Country UpdateApril 16, 2021
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Market Pricescameroon sovereign
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Market Mapcameroon sovereign
In November 2020, the G20 countries and the Paris Club agreed on a common framework to deal with LICs with debt problems
The common framework seeks to provide more comprehensive support that goes beyond the pandemic shock
The key differences with the DSSI are that it has no time limitations, and requires both private sector involvement and IMF engagement
Pressure grows on China, as one of the world's main creditors, to enter the DSSI without restrictions
The terms of China's agreements with emerging or frontier nations are extremely aggressive compared to members of the Paris Club
One issue to keep an eye on is the participation of Chinese state banks in the renegotiations, as these entities hold about 75% of the country's total debt
Chinese authorities have spoken with 20 countries about the DSSI, and it has approved relief for an amount close to USD 3 bn for 10 countries
Angola and Zambia are the countries that most urgently need to address a restructu...
Emerging debt continues to be in trouble given current market conditions.
So far debt relief proposals by the G20, IMF and World Bank have only included private creditors on a voluntary basis.
It seems more costly to deal with relief or restructuring of Eurobonds than to advocate for this type of request in bilateral and commercial debt.
Multilateral organizations are also constrained from granting debt relief by its potential impact on their own credit profiles.
In a decree signed by President Paul Biya on Sunday November 10, it is established that municipal and legislative elections will be held on February 9, 2020. In these elections, National Assembly’s representatives and municipal councilors will be elected.
As soon as the decree was published, it was criticized by several political parties, mostly by the Social Democratic Front (SDF), the main opposition party. Jean Robert Wafo, member of the Front, informed on his party’s intentions of boycotting the upcoming elections. The SDF argues that the agreements reached last September during the “Great Dialogue” ...
On October 15, Finance Minister, Alamine Ousmane, signed a USD 200 mn financing agreement with the World Bank’s International Development Association (IDA). The agreement is part of the Bank's support program for policies taken by Cameroon’s government to improve “fiscal consolidation and inclusive growth.”
According to Ousmane, this new financing is also due to the application of recommended fiscal adjustments.
On June 26, 2017, the country reached a three-year agreement with the IMF under the Extended Credit Facility for USD 666 mn. Among the reforms made in the last two years, the minister highlig...
Despite the dialogue process ended at the beginning of the month, the conflict continues in the area known as Ambazonia. This dialogue was convened by the government to resolve the armed crisis between separatist forces in the English-speaking regions of Cameroon (northwest and southwest of the country) and government armed forces. In the negotiations the government agreed to grant greater independence to these regions. The government called the dialogue a success.
However, on October 14 the political leader and self-appointed president of the “Republic of Ambazonia” Sisiku Ayuk Tabe, expressed in an interview from jail h...
From September 30 to October 4, a national dialogue was held. It was convened by the government to resolve the armed crisis between separatist forces in the English-speaking regions of Cameroon (northwest and southwest of the country) and the government’s armed forces. A participation of more than 1000 delegates attending was estimated. Among the main agreements are special status for both Anglophone regions, the election of local governors and change of the country name to its former United Republic of Cameroon.
In addition, the Paul Biya administration decided to declare amnesty to Maurice Kamto, a main opposition leader, who...
On September 10, President Paul Biya called for a national dialogue process to resolve the armed crisis between separatist forces in the English-speaking regions of Cameroon (northwest and southwest of the country) and the government's Armed Forces. A day later, the Prime Minister, Joseph Dion Ngute, began a process of consultations around the country, with social organizations, political party leaders, religious leaders and legislators to be evaluated in the national dialogue that is gping to take place from September 30 to October 4 in the city of Yaoundé with the aim of achieving the end of the conflict.
However, far fr...
The conflict between the separatist forces of the Anglophone region of Cameroon and the Government armed forces continues and led the president, Paul Biya, to call for a national dialogue this Tuesday, September 10, to resolve the armed crisis that has been afflicting the country since 2017. However, he did not specify whether representatives from the separatist movement will be part of the dialogue.
Meanwhile, the Prime Minister, Joseph Dion Ngute, signed a decree on Monday, September 9, declaring the northwestern, southwest and northern regions of the country as "economic risk zones." These territories are those tha...
On August 20, a military court sentenced ten leaders of the Cameroon separatist movement to life imprisonment, in what activists have described as a "sham trial." One of those sentenced is the self-appointed president of the “Republic of Ambazonia,” Julius Sisiku Ayuk Tabe, who along with nine of his followers were found guilty on charges of terrorism and secession.
Eight days after the trial, the separatists called a blockade in the English-speaking regions of the country. A series of riots took paced last weekend that resulted in the deaths of 40 people.
The government will "spare no effort and will...
On August 9, the Minister of Finance, Luc Magloire Mbarga, announced the import ban of fifty products that are produced locally, due to a production surplus. The sectors that would be included in the ban will be paints, metallurgy, cement, industrial packaging, cosmetics, agri-food, vegetable oils, palm oil derivatives and the brewing industry.
The ministry is yet to provide details about the deadline for the implementation of the ban but the minister indicated that the final list will be published in the coming weeks. Previously, in March of this year, the Cameroon Inter-Employers Association (GICAM) had been requested to prepare a ...
Following the last presidential elections, held on October 7, 2018, in which Paul Biya was re-elected – for the seventh consecutive time–- for a new period until 2024, a series of riots began again between Cameroonian armed forces and a rebel faction that strongly opposes the ruling party and denounced such elections as fraudulent. These conflicts have escalated given that the purpose of the separatists is to create the state of "Ambazonia" in the English-speaking region of the country.
The linguistic division dates back to the end of World War I when the League of Nations divided the once German colony "Ka...
The economy of is one of the most prominent in its region and stands out to a large extent for the production of oil and cocoa. Cameroon has maintained an average growth of 4% in the last four years and it is expected to be considered an emerging economy by 2035.
Since June 26, 2017, Cameroon maintains an Extended Credit Facility (ECF) with the IMF, which provides financial assistance for those countries that have problems with payment compliance and, in addition, can count on a level of income in times of crisis so that poverty does not increase.
On July 17, 2019, a press release was published in which the IMF notified that a ...