Sunday, 29 May 2016

Cameroon is Most Indebted Country in Francophone Africa - World Bank

According to a report released by the World Bank and the IMF, Cameroon is the most indebted country in Francophone Africa with an estimated public debt rate over 8%. The report also indicates that Cameroon has an accrued external debt hitting 5, 289 million US dollars and is ranked 10th among 42 African nations whose debt statistics were studied in 2016.

It is worth noting that this not the first time the World Bank is raising it concerns about Cameroon with regards to debts. 
“Cameroon spends more than it earns. Incurring huge debts is inevitable in such a situation,” said an IMF official at a press conference in Yaounde two years ago.
According to new reports the money currently being used in the execution of some giant development projects across the country, is allegedly borrowed in the form of soft loans from international development organisations and financial institutions.

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