(Business in Cameroon) - Over the first three months this year, Cameroon’s public debt was XAF7,494 billion, about 35% of GDP, according to the finance department (Minfi).

The amount consists of 76.6% external debt estimated at XAF5,737 billion, XAF718 of which was received as budget support under the IMF economic program ; 22.8% of domestic debt estimated at XAF1,710 billion and 0.6% (XAF47 billion) of guaranteed debt.

The external debt, the ministry says, covers 40.4% of concessional debt, the remaining 59.6% being non-concessional debt. Government securities accounted for 30.5% of the public debt and include 32.5% of short-term loans (BTAs) and 67.5% of mid-term loans (OTAs). Securities owned by non-residents are included in the external debt.

Last year, outstanding debt was XAF7,318 billion (34.4% of GDP) against XAF6,255 billion (30.8% of GDP) in late 2017. Higher debt, Minfi explained, is subsequent to drawings on statutory advances granted by development partners (IMF, World Bank, AfDB and France) as part of the IMF economic and financial program signed in June 2017. Debt increase is also motivated by acceleration in big infrastructure projects.

Sylvain Andzongo