Having enjoyed several decades of stability, Cameroon has in recent years been grappling with attacks by Boko Haram in the Far North and a secessionist insurgency in the Anglophone regions. Since September , this situation has displaced more than , persons internally and claimed the lives of close to civilians and over law enforcement officers. Household and business income losses linked to social distancing measures and the uncertainty surrounding the course of the pandemic led to a sharp decline in consumption.
Public and private investments were also adversely affected. It is estimated that the crisis increased the extreme poverty rate from Ranked out of countries in the Transparency International corruption perceptions index, Cameroon suffers from weak governance, hindering its development and ability to attract investors.
The World Bank is financing a transport sector development project and an electricity transmission network improvement and energy sector reform project. Two projects being financed by the IBRD and IDA aim to boost access to electricity: the Rural Electricity Access Project that is being implemented in more than localities and is benefiting one million people, and the Upstream Nachtigal Hydroelectric Project , which will support construction of a MW dam.
It aims to improve community access to markets and socioeconomic services and includes initiatives that promote civic engagement and social cohesion. World Bank engagement in the agricultural sector comprises two IDA-financed operations. Thus, the interest rate TIAO , the main instrument of monetary regulation within this monetary cooperation zone, was lowered by 25 basis points, from 3. The budget deficit increased from 3.
Subject to the availability of a vaccine at the beginning of and the gradual extinction of the COVID—19 pandemic from the second half of , the Cameroonian economy, buoyed by the recovery of the world economy and international trade, could return to prepandemic growth levels as early as Growth should reach 3. The external and internal account balances would also improve substantially. Working for a World Free of Poverty.
Cameroon: Creating opportunities for inclusive growth and poverty reduction July 12, Email Print. Tweet Share Share LinkedIn. Stumble Upon. Moreover economic growth has not translated into equitable poverty reduction, largely due to spatial and social inequities, an unfavorable business environment including infrastructure lags, and weak governance. Yet, Cameroon has strong potential to develop and build on its vast potential, including important natural resources to ensure inclusive economic growth and poverty reduction.
It also helped increase our benefits and secure our livelihoods. Moving Forward The main development challenge for Cameroon over the next decade, and critical to the country becoming an emerging economy, will be to accelerate growth in a fiscally responsible way, and to assure that growth is sustainably and equitably translated into poverty reduction.
This project is co-financed by the Global Financing Fund. A case in point is the new Nachtigal hydroelectric power plant on the Sanaga River, which will increase installed capacity by MW.
Beneficiary Voices At the start of the pilot social safety net project 65, poor households in five regions , Mr.
Cameroon Home Health. Cancel No Thanks Yes, I'll provide feedback. This double-edged sword hits residents in the countryside. They have higher odds of living in poverty because of struggling infrastructure and inadequate educational opportunities.
The country must address these issues to combat the causes of poverty and increasing poverty rates. Indeed, steps are being taken.
People are across the country are calling for performance-based financing for educational institutions to drive up competitiveness and quality of studies.
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