Tuesday, January 22, 2019

China Cancels Tiny Percent of Cameroon's Debt

Cameroon's The National News reported on 22 January 2019 that China has cancelled 45 billion FCFA (about $78 million) of its 3885 billion FCFA debt held by China. This is less than 2 percent of the total debt held by China. This follows earlier reports that China had cancelled the entire debt. In addition, China suspended funding for several major road projects because the government of Cameroon is unable to meet its contractual obligations.

CNN updated this story with considerably more detail on 5 February 2019 in a piece titled "China Just Quietly Wrote Off a Chunk of Cameroon's Debt. Why the Secrecy?" by Jenni Marsh.