Cameroon
|
Despite a slow movement toward democratic reform, political power remains firmly in the hands of President Paul BIYA. Because of its modest oil resources and favorable agricultural conditions, Cameroon has one of the best-endowed primary commodity economies in sub-Saharan Africa. Still, it faces many of the serious problems facing other underdeveloped countries, such as a top-heavy civil service and a generally unfavorable climate for business enterprise. Since 1990, the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation's banks. In June 2000, the government completed an IMF-sponsored, three-year structural adjustment program; however, the IMF is pressing for more reforms, including increased budget transparency, privatization, and poverty reduction programs. In January 2001, the Paris Club agreed to reduce Cameroon's debt of $1.3 billion by $900 million; debt relief now totals $1.26 billion. International oil and cocoa prices have a significant impact on the economy. . Source: The World Factbook, CIA. |
The
former French Cameroon and part of British Cameroon merged in 1961 to form the
present country. Cameroon has generally enjoyed stability, which has permitted
the development of agriculture, roads, and railways, as well as a petroleum
industry.