Thursday, May 23, 2019

Debt: Cameroon calls for help

Representatives of four African countries, including Cameroon, on 17 May in Abidjan, Côte d'Ivoire, called for a balanced approach to the growing difficulty of meeting their debts. This was during a consultation organized jointly by the African Development Bank (AfDB) and the World Bank.

The representatives of Zambia and Senegal indicated that they are taking steps to tackle their debt. Cameroonian Richard Evina Obam, director general of the Caisse Autonome d'Amortization (CAA), for its part, supported the call for wider funding sources, including those from the Islamic world.

In the space of seven years, Evina Obam said (photo), the profile of public debt in most low- and middle-income African countries has deteriorated considerably. Moreover, the number of countries facing serious debt challenges has doubled. Ivory Coast's Finance Minister Adama Koné also called for an increase in "innovative and strategic sources of finance". He wished that "FCFA-denominated bonds be available on the markets".

In response, Akihiko Nishio, the World Bank Vice President for Financing for Development, said that "the International Development Association (IDA) of the World Bank and the African Development Fund (ADF) are working for a joint mission to better address debt vulnerabilities in IDA and ADF countries? "

The Senior Vice President of the African Development Bank, Charles Boamah, said that debt management must take into account the need for investment and development. To achieve its sustainable development goals (health, education and infrastructure), the continent needs 500 billion US dollars.