Announcement of Cameroon Strengthens Economic Management on July 13, 1989

FOR IMMEDIA1 RELFAS1 World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.* Telephone: (202) 477-1234 BANK NEWS RELEASE NO. 90/3 Contact: Leandro V. Coronel (202) 477-3641 CAMEROON STRENGTHENS ECONOMIC MANAGEMENT WASHINGTON, July 13, 1989 -- Faced with major economic concerns and declining oil revenues, Cameroon will revitalize the way its economy is managed through a project supported by a $9 million World Bank loan. The project is designed to boost the government's policy analysis and macroeconomic management, and bring about reforms in the civil service and public enterprises. These areas are the key elements of Cameroon's ongoing economic adjustment program, which is also supported by t.e World Bank. The project includes establishing a computerized, multi-year investment program and improving the way the government procures supplies and equipment. The national statistics system and debt-management methods will be improved. Many aspects of the civil service will be reformed to achieve greater efficiency, and a program will be introduced to develop technical consultants around the country. The four-year project will help speed up Cameroon's economic recovery through assistance to key agencies responsible for the government's structural-adjustment program and by serving as a vehicle for coordination among these agencies. The $14.5 million project will receive other funding from the government ($1.5 million) and other cofinanciers ($4 million) The World Bank loan is for 17 years, including five years' grace, with a variable interest rate, currently 7.73 percent, linked to the cost of the Bank's borrowings. It also carries an annual commitment charge of 0.25 percent on the undisbursed balance. Note: Money figures are in U.S. dollar equivalents.