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IMF Donates $183m To Combat Climate Hazards In Cameroon

By Faridat Salifu

Cameroon is confronting a series of climatic challenges spanning its 10 regions, prompting the International Monetary Fund (IMF) to announce a $183 million aid package to counter the economic impact.

The country has been grappling with floods, droughts, and erosion, which have been exacerbated by climate change and have taken a toll on the economy, human lives, and biodiversity.

The IMF’s Executive Board pledged to disburse the $183.4 million by 2025 to mitigate the repercussions on both urban and rural development.

The World Bank projects a potential 2% decrease in gross domestic product by 2050 due to the country’s climate vulnerability.

Additionally, landslides have claimed at least 61 lives between 2021 and 2022, while wildlife habitats near Mount Cameroon were disturbed by torrential rains in 2023.

To address these challenges, the IMF’s Resilience and Sustainability Facility (RSF) will focus on enhancing climate governance.

The support aims to improve efficiency in public finance management and enhance coordination among regional entities involved in sustainable development.

By doing so, the IMF seeks to avert exacerbation of food insecurity, conflict, poverty, inequality, and population displacement, thus safeguarding human capital accumulation and inclusive growth.

It was gathered that part of the $183.4 million could be allocated towards rebuilding homes and farms in Yaoundé, modernizing drainage networks, and increasing public awareness about illegal dumping in Douala.

The desertification-affected northern zone will also receive support, with a focus on reforestation to combat prolonged droughts that have impacted predominantly farming communities in the North, Far North, and Adamaoua regions.

Overall, the IMF’s assistance will reinforce Cameroon’s resilience to climate hazards, ultimately promoting sustainable development.

 

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