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Yaoundé - 14 December 2017 -
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Cameroon: CFA4,906 billion of public loans idle in the safe of international lenders

Cameroon: CFA4,906 billion of public loans idle in the safe of international lenders
  • Comments   -   Wednesday, 11 October 2017 06:39

(Business in Cameroon) - While the lack in liquidities in Cameroon is gradually increasing, due to the combined effects of the decrease of oil prices (25% of public revenues), the gradual implementation of the economic partnership agreement which aims to create a free-trade zone with European union and the increase of expenditures in the fight against Boko Haram, Cameroon is deprived of external funds estimated at CFA4, 906.6 billion. This amount exceeds by far the State’s budget (CFA4, 373 billion).

These figures were revealed in the last note on the country’s economic situation released by the autonomous amortization fund of Cameroon, which is in charge of Cameroon’s public debt. The sum corresponds to the loans that Cameroon contracted with different international lenders and that have not yet been disbursed. Regardless of the latter, Cameroon has been paying the loans’ interests, for some years now in some cases.

According to the autonomous amortization fund, the loans still lay in the lenders’ safes due to the immaturity of the projects to which they were initially destined, in addition to Cameroon officials’ lack of control over the various lenders’ disbursement procedures which differ from a lender to another.

Brice R. Mbodiam

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