(EcoFinances) – At 30 June 2023, Cameroon owed a staggering CFAF 7999 billion to its external partners, according to the monthly review of Cameroon’s public debt published on 25 July by the Autonomous Amortization Fund (CAA). The country’s external debt, which represents 28.9% of GDP (Gross Domestic Product), is down by 1.5% month-on-month, 1.1% quarter-on-quarter and 1.2% compared with the same period in 2022.
« At 30 June 2023, the Central Government’s direct external debt was valued at CFAF 7999 billion, representing 28.9% of GDP. This amount was down by 1.5% month-on-month, 1.1% quarter-on-quarter and 1.2% compared with the same period last year. In terms of composition, it is made up of 47.9% multilateral debt, 40% bilateral debt and 12.1% commercial debt », says the document consulted by EcoFinances.Net.
CFAF 3,830 billion of multilateral debt
Of this total, CFAF 3,830 billion represents the large sum that Cameroon owes to its multilateral partners as at 30 June 2023. The country’s main multilateral creditors include the World Bank (WB), the African Development Bank (AfDB) and the International Monetary Fund (IMF).
The World Bank, through its IDA (International Development Association) and IBRD (International Bank for Reconstruction and Development) windows, which holds around CFAF 1,451.9 billion, representing 18.2% of total external debt and 37.9% of multilateral debt, is directly followed by the African Development Bank (AfDB) Group, with outstanding debt valued at CFAF 1,020.6 billion, representing 12.8% of total external debt and 26.6% of multilateral debt.
As for the IMF, Cameroon owed it around FCFA 808 billion at the end of June, contracted in the form of budget support disbursed under the Economic and Financial Programme (EFP), the fight against Covid-19 and the Extended Fund Facility, and representing 10.1% of external debt and 21.1% of multilateral debt.
Bilateral debt: FCFA 3,200 billion
Estimated at FCFA 3,200 billion at the end of June, the country’s bilateral debt is mainly held by two (02) countries: China, with FCFA 2,095.7 billion, representing 26.2% of total external debt and 65.5% of bilateral debt; and France, with outstanding debt estimated at FCFA 808.3 billion, representing 10.1% of total external debt and 25.3% of bilateral debt.
FCFA 969.6 billion in commercial debt
The country’s outstanding commercial debt stood at FCFA 969.6 billion at the end of June. This debt is made up of 55.9% of Eurobonds issued in 2015 and 2021, valued at FCFA 542 billion, or 6.8% of total external debt. And 10% of the debt owed to the Bank of China, estimated at FCFA 96.83 billion, or 1.2% of the external debt.
It should also be remembered that Cameroon’s external debt accounts for up to 65.9% of outstanding public sector debt, estimated at CFAF 12,137 billion (43.8% of GDP) at the end of June 2023.
