8, May 2024
il y avait quoi avant: Camair-Co continues to buckle under debt pile 0
Camair-Co continues to face a debt burden of XAF124 billion Central African francs (USD203.7 million), making it the second most indebted state-owned enterprise in Cameroon, according to the country’s latest monthly public debt review.
Released on April 25, the report by Cameroon’s public debt management committee (Comité National de la Dette Publique – CNDP) and national debt recovery fund (Caisse Autonome d’Amortissement – CAA), viewed by ch-aviation, reveals that Camair-Co carried XAF62.4 billion (USD102.5 million) in domestic debt and XAF61.6 billion (USD101.2 million) in external debt by March 31, 2024. The highest debt, of XAF652 billion (USD1 billion), is shouldered by national oil refinery Société Nationale de Raffinage (Sonara).
Unprofitable since its incorporation in 2006, the technically bankrupt national carrier was among four state-owned enterprises that were placed under performance contracts in 2023 as part of government efforts to improve the viability of public enterprises under the supervision of the International Monetary Fund (IMF). The government of Cameroon is currently implementing a USD689.5 million Economic and Financial Programme for 2021-2024 supported by the IMF’s Extended Credit Facility (ECF) and Extended Fund Facility (EFF).
The financial strain on the fiscus has led to discussions of privatisation. The possibility of listing Camair-Co was mentioned in a report last year by a technical committee tasked with rehabilitating state-owned enterprises (SOEs). In 2020, President Paul Biya instructed the government to develop a restructuring plan to revive the carrier and sell 51% to a strategic private investor. However, the state-run enterprises rehabilitation commission (Commission Technique de Réhabilitation des Entreprises du Secteur Public – CTR) emphasised that before any divestment Camair must clean up its balance sheet and improve its financial standing. Efforts to address this include a restructuring and revitalisation plan, supported by the presidency since September 2020.
Meanwhile, the airline is wet-leasing three Embraer jets to resume regional routes later this month, to Cotonou Cadjehoun in Benin and Pointe Noire and Brazzaville in Congo.
Source: ch-aviation



















13, May 2024
Russia: President Putin set to replace Shoigu as defense minister 0
Russian President Vladimir Putin has proposed a surprise new defense minister, nominating civilian Andrei Belousov, a former deputy prime minister who specialises in economics, for the job more than two years into the Ukraine war, the Kremlin said.
Putin wants Sergei Shoigu, defence minister since 2012 and a long-standing ally, to become the secretary of Russia’s powerful Security Council, replacing incumbent Nikolai Patrushev, and to also have responsibilities for the military-industrial complex, the Kremlin announced on Sunday.
The changes, certain to be approved by parliamentarians, are the most significant Putin has made to the military command since sending tens of thousands of troops into Ukraine in February 2022 in what he called a special military operation.
The shake-up gives Shoigu a job that is technically regarded as senior to his defence ministry role, ensuring continuity and saving Shoigu’s face.
Putin’s defence chief Shoigu survived Wagner’s challenge – but for how long?
Valery Gerasimov, the chief of Russia’s General Staff and someone with a more hands-on role when it comes to directing the war, will remain in post.
Sergei Lavrov, the country’s veteran foreign minister, will also stay in his job, the Kremlin said.
The appointment of Belousov, a civilian official known for his economic decision-making rather than battlefield knowledge, is the biggest surprise.
Dmitry Peskov, the Kremlin’s spokesman, told reporters that the change made sense because Russia was approaching a situation like the Soviet Union in the mid-1980s, when the military and law enforcement authorities accounted for 7.4% of state spending.
That, said Peskov, meant it was vital to ensure such spending aligned with the country’s overall interests, which was why Putin now wanted a civilian with an economic background in the defence ministry job.
“The one who is more open to innovations is the one who will be victorious on the battlefield,” Peskov said.
The change is also likely to be seen by an attempt by Putin to subject defence spending to greater scrutiny to ensure funds are effectively spent after a Shoigu ally and deputy defence minister was accused by state prosecutors of taking a bribe.
Source: Reuters