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Yaoundé - 19 August 2019 -
Finance

Cameroon serviced XAF138.2 bln of debt in Q1, 2019

Cameroon serviced XAF138.2 bln of debt in Q1, 2019
  • Comments   -   Thursday, 11 July 2019 14:03

(Business in Cameroon) - Between January and March 2019, Cameroon spent XAF138.2 billion on debt servicing, the ministry of finance indicated in the end March 2019 budget execution report. Year to year, this represents an increase of XAF26 billion (+16%).

The same source reveals that XAF106.2 billion was used for external debt servicing while domestic debt servicing was estimated at XAF32 billion.

According to figures published by the Autonomous Amortization Fund, by May 31, 2018, the country’s debt was XAF6,527 billion. This is about 32% of GDP, unlike the 35% indicated by the IMF. Richard Evina Obam explained that the reason IMF indicated 35% is that it included the more than 3 months supplier debts (more than XAF1,800 billion) owed to Sonara, the national refinery.

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