Cameroon: President Paul Biya seeks 467 Billion FCFA from international markets
Cameroonian President Paul Biya has issued an ordinance amending the Finance Law for the year 2024, authorizing the country to seek international capital markets for up to 467 billion FCFA (approximately 761.4 million dollars). This decision is detailed in an official document, which specifies that these funds will be raised from “external banking markets”.
This financial operation appears urgent, as it was not initially included in the state budget for the 2024 fiscal year. The presidential ordinance highlights that these funds are intended to settle domestic debt arrears accumulated over nearly two decades, from 2000 to 2019.
The 467 billion FCFA will be used to cover several types of arrears:
- Salary arrears for civil servants: 303 billion FCFA.
- Unpaid tax refunds: 216 billion FCFA.
- Various commercial debts: 122 billion FCFA.
This initiative aims to stabilize Cameroon’s internal financial situation by honoring its past debts. Settling the salary arrears of civil servants should improve state employees’ morale and stimulate domestic consumption. The repayment of taxes and commercial debts should also restore the confidence of businesses and trade partners in the Cameroonian government.
