[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110082-en":3,"doc-seo-110082-105":31,"detail-sidebar-cat-0-en-105":93},{"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":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},110082,1099513958762,"Logic","https://ap-avatar.wpscdn.com/avatar/1000023916a998db790?x-image-process=image/resize,m_fixed,w_180,h_180&k=1784791008015729253",8,"Research & Report","Cameroon - Joint World Bank-IMF Debt Sustainability Analysis - High Risk and Mitigation Measures","Cameroon is assessed as being at high risk of external debt distress, with overall debt distress risk also rated high, although the granularity of the risk rating is sustainable and no judgment is applied. Indicators deteriorated versus the prior DSA due to external shocks, including weaker exchange rates, and weaker domestic growth projections, alongside a lower debt-carrying capacity and elevated bond spreads. External service indicators remain above thresholds but are improving under active debt management, while the probability of failing current or future obligations is low. Key risks include global tightening and energy-price declines, plus domestic subsidy pressures and SONARA debt restructuring delays.","Public Disclosure Authorized  \nPub lic Disc losure Authorized  \nApproved by:  \nAbebe Adugna Dadi and Manuela Francisco (IDA) and Vitaliy Kramarenko and Geremia Palomba (IMF)  \nPrepared by the staff of the International Development Association (IDA) and the International Monetary Fund (IMF)  \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 | Sustainable |\n| Application of judgment | No |\n\nCameroon remains at high risk of debt distress while its overall debt sustainability indicators have deteriorated somewhat compared to the previous DSA , mainly due to external shocks including a weaker exchange rate, as well as due to domestic factors such as lower real growth projections. The debt carrying capacity is weaker as suggested by the latest score of the Composite Index (CI), and the bond spread is above the benchmark value. On the other hand, while Cameroon’s external debt stock indicators continue to lie below the threshold, its external debt service indicators remain above the threshold but have improved supported by the authorities’ active debt management. Both external debt service indicators are on a downward trend. Taking all these factors into consideration, staff maintains the assessment that Cameroon’s debt is sustainable given the authorities’ commitment to program objectives, including fiscal consolidation efforts, and active debt management. The likelihood that Cameroon will not be able to meet its current and future financial obligations is low.  \nKey downside risks to this assessment include the ongoing Russia’s invasion of Ukraine which could set back the global recovery and prolong supply disruptions, casting additional pressure on the Cameroonian economy. Tightening global financial conditions could increase borrowing costs. A downward adjustment of global energy prices could lead to deterioration of both exports and fiscal revenue. On the domestic front, rising food and fuel prices while reducing subsidies could intensify socio-economic tensions, and delayed restructuring of SONARA’s debt would jeopardize the debt sustainability. Regional security conflicts—if not well contained—could also compound the fiscal challenges.  \nTo mitigate risks, Cameroon should firmly push forward its agenda to ensure its debt sustainability, while aligning macroeconomic policies with other economic and social objectives. First, keeping public debt dynamics on a sustainable path requires a gradual fiscal consolidation. Setting and achieving a further reduction in the non-oil fiscal deficit in the short term is needed to ensure debt sustainability. This should be coupled with continued structural fiscal reforms, including further reducing the fuel subsidies and enhancing revenue mobilization. Second, the authorities should closely monitor their debt service and actively manage their debt portfolio to minimize interest rate risks, amidst rising global financing costs. Third, vulnerable export-related debt indicators point to the need for improving competitiveness and achieving economic diversification. Reform momentum to improve the domestic business and investment environment should be further accelerated, inviting more FDI and boosting exports. Lastly, management of SOEs should be strengthened to reduce risks related to contingent liabilities.  \n1. Debt coverage has remained unchanged since the previous DSA (Text Table 1) . Public debt coverage, as agreed with the authorities in the Technical Memorandum of Understanding (TMU), includes debt of the central government, expenditure floats and arrears, guarantees, debt of a public oil company SONARA, which accounts for the majority of SOE debts 1 , and external arrears of other state-owned enterprises (SOEs) .2 The DSA does not cover the debt of local governments, which are not allowed to borrow from financial markets, and such debt is mostly ow","cbCailknqdFYKJVZ","https://ap.wps.com/l/cbCailknqdFYKJVZ","pdf",734692,5,1,24,"English","en",105,"# Risk Assessment Overview\n## External Debt Distress Risk\n## Overall Debt Distress Risk\n## Judgment Application\n# Drivers of the Assessment\n## External Shocks and Exchange Rate\n## Domestic Growth and Debt-Capacity Factors\n## External Debt Service Performance\n# Downside Risks\n## Geopolitical and Global Recovery Risks\n## Global Financial Conditions and Energy Prices\n## Domestic Price Pressures and SONARA Restructuring\n## Regional Security Conflicts\n# Mitigation and Policy Priorities\n## Fiscal Consolidation and Structural Reforms\n## Debt Service Monitoring and Portfolio Management\n## Competitiveness and Diversification for Exports\n## SOE Management to Reduce Contingent Liabilities\n# Debt Coverage and Definitions\n## Public Debt Coverage Scope\n## Items Not Covered\n## External Debt Definition Notes","[{\"question\":\"What is the overall and external debt distress risk rating for Cameroon?\",\"answer\":\"The analysis rates Cameroon as high risk for both external debt distress and overall debt distress. External service indicators are improving, though they remain above thresholds.\"},{\"question\":\"What are the main reasons the debt sustainability assessment deteriorated versus the previous DSA?\",\"answer\":\"The deterioration is linked to external shocks such as a weaker exchange rate and domestic factors including lower real growth projections, which reduce debt carrying capacity and keep bond spreads above benchmark levels.\"},{\"question\":\"How does the analysis suggest Cameroon can mitigate key downside risks?\",\"answer\":\"The document recommends gradual fiscal consolidation, continued structural fiscal reforms (including reducing fuel subsidies and strengthening revenue mobilization), active debt portfolio management, improving competitiveness and diversification to support exports, and strengthening SOE management to limit contingent liabilities.\"}]","Cameroon - Joint World Bank-IMF Debt Sustainability Analysis - High Risk and Mitigation Measures | PDF",1784483828,60,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":88,"head_meta":90,"extra_data":92,"updated_unix":29},"cameroon-joint-world-bank-imf-debt-sustainability-analysis-high-risk-and-mitigation-measures","",{"@graph":37,"@context":87},[38,55,70],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":54},"https://docshare.wps.com/document/cameroon-joint-world-bank-imf-debt-sustainability-analysis-high-risk-and-mitigation-measures/110082/",4,{"url":53,"name":13,"@type":56,"author":57,"headline":13,"publisher":59,"fileFormat":62,"inLanguage":24,"description":14,"dateModified":63,"datePublished":64,"encodingFormat":62,"isAccessibleForFree":65,"interactionStatistic":66},"DigitalDocument",{"name":9,"@type":58},"Person",{"url":42,"name":60,"@type":61},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":67,"interactionType":68,"userInteractionCount":20},"InteractionCounter",{"@type":69},"ViewAction",{"@type":71,"mainEntity":72},"FAQPage",[73,79,83],{"name":74,"@type":75,"acceptedAnswer":76},"What is the overall and external debt distress risk rating for Cameroon?","Question",{"text":77,"@type":78},"The analysis rates Cameroon as high risk for both external debt distress and overall debt distress. External service indicators are improving, though they remain above thresholds.","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"What are the main reasons the debt sustainability assessment deteriorated versus the previous DSA?",{"text":82,"@type":78},"The deterioration is linked to external shocks such as a weaker exchange rate and domestic factors including lower real growth projections, which reduce debt carrying capacity and keep bond spreads above benchmark levels.",{"name":84,"@type":75,"acceptedAnswer":85},"How does the analysis suggest Cameroon can mitigate key downside risks?",{"text":86,"@type":78},"The document recommends gradual fiscal consolidation, continued structural fiscal reforms (including reducing fuel subsidies and strengthening revenue mobilization), active debt portfolio management, improving competitiveness and diversification to support exports, and strengthening SOE management to limit contingent liabilities.","https://schema.org",{"og:url":53,"og:type":89,"og:title":13,"og:site_name":60,"og:description":14},"article",{"robots":91,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":94},[95,99,103,107,110,115,120,123,128,131,135],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":96,"show_sort_weight":97,"slug":98},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":100,"show_sort_weight":101,"slug":102},"Literature",80,"literature",{"id":54,"doc_module":4,"doc_module_name":47,"category_name":104,"show_sort_weight":105,"slug":106},"Exam",70,"exam",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":30,"slug":109},"Comic","comic",{"id":111,"doc_module":4,"doc_module_name":47,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":116,"doc_module":4,"doc_module_name":47,"category_name":117,"show_sort_weight":118,"slug":119},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":47,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":47,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":132,"doc_module":4,"doc_module_name":47,"category_name":133,"show_sort_weight":132,"slug":134},10,"Lifestyle","lifestyle",{"id":136,"doc_module":4,"doc_module_name":47,"category_name":137,"show_sort_weight":20,"slug":138},19,"General","general"]