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Seven countries grant Cameroon suspension of debt servicing

Seven member countries of the Paris Club have granted Cameroon the right to suspend debt servicing for the period between May 1, 2020 to December 31, 2020.

Germany, Belgium, Spain, France, Japan, South Korea and Switzerland have granted Cameroon the right to suspend debt service, for the period from May 1, 2020 to December 31,  2020. This decision was taken on May 19, 2020, and then made public on May 22, 2020, to allow Paul Biya’s country to cope with the economic shock caused by the Coronavirus pandemic.

“The Paris Club has recognized that the Republic of Cameroon is eligible to benefit from the initiative. Consequently, the representatives of the creditor countries of the Club have agreed to grant the Republic of Cameroon a suspension of debt service for a fixed period.”

“Cameroon, which was already eligible by virtue of its status as a poor country, strengthened its eligibility for the initiative, by obtaining a Quick Credit Facility from the IMF to deal with Covid-19. Government  pledged to devote the resources freed up by this initiative to increasing spending dedicated to mitigating the health and social impact of Covid-19. The government of the Republic has also committed to request all of its other official bilateral creditors to treat debt service in accordance with the approved form. “