(Business in Cameroon) - In 2018, Cameroon will cut public debt by more than 3 points to only -1.2% of GDP against -2.1% of GDP initially forecasted and -4.6% in 2017. This was revealed by the Bank of Central African States (Beac) in an economic outlook.
According to the document, the country will be, alongside Gabon (-0.4% of GDP in 2018, against an initial forecast of -0.5% of GDP, and -1.9% in 2017), one of the two CEMAC countries to remain in deficit while the other four countries will either record a surplus or a balance.
In detail, “surpluses would be recorded in Equatorial Guinea (+2.1% of GDP, compared to -6.5% of GDP initially forecasted and -2.3% of GDP in 2017) and Chad (+0.6% of GDP, against -0.4% of GDP initially and -1.2% of GDP in 2017); A balance would be observed in Congo (+6.1% of GDP, after an expectation of +1.5% of GDP, compared to -5.1% of GDP last year) and in the Central African Republic (+1.0% of GDP, rather than +0.6% of GDP, compared to -1.2% of GDP in 2017),” the bank said.
The general improvement in CEMAC zone is attributable to “the increase in revenues from hydrocarbon exploitation, following a higher than expected increase in crude oil prices combined with the upward revision of oil production in some countries; and the continuing downward trend in budgetary expenditure” in some countries such as Cameroon which has a program with the IMF.
BRM