[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109778-en":3,"doc-seo-109778-105":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},109778,2336464648746,"Skyler","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","Cameroon - Joint World Bank-IMF Debt Sustainability Analysis - May 2020","Joint World Bank–IMF Debt Sustainability Analysis assesses Cameroon’s external and overall public debt risk in the context of the authorities’ Rapid Credit Facility request and the COVID-19 shock. The report finds high risk of external and overall debt distress, driven by breaches of key external debt service thresholds under the baseline, plus a one-off breach in the PV debt-to-exports ratio and worsening market financing risks. Debt remains sustainable conditionally on concessional resources and avoiding new non-concessional borrowing.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nCAMEROON  \nJoint World Bank-IMF Debt Sustainability Analysis 1  \nMay 2020  \nPrepared jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF)  \nApproved by Marcello Estevão (IDA) and David Owen (AFR)  \n\n| Cameroon: Joint Bank-Fund Debt Sustainability Analysis |  |\n| --- | --- |\n| Risk of external debt distress: | High 2 |\n| Overall risk of debt distress | High |\n| Granularity in the risk rating | Sustainable |\n| Application of judgement | No |\n| Macroeconomic projections | Updated to incorporate expected economic impact of the covid-19 pandemic (lower growth and exports and wider fiscal deficit) |\n| Financing strategy | Updated to include a larger financing gap and shift towards more concessional financing. |\n| Realism tools flagged | None |\n| Mechanical risk rating under the external DSA | High |\n| Mechanical risk rating under the public DSA | High |\n\n1 Debt coverage has remained unchanged compared to the previous DSA (IMF Country Report No . 20/48) .  \n2 Cameroon’s Composite Indicator score is 2.76 based on the October WEO 2019 and the World Bank’s 2018 CPIA. This implies that Cameroon has medium debt-carrying capacity.  \nThis provides an update to the joint IMF-World Bank LIC-DSA for the 5th review under the concurrent ECF arrangement (IMF Country Report No. 20/48) from January 2020, in the context of the Cameroonian authorities ’ request for a disbursement under the Rapid Credit Facility to helpmeet a financing shortfall as a result of the Covid-19 pandemic. It includes updated projections for the macroeconomic framework and new information on borrowing. Cameroon remains at high risk of external and overall public debt distress; however debt remains sustainable conditioned on the availability of concessional resources and avoidance of additional non-concessional borrowing. The assessment is driven by breaches of the two thresholds for external debt service under the baseline, which have further intensified dueto the incorporation of the Covid-19 shock, as well asa new one-off breach in the PV of debt-to-exports ratio and a worsening of market financing risks. However, a range of factors support the conclusion that debt remains sustainable. This rating is highly vulnerable to a range of risks and if downside risks were to materialize, the authorities would likely need to identify additional measures to ensure that debt is sustainable.  \n1. Highly preliminary estimates suggest Cameroon’s public debt reached 42.9 percent of GDP at end-December 2019 (text table 1). This increase was largely driven by disbursements of multilateral and bilateral financing and the issuance of government bonds. Preliminary data on nonconcessional external disbursements and new borrowing suggests that end-December PCs were met, remaining well below the ceiling for the latter (text figure 1). As of mid-March 2020, disbursements and borrowing appear limited, mainly driven by budget support and the signing of AfDB projects. A small amount of external arrears arose in April (10 billion CFAF) dueto the Covid-19 shock but are in the process of being cleared.  \n2. Updated macroeconomic assumptions incorporate the expected economic impact of the Covid-19 pandemic (text table 2). The shock is expected to concentrate in 2020, severely lowering growth and exports and widening the fiscal deficit, due to revenue losses and urgent spending needs. It is also projected to drag into 2021, owing to lower commodity price projections and delaysin investment projects.  \n3. There are also changes in a number of financing assumptions (text table 3). In particular, 2020 includes budget support from the AfDB that was slightly delayed due to administrative reasons. Furthermore, the financing under the RCF at 136 billion FCFA was added to 2020 as well as an unallocated external financing g","cbCaikSGMB9KJ7fM","https://ap.wps.com/l/cbCaikSGMB9KJ7fM","pdf",537061,5,1,17,"English","en",105,"# Overview\n# Debt Distress Risk Ratings\n## External DSA\n## Public DSA\n# Key Updates and Drivers\n## Macroeconomic projections\n## Financing strategy changes\n## Borrowing and arrears developments\n# Sustainability Assessment and Risk Vulnerability\n## Threshold breaches and supporting factors","[{\"question\":\"What is Cameroon’s assessed risk of external and overall debt distress in this analysis?\",\"answer\":\"The report rates the risk of external debt distress as High and the overall risk of debt distress as High.\"},{\"question\":\"Which COVID-19 related factors drive the deterioration in the debt sustainability assessment?\",\"answer\":\"COVID-19 lowers growth and exports, widens the fiscal deficit, intensifies short-term threshold breaches, and contributes to market financing risk and increased debt stock projections.\"},{\"question\":\"Under what conditions does the report conclude that Cameroon’s debt remains sustainable?\",\"answer\":\"Debt is sustainable conditionally on the availability of concessional resources and avoiding additional non-concessional borrowing, despite vulnerability to downside risks.\"}]","Cameroon - Joint World Bank-IMF Debt Sustainability Analysis - May 2020 | PDF",1784482334,43,{"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-may-2020","",{"@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-may-2020/109778/",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 Cameroon’s assessed risk of external and overall debt distress in this analysis?","Question",{"text":77,"@type":78},"The report rates the risk of external debt distress as High and the overall risk of debt distress as High.","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"Which COVID-19 related factors drive the deterioration in the debt sustainability assessment?",{"text":82,"@type":78},"COVID-19 lowers growth and exports, widens the fiscal deficit, intensifies short-term threshold breaches, and contributes to market financing risk and increased debt stock projections.",{"name":84,"@type":75,"acceptedAnswer":85},"Under what conditions does the report conclude that Cameroon’s debt remains sustainable?",{"text":86,"@type":78},"Debt is sustainable conditionally on the availability of concessional resources and avoiding additional non-concessional borrowing, despite vulnerability to downside risks.","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},[95,99,103,107,111,116,121,124,129,132,136],{"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":109,"slug":110},"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":20,"slug":139},19,"General","general"]