[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109623-en":3,"doc-seo-109623-105":31,"detail-sidebar-cat-0-en-105":92},{"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},109623,7971461740886,"Theodore","https://ap-avatar.wpscdn.com/davatar_3d24733baf745e90a7e4bdd5f77d97b2",8,"Research & Report","Cameroon - Joint World Bank-IMF Debt Sustainability Analysis - October 2020 - High Risk of Debt Distress","Cameroon’s joint World Bank–IMF Debt Sustainability Analysis updates the April 2020 LIC-DSA in the context of COVID-19 and the authorities’ request under RCF-2. The assessment finds Cameroon at high risk of external and overall public debt distress, while judging debt to remain sustainable. Baseline breaches occur in external debt service thresholds, driven by temporary factors such as Eurobond maturity. The outlook reflects weaker growth, wider fiscal deficits, DSSI-related relief, and SONARA debt restructuring progress.","Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nCAMEROON  \nJOINT WORLD BANK-IMF DEBT SUSTAINABILITY ANALYSIS  \nOctober 2020  \nPrepared Jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF) Approved by Marcello Estevão (IDA) and David Owen (IMF)  \nPub lic Disc losure Authorized  \n\n| Cameroon: Joint Bank-Fund Debt Sustainability Analysis |  |\n| --- | --- |\n| Risk of external debt distress: | High 1 |\n| Overall risk of debt distress | High |\n| Granularity in the risk rating | Sustainable |\n| Application of judgment | No |\n| Macroeconomic projections | The current DSA reflects a further deteriorated outlook due to COVID-19 pandemic, including lower growth, wider fiscal deficit and deterioration in external balances. The shock is still expected to be temporary and a gradual recovery is forecast starting from 2021. |\n| Financing strategy | The ECF has expired without completing the final 6th review and subsequent disbursement (20 percent of quota or SDR 55.2 million) . The Cameroonian authorities have requested debt service suspension under the DSSI and received positive responses from nine official bilateral creditors to suspend debt service payment totaling CFAF 123.5 billion. The DSA also reflects agreed rescheduled debt service projections on about a third of SONARA’s debt, a reclassification of existing short-term debt with external suppliers as arrears, and the expectation that SONARA will no longer make use of such financing under its new business plan to operate solely as an importer. |\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 Cameroon’s Composite Indicator score is 2.76 based on the April WEO 2020 and the World Bank’s 2019 CPIA. This implies that Cameroon has medium debt-carrying capacity.  \nThis debt sustainability analysis (DSA) provides an update to the joint World Bank-IMF LIC-DSA of April 2020, in the context of the Cameroonian authorities’ request for a second disbursement under the Rapid Credit Facility (RCF-2) . It reflects updated projections for the macroeconomic framework and new information on borrowing, including SONARA’s agreed debt restructuring with the creditor banks. Overall, Cameroon is at high risk of debt distress; however, debt is assessed to remain sustainable. Thresholds for two external debt service indicators and one debt stock indicator are breached under the baseline, but the debt service indicators continue their downward trajectory except for a temporary increase due to the maturing Eurobond. Debt stock indicators remain below the thresholds after a one-off breach in 2020. On balance, debt is assessed as sustainable, although at high risk of external and overall public distress. The rating is highly vulnerable to a range of risks including unsuccessful completion of SONARA’s debt restructuring, more protracted and severe disruptions due to the pandemic, and socio-political tensions. Should downside risks materialize, the authorities would likely need to identify additional measures to maintain debt sustainability.  \n1. The macroeconomic outlook has deteriorated with a more pronounced negative impact from the COVID-19 pandemic. Real GDP is expected to decline by an additional 1.6 percentage points relative to RCF-1, reaching-2.8 percent in 2020. Growth in 2021 was revised down to 3.4 percent (from 4.5 percent), reflecting a more gradual economic recovery. The current account deficit is expected to widen to 6 percent of GDP in 2020, 0.3 percentage point larger than projected at the time of the RCF-1 (including official grants) . In the absence of corrective measures, the overall fiscal deficit is expected to reach CFAF 1,315 billion or 5.9 percent of GDP, 0.9 percentage point higher than RCF-1. After spending reprioritization, the overall deficit is expected to remain broadly un","cbCaifPBKKvo3lwd","https://ap.wps.com/l/cbCaifPBKKvo3lwd","pdf",584557,4,1,13,"English","en",105,"# Overview and Risk Assessment\n## Overall Risk of Debt Distress\n# Macroeconomic Projections and Shock Impact\n## COVID-19 Growth, Fiscal, and External Balances\n# Financing Strategy and Assumptions\n## DSSI Suspension, RCF-2 Updates, and SONARA Restructuring","[{\"question\":\"What is the overall risk assessment for Cameroon’s debt distress?\",\"answer\":\"The analysis rates the overall risk of debt distress as High, with vulnerability to multiple downside scenarios.\"},{\"question\":\"Why did the macroeconomic outlook deteriorate in the October 2020 update?\",\"answer\":\"COVID-19 caused lower growth, wider fiscal deficits, and deterioration in external balances; the report expects a gradual recovery starting in 2021.\"},{\"question\":\"What financing and debt-service relief changes are incorporated in the analysis?\",\"answer\":\"The ECF expired without completing the final review; debt service suspension under the DSSI was obtained from nine bilateral creditors. The report also includes rescheduled SONARA debt service projections and assumptions tied to SONARA’s new business plan.\"}]","Cameroon - Joint World Bank-IMF Debt Sustainability Analysis - October 2020 - High Risk of Debt Distress | PDF",1784481604,33,{"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":87,"head_meta":89,"extra_data":91,"updated_unix":29},"cameroon-joint-world-bank-imf-debt-sustainability-analysis-october-2020-high-risk-of-debt-distress","",{"@graph":37,"@context":86},[38,54,69],{"@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":20},"https://docshare.wps.com/document/cameroon-joint-world-bank-imf-debt-sustainability-analysis-october-2020-high-risk-of-debt-distress/109623/",{"url":53,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":42,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"What is the overall risk assessment for Cameroon’s debt distress?","Question",{"text":76,"@type":77},"The analysis rates the overall risk of debt distress as High, with vulnerability to multiple downside scenarios.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"Why did the macroeconomic outlook deteriorate in the October 2020 update?",{"text":81,"@type":77},"COVID-19 caused lower growth, wider fiscal deficits, and deterioration in external balances; the report expects a gradual recovery starting in 2021.",{"name":83,"@type":74,"acceptedAnswer":84},"What financing and debt-service relief changes are incorporated in the analysis?",{"text":85,"@type":77},"The ECF expired without completing the final review; debt service suspension under the DSSI was obtained from nine bilateral creditors. The report also includes rescheduled SONARA debt service projections and assumptions tied to SONARA’s new business plan.","https://schema.org",{"og:url":53,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":107,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},5,"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":107,"slug":139},19,"General","general"]