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Cameroon: Government on borrowing crusade as anglophone crisis sinks state treasury
Cameroon is Broke: Biya Wants to Borrow 240 Billion CFA... Quick!
Cameroon is running out of money. President Biya signed a decree last Friday authorizing the Ministry of Finance to issue public bonds to borrow 240 billion CFA to finance the development budget for 2018.
The Anglophone crisis, the very expensive military intervention in the Northwest and Southwest (Southern Cameroon) and blatant corruption at all levels of the government have emptied the treasury. Trade with Nigeria, through the border crossing at Ekok, which used to generate millions every day, has been reduced to a trickle by the war against the Anglophones. The Internet blackout has been very expensive, and the ghost towns have taken a very heavy toll.
Before too long, government workers in Cameroon will begin to feel the pinch. Biya's partner in crime, Idriss Deby of Chad, has already slashed the wages of civil servants by 40 percent. If Biya cannot line up financiers and lenders who can lend him 240 billion CFA quickly, "he go take ye teeth pay" his army (which is costing millions daily) and his government workers whom he appoints by decree. There are tough times ahead. Here is Biya's decree asking the Minister of Finance to borrow money quick...quick. IMF money is not enough!
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- Mola Eko
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