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



















25, July 2024
Russia’s Mi-28 Helicopter crashes, all crew members killed 0
A Russian military helicopter has crashed in the country’s Kaluga region during a routine flight killing all of its crew members, as confirmed by the country’s Defense Ministry.
In a statement early on Thursday, Russia’s defense ministry said that a Mi-28 military helicopter crashed in the Zhizdra district of the Kaluga region southwest of Moscow, killing all its crew members.
The ministry said a technical malfunction was likely to blame, but no specific number of individuals on board was mentioned. However, a Mi-28 helicopter usually carries a crew of two.
“A commission of the Russian Aerospace Forces is working at the site of the crash,” the ministry added.
According to TASS news agency, the helicopter was performing a scheduled flight when the incident occurred. The crew members did not survive, as the Mi-28 is not equipped with a crew ejection system, unlike the Ka-52 “Alligator” helicopter.
The Russian aircraft crashed in a remote area near the village of Klyonki, without causing any further damage on the ground, as reported by local officials.
The governor of Kaluga, Vladislav Shapsha, has confirmed the incident, revealing that the crash occurred in Zhizdrinsk district on the border with the Bryansk region, which is on the frontier with Ukraine.
Shapsha wrote on Telegram that rescuers were working at the crash site.
Moreover, the Telegram channel of Mash online newspaper disclosed that the helicopter, which is often used on drone-hunting missions, was heading back from a combat mission when a crew member spotted a fire on board, apparently caused by an engine malfunction.
As a result, the pilot decided to redirect the aircraft to an unpopulated area to prevent any potential harm to civilians.
The Cold War-era Mi-28 helicopter is a twin-seat attack helicopter, designed as an anti-tank attack platform similar in scope and function to the American Hughes AH-64 Apache series.
It took its first flight in 1982, becoming an all-weather attack helicopter with multiple updated models.
Source: Presstv