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The '''Cameroonian economic crisis''' was a downturn in the [[economy of Cameroon]] from the mid-1980s to the early 2000s. The crisis resulted in rising prices in [[Cameroon]], [[balance of trade|trade deficits]], and loss of government revenue.<ref name=voa>{{cite web|url=http://www.voanews.com/a/a-13-2009-04-13-voa31-68784732/359653.html|title=Cameroon Hit by Global Economic Crisis|publisher=|accessdate=30 October 2016}}</ref> The government of Cameroon acknowledged the crisis in 1987. Outside observers and critics blamed poor government stewardship of the economy. The government instead placed the blame on the fall of the prices of export commodities, particularly a steep drop in the price of [[petroleum]].<ref name=overview>{{cite web|url=http://www.nationsencyclopedia.com/economies/Africa/Cameroon-OVERVIEW-OF-ECONOMY.html|title=Cameroon Overview of economy, Information about Overview of economy in Cameroon|publisher=|accessdate=30 October 2016}}</ref><ref name="D&D 104">DeLancey and DeLancey 104.</ref> President [[Paul Biya]] announced that "all our export commodities fell at the same time."<ref>Quoted in DeLancey and DeLancey 104.</ref> |
The '''Cameroonian economic crisis''' was a downturn in the [[economy of Cameroon]] from the mid-1980s to the early 2000s. The crisis resulted in rising prices in [[Cameroon]], [[balance of trade|trade deficits]], and loss of government revenue.<ref name=voa>{{cite web|url=http://www.voanews.com/a/a-13-2009-04-13-voa31-68784732/359653.html|title=Cameroon Hit by Global Economic Crisis|publisher=|accessdate=30 October 2016}}</ref> The government of Cameroon acknowledged the crisis in 1987. Outside observers and critics blamed poor government stewardship of the economy. The government instead placed the blame on the fall of the prices of export commodities, particularly a steep drop in the price of [[petroleum]].<ref name=overview>{{cite web|url=http://www.nationsencyclopedia.com/economies/Africa/Cameroon-OVERVIEW-OF-ECONOMY.html|title=Cameroon Overview of economy, Information about Overview of economy in Cameroon|publisher=|accessdate=30 October 2016}}</ref><ref name="D&D 104">DeLancey and DeLancey 104.</ref> President [[Paul Biya]] announced that "all our export commodities fell at the same time."<ref>Quoted in DeLancey and DeLancey 104.</ref> |
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Cameroon's trade partners, particularly [[France]], [[Germany]], and the [[United States]], offered to help the country, but Cameroon balked at their condition that the country follow strict |
Cameroon's trade partners, particularly [[France]], [[Germany]], and the [[United States]], offered to help the country, but Cameroon balked at their condition that the country follow strict cost-cutting suggestions laid out by the [[International Monetary Fund]] (IMF). Instead, Cameroon formulated its own plan. [[civil service|Civil servants]] lost access to [[subsidy|subsidised]] electricity, housing, and telephones; parts of the government's vehicle fleet were sold; older civil servants were forced into retirement; the official working schedule was changed; economic missions in foreign embassies from Cameroon were closed; and state and [[para-statals|parastatal]] enterprises were [[privatization|privatised]].<ref name=overview/> The 1987–1988 budget reduced government spending by 18%, the first time in the country's history that the budget decreased.<ref name="D&D 105">DeLancey and DeLancey 105.</ref> |
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The measures met with international approval, but [[violent crime]] rose as a result. Cameroon's plan also failed to rein in [[political corruption|corruption]].<ref name=overview/> By October 1988, the intended effect was less than had been hoped, and Cameroon agreed to an IMF aid package worth $150 million and accepted a [[structural adjustment]] program (SAP) loan from the [[World Bank Group|World Bank]]. The [[African Development Bank]], France, Germany, and the [[United Kingdom]] loaned the government further funds. Cameroon has since focused on paying off its international debt and further restricting public salaries and pay rises to civil servants. |
The measures met with international approval, but [[violent crime]] rose as a result. Cameroon's plan also failed to rein in [[political corruption|corruption]].<ref name=overview/> By October 1988, the intended effect was less than had been hoped, and Cameroon agreed to an IMF aid package worth $150 million and accepted a [[structural adjustment]] program (SAP) loan from the [[World Bank Group|World Bank]]. The [[African Development Bank]], France, Germany, and the [[United Kingdom]] loaned the government further funds. Cameroon has since focused on paying off its international debt and further restricting public salaries and pay rises to civil servants. |
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Greek: Ά ά Έ έ Ή ή Ί ί Ό ό Ύ ύ Ώ ώ Α α Β β Γ γ Δ δ Ε ε Ζ ζ Η η Θ θ Ι ι Κ κ Λ λ Μ μ Ν ν Ξ ξ Ο ο Π π Ρ ρ Σ σ ς Τ τ Υ υ Φ φ Χ χ Ψ ψ Ω ω {{Polytonic|}}
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