Cameroon – Finance: Cameroon has not accumulated arrears on external debt in the first quarter of 2017

Alamine Ousmane Mey
Written by Deckson N.

The Minister of Finance (Minfi), Alamine Ousmane Mey (photo) has just published the budget execution of Cameroon at the end of March 2017. And according to the signed document of the Minfi, the effective service of foreign debt is 44.9 billion FCFA in the first quarter, compared to 63.4 billion during the same period in 2016. This represents a decrease of 18.5 billion (-29.2%). “Its realization rate is practically 100% and there is no accumulation of arrears on foreign debt,” says Almond Ousmane Mey.

In terms of domestic debt payments, they declined by CFAF 165.7 billion (-83.7%), from CFAF 198 billion at the end of March 2016 to CFAF 32.3 billion in the first quarter of 2017. Owing to the exceptional payment by the State of CFAF 150 billion in January 2016 for the credit to the National Refining Company (Sonara).

Compared to the 65 billion F CFA forecast, these payments are down 32.7 billion F CFA. That is, an execution rate of 49.7%. “In order to allow a good performance of the expenditure throughout the year in an economic context characterized by the fall in oil revenues, measures aimed at the tightening of the budgetary regulation and the improvement of the quality of the expenditure were taken “Informs Alamine Ousmane Mey.

As tightening measures, he cited in particular the strengthening of the control of the regularity and the effectiveness of the services, as well as the programming and execution of the public contracts.

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Deckson N.

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