According to the US rating agency Standard & Poor’s (S&P), the interest charges induced by the public debt of the State of Cameroon have “considerably increased in 2016“, having reached an overall envelope equivalent to “1% of the country’s public revenue “, according to a report on Cameroon published in April 2017.
According to S&P, this increase in interest charges is the consequence of the issuance of the first Eurobond in the history of Cameroon’s public finances in November 2015. It is remembered that after aligning Success on the local and regional market since 2011, the Cameroonian government tested the international capital market in November 2015, through the issuance of a first eurobond, which had mobilized CFAF 375 billion (out of the 750 solicited ) At an interest rate of 9.75%.
The funds raised by this eurobond, S&P reveals, were used, in part, to “fully reimburse the bridge loan granted to the government by a consortium of banks to finance the arrears of subsidies owed to the Refining (Sonara), “financing then used by this public company to” settle the bills of certain suppliers “.
Indeed, nine months before the launch of the aforementioned Eurobond, the Cameroonian government contracted a loan of 143.5 billion CFA francs from local banks (BGFI, Afriland First Bank, Ecobank and Société Générale) to finance the Sonara. The documents relating to this credit agreement were signed in Yaoundé, the capital of the country, on 10 February 2015.