The bond issue launched for the first time in Cameroon is an indebtedness instrument in the medium and long term that aims to mobilise domestic and sub-regional savings in view of funding developmental projects earmarked in the State budget under the 2010 Finance Law. It is called \ »ECMR 5.60% net 2010-2015\ ».
This tool for the financing of the national economy results from a set of sequences and other changes taking place in our country and the sub-region, notably the progressive phasing out of statutory advances by BEAC, to enable CEMAC States cope with insufficient own revenues to support budgetary expenditure.
CEMAC States have opted to progressively abandon this type of financing that provided the grant of loans of which the maximum amounts were up to 20% of the total budgetary revenue for the previous year.
Many criticisms have been levelled at this facility which has an inflationary character, slows down the take off of money and capital markets and do not allow the public Treasury to develop a projected, prudential and active management of the cash flow of the State.
With the advent of the public debt market, resorting to this new mode of funding can boost the execution of the priority expenses of the States, but equally help to drain the excess liquidity held by credit institutions towards the real economy through the monetary and capital markets.
The bond issue is a tool that the State will use much more often than in the past to finance identified developmental projects, alongside other tools such as funding by customs and tax revenue.
Funds raised will be directed towards the realisation of the 14 investment projects below for which Cameroon\’s share is estimated at a little over CFA 200 billion francs. These are:
By resorting to this instrument, Cameroon has many assets which now place the management of public finance in a market perspective notably:
Looking at these strengths which Cameroon relies on to convince the subscribers, the current bond issue has the following characteristics:
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