(Business in Cameroon) - Cameroon’s public debt significantly grew from XAF3,276 billion in 2014 to XAF7,131 billion in 2018, the ministry of finance (Minfi) informed. Figures showed the debt amount rose by XAF3,405 billion over 4 years, or nearly XAF1,000 billion a year during the period reviewed.

This accumulation of public debt in 2018 which reached 33% of GDP, Minfi explained, is largely due to project loans. Yet, the International Monetary Fund (IMF) says Cameroon's debt remains sustainable. “The IMF mission notes that the [Cameroonian] authorities are striving to preserve the sustainability of public debt, in particular by limiting non-concessional borrowing,” said Corinne Deléchat, Head of IMF’s mission to Cameroon, at the end of the third review of the Extended Credit Facility (ECF) program carried out from November 5-13, 2018.

The IMF also noted “with satisfaction” that the Cameroonian authorities are committed to adopting a plan to validate and reduce undisbursed balances on non-performing external borrowing.

Sylvain Andzongo