Chinese government promised to cancel part of Cameroon’s debt

The presidency of the Republic of Cameroon speaks about it but, discreetly. “The Chinese government promised to cancel part of Cameroon’s debt,” one reads on the website of the presidency. This after the visit of Cameroonian President Paul Biya in China at the invitation of his Chinese counterpart Xi Jinping, from March 22 to 24.

Even if the amount of the remittance of this debt is not yet unveiled, it is noted that this announcement is a relaxation between Yaounde and Beijing. Indeed, during the visit to Cameroon of Yu Jianhu, Vice Minister of Chinese Commerce, from November 29 to December 2, 2017, the Cameroonian Ministry of Economy had revealed that the relationship with China still faces enormous difficulties which constitute bottlenecks.

Among these bottlenecks, there is notably, “the non-compliance with contractual clauses” by the Cameroonian side, on one hand, and “slowness in the payment of debt service”, on the other hand. In addition, China blames Cameroon for failing to meet its contractual commitments, for example in the framework of repayment mechanisms for loans dedicated to the construction of the deep-water port of Kribi (243, 17 billion and 301.57 billion). FCfa and the acquisition of MA60 aircraft (36.43 billion FCfa) in July 2012.

And yet since 2007, China is presented as the first country providing funds in Cameroon. Its direct interventions are estimated at just over 3,000 billion FCfa. This through financial instruments such as loans and grants from the various donors such as the Chinese Government, Export-Import Bank of China, Industrial and Commercial Bank of China, Bank of China … etc.

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