Louis Paul Motaze says government debt is out of control
Cameroon’s Minister of Finance, Louis Paul Motaze, has revealed that out of the nearly 672 billion FCFA in debts owed by the government, more than 300 billion FCFA is made up of unpaid salary arrears. This disclosure was made in a communiqué released by the finance minister on August 16th.
Recent figures from the Ministry of Finance indicate that the government’s total internal debt stands at approximately 1.1 billion US dollars, equivalent to around 671.7 billion FCFA. Of this amount, salary arrears account for 303.3 billion FCFA.
Minister Motaze’s statement was issued in response to findings from an internal audit conducted a few years ago. He clarified that the audit, which began in late 2020, revealed that the central administration is responsible for the largest portion of the debt, owing 461.5 billion FCFA. Public administrations and enterprises owe 194.4 billion FCFA, while decentralized local administrations are accountable for 15.8 billion FCFA.
According to The Guardian Post newspaper, Minister Motaze outlined the government’s repayment plan, stating that salary arrears will be cleared over a two-year period beginning in 2024. Commercial debts will be repaid over three years, starting from 2024, with the responsibility shared between the government and debtor entities.
The audit was launched in late 2020 as a response to the escalating debt burden, which posed a significant risk to the stability of public finances.
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