24, July 2024
CPDM Crime Syndicate: Biya authorizes CFA616 Billion in borrowing for 2024 budget 0
President Paul Biya signed a decree authorizing Finance Minister Louis Paul Motazé to secure a total of CFA616 billion in loans for the state. This amount is allocated for “financing development projects included in Cameroon’s 2024 finance law and settling outstanding payments (invoices pending with the Treasury),” according to the presidential decree. Of this total, CFA280 billion is to be raised domestically, while CFA336 billion will be sourced from international markets.
The decree aligns with an earlier ordinance signed by President Biya on June 20, 2024, and approved by Parliament. This ordinance amends certain provisions of the 2024 finance law, which was passed by Parliament in November 2023. The revised finance law increases the state budget by CFA533 billion (+8%), raising it from CFA6,679.5 billion to CFA7,212.5 billion.
A close examination of the budget adjustment reveals that the additional CFA533 billion will primarily be financed through borrowing. The government plans to increase its “loans and other financing” by CFA488 billion, representing 91.5% of the budget increase. Specifically, the allocation for loans and other financing will rise from CFA1,489.4 billion in the initial finance law to CFA1,977.4 billion in the revised budget, with a significant portion coming from international debt.
Debt Breakdown
The 2024 budget adjustment includes a reduction of CFA95 billion in loans from domestic public securities. In response, the government has decided to secure additional “program loans” amounting to CFA240 billion from multilateral lenders, and “initial loans from external private entities” that could reach up to CFA467 billion. Additionally, the government has cut its initial borrowing targets from Paris Club members, non-Paris Club governments, and other private external entities by CFA123 billion.
Overall, the CFA616 billion in authorized borrowing combines the CFA533 billion increase from the revised finance law and the remaining loans needed under the initial budget. This is expected to raise Cameroon’s debt levels throughout 2024.
According to the Autonomous Amortization Fund (CAA), which manages public debt in Cameroon, the country’s public debt reached CFA13,070 billion as of June 2024, up 4.9% year-over-year. Of this total, 93.5% is direct central government debt (CFA12,219 billion, or 40.4% of GDP, well below the 70% threshold set by the Cemac region), while 6.4% is held by public enterprises and institutions, and 0.1% by decentralized territorial authorities.
Source: Business in Cameroon
27, July 2024
Bishop Bibi urges Catholic Women in Cameroon to live Christian Faith “in all aspects” 0
Bishop Michael Miabesue Bibi of Cameroon’s Catholic Diocese of Buea has called upon members of the Catholic Women Association (CWA) in the Central African nation to be consistent in practising their Christian faith, allowing it to influence all aspects of their lives.
In his homily during the opening Mass of the 10th CWA National Congress, Bishop Bibi urged the Catholic women to “work diligently to foster the mission and piety of CWA.”
“We are called to live out our faith in all aspects. Our faith should be seen in all the deliberations we carry out in this congress,” he said during the Friday, July 26 Eucharistic celebration at Regina Pacis Small Soppo Cathedral of Buea Diocese.
He lauded CWA members in Cameroon for being “a new model of faith for our contemporary world” and appealed, “You must persevere in your faith. You must make sure that you do not allow the distractions of this world to come between you and your faith.”
Despite the difficulties and challenges in society, Bishop Bibi noted, CWA members need to “always remain consistent, trusting that God, our Heavenly Father, will continue to accompany you in this journey that you have undertaken.”
Reflecting on the 60th Anniversary of the existence of CWA in Cameroon, the Local Ordinary of Buea Diocese said, “It is the gift of faith that has sustained the Catholic Women Association in its mission since 1964.”
The Cameroonian Catholic Bishop, who has been at the helm of Buea Diocese since December 2019, first as Apostolic Administrator, and since February 2021 as the Local Ordinary, thanked God for the diverse gifts and blessings CWA members have received over the past six decades.
“The CWA as an apostolate has done a lot in strengthening the faith of Catholic women in our country and in the diaspora,” he said during his July 26 homily.
The July 24-28 congress at Bishop Rogan College in Cameroon’s Buea Diocese has been organized under the theme, “CWA Women: Artisans of Human Fraternity for World Peace in Church that Goes Forth.”
Participants in the national event that has brought together over 500 Catholic women from across Cameroon are to elect new leaders for the association.
In his July 26 homily, Bishop Bibi underscored the importance of electing servant leaders, saying, “This Congress is an opportunity to craft out methods of providing good leadership for the entire Catholic Women Association.”
“Let us take our time to prayerfully choose leaders who act after the heart of God and foster the growth and holiness of the CWA wherever they are found,” the Catholic Church leader, who started his Episcopal Ministry in March 2017 as Auxiliary Bishop of Cameroon’s Bamenda Catholic Archdiocese said.
He implored, “May the Blessed Virgin Mary, our mother and model of faith help us. May she protect us so that the deliberation of this Congress may benefit families and society at large.”
Source: aciafrica