Louis Paul Motaze
Cameroon Minister of Finance
Are we safe?
There is trouble in the air as Head of European investment bank arrives Cameroon for loan talks as IMF seizes Cameroonian budget due to over indebtedness
Cameroon’s debt reached the threshold of 20 billion USD towards the end of 2021 and the debt had been evolving since 2022 at a surprising speed
Debt now represents 43% of the country’s gross domestic product and 91% of direct and guaranteed debt of central administration- in other words we run Cameroon government on debts
IMF’s seizure of our budget means the International Monetary Fund has to pay our creditors first before leaving the remaining money to us
Reasons why Government is forced to cancel activities like 20th May Banquets which the IMF sees as unnecessary expenses and constitutes budget intensive activity
Economic experts warn if we continue at this rate, the IMF might imposed reduction in size of Government and a reduction of salaries of civil servants to avoid the country plunging into recession
The salaries can be reduced in volume or in self devaluation monetary form where money actually has lesser value like is he case now.
By Chifu Edward
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