[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110759-en":3,"doc-seo-110759-105":29,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},110759,687197207057,"Sage","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","Cameroon - Joint World Bank-IMF Debt Sustainability Analysis - August 2021","Cameroon faces a high risk of external and overall public debt distress, with three of four external debt indicators breaching baseline thresholds, including a sustained and sizeable breach for the external debt service-to-exports ratio. The PV of public debt-to-GDP also exceeds the benchmark. Despite deteriorated risk signals under tighter thresholds from the updated Composite Indicator, the overall debt profile has improved versus the previous DSA, with debt and debt service below recent peaks. The outlook remains vulnerable to downside shocks from the pandemic, SONARA’s restructuring outcomes, and renewed socio-political tensions, while stronger oil-driven exports may ease debt service.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nCAMEROON  \nJoint World Bank-IMF Debt Sustainability Analysis  \nAugust 2021  \nPrepared Jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF)  \nApproved by Marcello Estevão, Abebe Adugna Dadi (IDA), Vivek B. Arora and Geremia  \n\n| Cameroon Joint Bank-Fund Debt Sustainability Analysis |  |\n| --- | --- |\n| Risk of external debt distress | High |\n| Overall risk of debt distress | High |\n| Granularity in the risk rating | Sustainability |\n| Application of judgement | No |\n\nCameroon is at high risk of external and overall public debt distress. Three out of four external debt indicators breach the thresholds under the baseline scenario, with a particularly large and sustained breach for the external debt service-to-exports ratio. In addition to the signals from the external debt indicators, the PV of public debt-to-GDP ratio is also above the benchmark. However, Cameroon’s debt can be assessed as sustainable considering that despite worsened risk signals driven by tighter thresholds associated with the updated Composite Indicator (CI) 1 , Cameroon’s overall debt profile has improved compared to the previous DSA, and levels of debt and debt service are below those sustained in the recent past. The rating is vulnerable to downside risks including more protracted and severe disruptions due to the pandemic, unsuccessful restructuring of SONARA’s debt, and resurgence of socio-political tensions. On the other hand, stronger exports driven by rising international oil prices could reduce Cameroon’s debt service burden. Given the high risk of debt distress, policy measures to mitigate risks, including through a gradual fiscal consolidation in line with crisis mitigation efforts, limited reliance on nonconcessional borrowing, further strengthening public debt management, and prudent management of SOEs remain critical.  \n1 Cameroon’s CI score based on the April 2021 WEO and the 2019 World Bank CPIA data is 2.65, signaling a weak debt-carrying capacity.  \nPUBLIC DEBT COVERAGE  \n1. Debt coverage has remained unchanged since the previous DSA (Text Table 1). Public debt coverage includes debt of the central government, expenditure floats and arrears, guarantees, debt of a public oil company SONARA2 and contingent liabilities linked to some of other state-owned enterprises (SOEs)3. The DSA does not cover local government debt as local governments are not allowed to borrow from financial markets and most of their debt is on domestic suppliers including SOEs. Other elements in the general government due to lack of data, but the authorities are considering enhancing data collection on these sectors. External debt is mainly defined based on currency but is adjusted for residency where data is available.4  \n\n|  | Text Table 1. Cameroon: Public Debt Coverage Under the Baseline Scenario |  |  |  |\n| --- | --- | --- | --- | --- |\n|  |  | Subsectors of the public sector\u003Cbr>Central government\u003Cbr>State and local government | Check box |  |\n|  | 1\u003Cbr>2 |  | X |  |\n|  | 3\u003Cbr>4\u003Cbr>5\u003Cbr>6\u003Cbr>7\u003Cbr>8 | Other elements in the general government\u003Cbr>o/w: Social security fund\u003Cbr>o/w: Extra budgetary funds (EBFs)\u003Cbr>Guarantees (to other entities in the public and private sector, including to SOEs)\u003Cbr>Central bank (borrowed on behalf of the government)\u003Cbr>Non-guaranteed SOE debt | X\u003Cbr>X\u003Cbr>X |  |\n|  |  |  |  |  |\n\n2. Debt of SOEs not covered in the DSA owing to lack of comprehensive data on cross-debt holdings could be significant and will be clarified going forward. Total SOE debt was estimated at around 12.6 percent of GDP in the previous DSA (based on 2020 budget law annex). Considering that about 1.5 percent of GDP is owed to the government, and the DSA already includes SONARA’s debt that amounts to 3.1 percent of GDP, the remaining stock of SOE debt not accounted in the debt stoc","cbCaimNvhVRrA11W","https://ap.wps.com/l/cbCaimNvhVRrA11W","pdf",500168,1,21,"English","en",105,"# Risk of Debt Distress\n## Baseline Scenario and Indicator Breaches\n## Judgment and Vulnerabilities\n# Public Debt Coverage\n## Scope of Covered Debt\n## Data Gaps and Expansion Plans\n# Contingent Liability Stress Test\n## SOE Debt Omissions, PPPs, and Financial Market Risks","[{\"question\":\"What is Cameroon’s assessed risk level for debt distress?\",\"answer\":\"Cameroon is assessed as facing a high risk of both external and overall public debt distress.\"},{\"question\":\"Which external debt indicators drive the baseline risk rating?\",\"answer\":\"Three out of four external debt indicators breach the baseline thresholds, with the largest and most sustained breach in the external debt service-to-exports ratio.\"},{\"question\":\"Why can Cameroon still be assessed as having sustainable debt despite high-risk signals?\",\"answer\":\"Even with worsened signals from tighter CI thresholds, the overall debt profile improved compared with the previous DSA, and current debt levels and debt service remain below those seen in recent years.\"}]",1784486928,53,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":27},"cameroon-joint-world-bank-imf-debt-sustainability-analysis-august-2021","",{"@graph":35,"@context":85},[36,53,68],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/cameroon-joint-world-bank-imf-debt-sustainability-analysis-august-2021/110759/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-22","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What is Cameroon’s assessed risk level for debt distress?","Question",{"text":75,"@type":76},"Cameroon is assessed as facing a high risk of both external and overall public debt distress.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Which external debt indicators drive the baseline risk rating?",{"text":80,"@type":76},"Three out of four external debt indicators breach the baseline thresholds, with the largest and most sustained breach in the external debt service-to-exports ratio.",{"name":82,"@type":73,"acceptedAnswer":83},"Why can Cameroon still be assessed as having sustainable debt despite high-risk signals?",{"text":84,"@type":76},"Even with worsened signals from tighter CI thresholds, the overall debt profile improved compared with the previous DSA, and current debt levels and debt service remain below those seen in recent 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