The world bank has warned the government of la Republique of Cameroon to cut spendings as its debt level has reached an alarming proportion.
Refusing to hit to advice, the minister of the economy, Louis Paul Motaze has gone ahead to borrow a sum of 187.804 billion fcfa from the African Development Bank ( ADB) and the African development fund (ADF).
Negotiations to grant the loan which is aimed at revamping some road networks in the country were finalised this Thursday 8th of June in Yaoundé between the representatives of the ADB and ADF and Luois Paul Motaze, Economy minister.
The two conventions pertains to the partial funding of the transport sector support programme- phase 2. This include;
The rehabilitation of the Yaoundé- Bafoussam - Babadjou road(241km),
The construction of the grand Zambi- Kribi stretch of road(53km),
And the construction of the Maroua - Bogo - Pouss section of road(63.16km)
The ADB is expected to provide 177.208 billion fcfa meanwhile the ADF will loan out the remaining 10.596 billion Fcfa.
Half of this fabulous sum of money borrowed will certainly go to private pockets rather than to serve the real purpose of development as mr Biya's government is reputed for high level corruption and embezzlement of public funds.