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Public finance: Public debt outstanding below the 50% threshold at the end of June 2023

At the end of June 2023, Cameroon's debt, without taking into account the June-July 2023 bond issue of CFAF 176 billion, remained below the threshold of 50% of GDP and represented around 43.8% of GDP, or CFAF 12,137 billion in nominal terms, according to the monthly review of Cameroon's public debt published on 25 July 2023 by the Autonomous Amortisation Fund (CAA).

(EcoFinances) – Outstanding public sector debt remained below the threshold of 50% of gross domestic product (GDP) at the end of June 2023, according to the monthly review of Cameroon’s public debt published on 25 July 2023 by the Autonomous Amortisation Fund (CAA), It states that the country’s current debt, which does not take into account the CFAF 176 billion bond issue of June-July 2023, represents around 43.8% of GDP (sum of all value added), or CFAF 12,137 billion in nominal terms.

« In accordance with the targets set out in the Medium-Term Debt Strategy (MTDS) 2023-2025, and without taking into account the CFAF 176 billion bond issue of June-July 2023, outstanding public sector debt at the end of June 2023 remains below the threshold of 50% of GDP and represents around 43.8% of GDP, or CFAF 12,137 billion in nominal terms, » the CAA document states.

Public debt down 0.4% year-on-year

According to him, this outstanding public debt recorded a year-on-year fall of 0.4% and 0.6% compared with the previous quarter. « In terms of composition, around 92.6% of this debt represents the debt of the central government, 7.3% the debt of public enterprises and establishments and 0.1% the debt of the decentralised local authorities », the CAA points out.

It adds: « It is important to note that this outstanding amount does not take into account the ECMR 2023 multi-tranche bond issued on the financial market and subscribed for approximately FCFA 176.7 billion. Subject to confirmation of the value dates of these operations, this amount will be taken into account in the public debt statistics for July ».

According to the CAA, the outstanding debt of public establishments and companies has fallen steadily over the last 12 months.

Successive reductions in central government debt

The document consulted by EcoFinances.Net indicates further that at the end of June 2023, the outstanding direct debt of the central government is estimated at FCFA 11,240 billion, or 40.6% of GDP. This outstanding debt has fallen by 1.0% compared with the previous month, by 1.5% quarter-on-quarter and by 0.8% year-on-year. « It comprises (i) 71.2% of external debt and (ii) 28.8% of domestic debt, including outstanding debts of more than 3 months », according to the CAA.

Successive reductions in the debt of public establishments and companies

What is happening to the outstanding debt of public establishments and companies? The monthly review of Cameroon’s public debt, published on 25 July 2023, shows that at the end of June, it was estimated at FCFA 887 billion, or 3.2% of GDP. It also shows respective decreases of 0.8% compared to May 2023, 1.2% compared to March 2023, and 1.5% compared to June 2022. As for its composition, 57.6% of this outstanding amount comes from external partners and 42.4% from domestic partners.

Contingent liabilities of the State valued at 4,941 billion at the end of June 2023

Lastly, the CAA document states that the debt of the CTDs is estimated at approximately FCFA 10.2 billion at the end of June 2023, and that work to trace this debt is continuing in collaboration with the Ministry of Finance (MINFI) and the Ministry of Decentralisation and Local Development (Minddevel). The State’s contingent liabilities are estimated at CFAF 4,941 billion, representing 17.9% of GDP at the end of June 2023. « These liabilities comprise 0.2% of the debt guaranteed by the State of Cameroon and 99.8% of investments in the form of Public Private Partnerships (PPP) », concludes the CAA.

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