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Yaoundé - 30 September 2020 -
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Cameroon ended FY2019 with a floating debt of XAF152.8 bln (MINFI)

Cameroon ended FY2019 with a floating debt of XAF152.8 bln (MINFI)
  • Comments   -   Monday, 17 August 2020 12:11

(Business in Cameroon) - Cameroon’s floating debt at the end of the 2019 financial year was estimated at XAF152.8 billion, according to the country’s 2019 budget implementation report.

The floating debt referred to here includes the state’s payment arrears from government agencies’ contractual commitments, current consumptions, rents, tax debts to be offset as well as the income shortfall caused by actions undertaken to support pump prices due to the May 31, 2019 fire outbreak that destroyed Sonara’s facilities.

Although actions are taken to reduce the stock of the debt, it still poses accounting fairness and treasury management efficiency problems,” the Ministry of Finance comments. It adds that to avoid accumulating new floating debts, an audit of the state’s debts was conducted and an annual budgeting template elaborated to gradually clear it.

S.A.

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