Cameroon’s Public Treasury is expected to pay 560 billion CFA francs in 2018 to cover its domestic debt, according to figures released by the Autonomous Amortization Fund (CAA), which manages the state’s public debt.
The figures were set in 2017, as a prelude to the 2018 Finance Act, which has been in force since January 1.
Out of the 560 billion CFA francs needed to clear domestic debt, CAA pointed out last year that 300 billion CFA francs of issues of government bonds, and 260 billion CFA francs of bank loans, could contribute to solve the problem.
According to sources, Cameroon’s domestic debt in 2016, which was 402.9 billion CFA francs, according to the Autonomous Fund for Investment, grew in volume as the government faced adverse economic conditions in 2016 and 2017, due to lower prices for oil and other raw materials exported.
In his New Year address to the nation on December 31, Cameroon’s President Paul Biya declared that the settlement of the domestic debt was one of the priorities of the state during the 2018 fiscal year.