaining Reforms for Inclusive Growth in Cameroon : A Development Policy Review
Cameroon faces a challenging policy agenda over the next few years. The Government has been implementing its comprehensive poverty reduction strategy since April 2003. The Poverty Reduction Strategy Paper (PRSP) set an ambitious agenda for broad-ba...
| Main Authors: | , |
|---|---|
| Language: | English |
| Published: |
World Bank
2012
|
| Subjects: | |
| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20091008001006 http://hdl.handle.net/10986/2676 |
| Summary: | Cameroon faces a challenging policy
agenda over the next few years. The Government has been
implementing its comprehensive poverty reduction strategy
since April 2003. The Poverty Reduction Strategy Paper
(PRSP) set an ambitious agenda for broad-based economic
development with specific medium-term targets as well as
detailed sector policies and programs for accelerating
economic growth, strengthening the social sectors, and
halving poverty over the following ten years. Despite a
strong start, implementation of the PRSP slowed during the
2003-04 presidential election period, when fiscal discipline
was relaxed and the restructuring of key public enterprises
slowed. This faltering progress translated into much lower
fiscal performance relative to program targets, higher
government spending to prop up distressed key public
enterprises, and the accumulation of domestic arrears. These
developments led the International Monetary Fund (IMF) to
declare Cameroon's Poverty Reduction and Growth
Facility (PRGF) program off track in the third quarter of
2004, delaying attainment of the Heavily Indebted Poor
Countries (HIPC) completion point by nearly two years. In
the aftermath of the election, the Government developed an
ambitious medium-term investment program intended to
accelerate economic transformation and propel Cameroon into
the group of fast-growing emerging countries. The Government
is set to launch preparation of a new PRSP in early 2007.
The new generation of the PRSP is expected to center on
economic transformation and inclusive growth and to
articulate a policy agenda that could pave the way for
Cameroon to take off and get back on track to attain the
Millennium Development Goals (MDGs) by 2015. |
|---|