The Executive Board of the International Monetary Fund (IMF) approved today a disbursement under the Rapid Credit Facility (RCF) equivalent to SDR 165.6 million (about US$ 226 million, 60 percent of quota) to help Cameroon meet the urgent balance of payments needs stemming from the COVID-19 pandemic. The outbreak of the COVID-19 pandemic and the terms of trade shocks from the sharp fall in oil prices are having a significant impact on Cameroon’s economy, leading to a historic fall of real GDP growth.
The authorities are taking several actions to contain the spread of the disease, boost health and social protection spending, and provide support to affected businesses and households. However, due to a significant deterioration of the macroeconomic outlook and weakening of fiscal situation, driven by the drop of revenue in combination with additional direct health and social expenditures, urgent external and fiscal financing needs have emerged. The IMF’s support will help to fill immediate external needs and preserve fiscal space for essential COVID-19-related health expenditure. It is also expected to help catalyze additional donor support.
Following the Executive Board’s discussion on Cameroon, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, issued the following statement:
“Cameroon is facing serious challenges from the twin Covid-19 pandemic and terms of trade shocks. Weak global demand, depressed commodity prices, and domestic containment measures weigh on the outlook, and are causing significant adverse economic and social effects. The shocks have given rise to substantial fiscal pressures and an urgent balance of payments need.
“The authorities are taking decisive actions to limit the spread of the virus and its economic and social impact. They have implemented strong crisis containment and mitigation measures and are scaling up spending to bolster their health response. Additional measures currently under consideration will provide support to vulnerable households and firms.
“Given the sudden and pressing nature of the shocks, accommodative fiscal and monetary policies are warranted to mitigate the human and economic impact of the outbreak. However, the authorities remain committed to their reform agenda under the ECF arrangement. They plan to undertake adjustments to return to the fiscal consolidation path once the crisis abates to safeguard debt sustainability and ensure a strong recovery.
“IMF emergency financing under the RCF will support the government’s efforts to mitigate the impact of the twin shocks. Additional assistance from development partners will be critical to fill the remaining financing need. Strict budgetary controls and transparency will be needed to ensure that the assistance under the RCF meets its intended objectives.”
Corona beer halts production as coronavirus infections continue to rise
Modelo Group, the Mexican brewer of Corona, announced it was halting production and marketing of its beer, according to a statement released on the company’s Twitter page Friday.
The Mexican beer company said it was taking the steps to “comply with the measures adopted by the Federal Government” of Mexico.
They also expressed their “total commitment to be part of the fight against the SARS-Cov2 virus”, the statement reads.
After Nigeria, Cameroon big boys begin to speak, Baba Danpulo splashes 100 million francs to fight coronavirus
After Nigerian rainmakers splash billions to help their government fight coronavirus, Cameroonian
Billionaire and richest person in Central Africa according to Forbes, Baba Danpullo has donated 100 million FCFA to the state of Cameroon as support towards the fight against COVID – 19
His donation comes barely hours after government created a 1 billion solidarity fund to help fight the virus
Critics have said the money however won’t be enough given the rise of the virus, saying the government would rather spend 4 billions on wine at the Presidency and spend meager amount to keep Cameroonians safe.
Danpulo’s (Central African riches man according to Forbes) contributions comes a day after the lone English daily newspaper in the country the Guardian Post had taken the country’s billionaires to task, asking what are they doing to help government fight the virus.
Coronavirus uncertainty: Leading tech firm A-2 Technologies develops unrivaled E-learning platform for schools
A Buea-based tech firm better known as A2 Technologies has roll out its newly developed E-learning platform for University and high schools.
The customized software the programmers say rivals the best in the market and has been in use for months now as a means to continue learning during the Anglophone crisis
Already being used by one of the private universities around the country, and two universities abroad, the software provides a classroom experience to both learners and teachers like never before
Once deployed, Students are assigned Unique IDs and they are added to a digital classrooms
The digital classrooms will have all students and teachers including a possible supervisors where teaching will take place
In the digital classrooms, teachers can upload notes in PDF or documents format, upload audio and video but above all they can run life video sessions where students can follow the lecturers from their homes using smartphones and ask questions virtually
Squeezed on how the students will controlled, the lead Programmer tells TeboPost teachers have the possibility to take attendance once all students are in class since their individual accounts will indicate they are active once they sign in.
He also says students can ask questions through video session to the hearing and watchful eye of all students and teachers can use inbuilt white board to solve complex mathematics and students watch with their phones
The instructors can also mute recalcitrant student for a period of they are online and disturbing like playing music which affects others
It’s a digital breakthrough which gives complete classroom experience to schools and students and also gives possibility for students to be evaluated and their results given in real time to their respective accounts
One of the catholic Universities in the country is already using the system, the only in Cameroon for now and two Universities in Ghana.
IT experts and digital critics say the system doesn’t have a rival in the Cameroonians and sub regional market and provides full option teaching in the era of coronavirus and solves the massive problem of uncertainty surrounding schools
The digital classroom makes mockery of modules like zoom which offers only one of its multiple functionalities which is live video.
A-2 Technilohies says the duration of the system in school depends on availability of students data, the system can be deployed and running within 7 days even to an institution as complex as state university once students data is available such as names, matriculates and courses.
To reach out to A-2 Technologies for the system, please contact 670611090
- Coronavirus: Mixed signals from Yaounde shows survival depends on you 3 weeks ago
- Intelligent, nice and hardworking: A friend to Nkeng Lizette paints saint-like picture of deceased 3 weeks ago
- June 1st School resumption: Teachers make demanding demands 3 weeks ago
- Kagame’s son appointed to board of Rwanda’s investment agency 3 weeks ago
- Forgotten Vamoulke goes the Marafa way, writes from Kondengui 3 weeks ago
- Occidental is sued by shareholders, bondholders over Anadarko merger May 27, 2020Occidental Petroleum Corp has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying $35.7 billion to acquire Anadarko Petroleum Corp.
- New York's Cuomo says Congress 'abusing' states worst hit by coronavirus May 27, 2020New York Governor Andrew Cuomo called on Wednesday for the U.S. Congress to "stop abusing" New York and other Democratic-controlled states and release more federal funds to help them combat the effects of the coronavirus pandemic.
- Minneapolis mayor calls for white police officer to be charged in black man's death May 27, 2020Minneapolis Mayor Jacob Frey on Wednesday called on authorities to criminally charge a white police officer who knelt on an African-American man's neck shortly before he died at a hospital.
- Ominous weather looms as NASA set to resume human spaceflight with SpaceX takeoff May 27, 2020Two NASA astronauts arrived at a Florida launch pad flashing thumbs-up signs as they prepared to be carried into orbit on Wednesday by billionaire entrepreneur Elon Musk's private rocket company SpaceX in the first spaceflight of U.S. space agency astronauts from American soil in nine years.
- 23 U.S. states sue Trump administration over fuel efficiency rollback May 27, 2020A group of 23 U.S. states led by California, the District of Columbia and four major cities are filing suit Wednesday to challenge a Trump administration decision to weaken Obama administration fuel efficiency standards.
- Timeline: Key events in Huawei CFO Meng Wanzhou's extradition case May 27, 2020A Canadian judge will rule Wednesday on a key aspect of Huawei Technologies Co Ltd's Chief Financial Officer Meng Wanzhou's extradition to the United States. The judge will rule on double criminality, meaning whether the charges against Meng were illegal in both Canada and the United States at the time of her December 2018 arrest.
Politics5 days ago
Where is Fru Ndi isolating? Cameroon faces first crisis in a generation without its iconic opposition figure.
Cameroon3 days ago
June 1st School resumption: Teachers make demanding demands
Politics6 days ago
Parliament: Cameroon’s deputy speaker recommends prayers to solve Anglophone crisis
Cameroon3 days ago
Coronavirus: Mixed signals from Yaounde shows survival depends on you
Human Interest3 days ago
Intelligent, nice and hardworking: A friend to Nkeng Lizette paints saint-like picture of deceased
Cameroon6 days ago
Cameroonians weep as medic walks Covid-19 patient to hospital on foot.
Politics4 days ago
Forgotten Vamoulke goes the Marafa way, writes from Kondengui
Cameroon6 days ago
Opinion: Biya’s 2 billion gift is turning to a national embarrassment