Wednesday, April 15, 2020

Cameroon: Emmanuel Macron pleads to save Paul Biya from Chaos

During a fourth televised speech yesterday April 13, 2020 devoted to the coronavirus crisis, the President of the Republic Emmanuel Macron estimated that France, and more generally Europe, would have to fly to the aid of Africa.

France is already preparing for the post-crisis. While the coronavirus epidemic is still in full swing in Europe, Emmanuel Macron spoke on Monday, April 13 in the evening, to give initial leads. If he advanced the hypothesis of a possible deconfinement from May 11, the President of the Republic also mentioned the economic crisis and its consequences for the poorest countries. In this sense, he pleaded for France and Europe to come to the aid of Africa, by "massively canceling its debt", reports in particular RFI. afrinews.pro

As of December 31, 2019, the stock of public and publicly guaranteed debt (all debts contracted by the State, companies and other public institutions) reached a volume of CFAF 8,384 billion. This debt, which increased by FCFA 827 billion in just eight months (it was CFAF 7,557 billion at the end of April 2019), now represents 37.4% of the country's GDP. Cameroonian officials have yet to respond to President Macron's announcement.

If the epidemic was slow to reach the African continent, it has now claimed the lives of 788 people and infected almost 15,000. Recently, several African leaders, such as Senegalese President Macky Sall, have officially launched an appeal for help to deal properly with the crisis which could be even more disastrous than elsewhere. During his Easter blessing, Pope Francis himself asked to cancel the debt of the poorest countries. Several financial institutions such as the IMF and the World Bank have also been demanding the same since mid-March. The leaders of major countries and international financial institutions have been proposing solutions to lighten the burden for Africa for almost a month, in the form of moratoria, rescheduling, alleviation or therefore cancellation. 

In ten years, African public debt has doubled, reports RFI, to reach today 365 billion dollars, 145 of which are due to China. A sum that prevents Africa from properly coping properly with the crisis. In addition, the continent is plagued by billions of dollars in private debt, with countries that have raised funds in the form of eurobonds in recent years, for example. A much more complicated debt to cancel.


Source: the fourth power