Introduction
Cameroon has had 12 IMF programs since it was founded, designed to achieve sustainable growth and prosperity for its members. It does so by supporting economic policies that promote financial stability and monetary cooperation, necessary to increase productivity, job creation and economic well-being. The IMF equally helps the government to improve its governance, anti-money laundering and better management of tax, revenue, administration and state enterprises. The IMF has supported Cameroon’s attempt to reduce the fiscal deficit to 1.1% of GDP in 2022 from 3% in 2021.
Aims and outcomes in brief.
The first section of this brief will look at the achievements of multilateralism based on developments in key economic variables. It will be followed by a review of Cameroon’s role in shaping global politics and the rules-based order. Section three will look at criticisms against multiculturalism before concluding with actionable policy proposals to ensure an inclusive form of multilateralism. This article is divided into three sections; The impact of multilateralism, Cameroon in multilateral institutions, the case for reform and how to go about it).
Policy Recommendations
- Cameroon should not accelerate partnerships with Russia and China in defiance to the Western-led order. Cooperating with countries who have questionable values is nothing new in international relations, but it must be done whilst simultaneously attempting to make the system better. Secondly, Cameroon’s legitimacy will come from being able to hold countries’ accountable rather than abstain. For example, Russia’s illegal invasion of Ukraine must be unequivocally condemned and the right to self determination must remain an unassailable anchor to its foreign policy.
- For the IMF to become a truly globally-led organization, it must prioritize global stability and reduce the ability of any one country to leverage its debtors for diplomatic goals. Secondly, SDRs should be reviewed periodically in line with the country’s business and economic cycles to ensure that repayment for that and other loans can be smooth out sustainably. The Resilience and Sustainability Trust must be open to all countries, not the most fragile or vulnerable ones.
- The U.N. The Security Council presidency rotates on a monthly basis ensuring that its ten non-permanent members obtain some agenda-setting influence that are elected by 2 ⁄ 3 of the UN general assembly. Emerging markets and Africa should be represented permanently and majority-voting will improve the ability of the UN to achieve global goals.
