FRANCE ABD LOAD DEBACLE IN LRC

LRC is a loan delinquent, a failed state declared by IMF/World Bank. Faced with the low mobilisation of funding for the so-called Reconstruction Plan of the Southern Cameroons LRC is urging France to release the 40 billion F CFA promised in 2019 for this plan. The ongoing war that was declared on the Southern Cameroons by the octogenarian La Republique du Cameroun’s dictator, Paul Biya bi Mvondo since November 30th 2017 has brought devastating effects to the economy rendering the state treasury impotent, unable to settle its internal and external debt. As at now LRC is a loan delinquent, and a failed state as declared by IMF/World Bank last May 2022. This catastrophic situation frightens even LRC’s godfather France from disbursing a meagre FCFA 40 billion promised 3 years ago; simple loans that they usually give with the left hand and take back a hundredfold with the right hand.

Paul Tasong the colonial Minister Delegate to the Minister of Economy, Planning and Regional Development who doubles as the national coordinator of the Paul Biya Reconstruction programme, regrets “three years after these funds are still not available. Once the plan was announced, we had a distinguished guest in the country, the French Minister of Foreign Affairs who had publicly announced the contribution of France to the tune of 40 billion CFA francs,” he expressed his disappoinment at a press conference held on July 8, 2022 in Yaounde after the holding of the 4th session of the steering committee. Following this, the French ambassador to Camerou-n indicated that his country conditioned the release of this funding to the pacification of these regions. “Before starting the reconstruction, the region must be pacified.

You will have to reach a peace agreement between the armed gangs and the government,” said Christophe Guilhou, during an interview broadcast on 19 April 2020 on public television CRTV. A position that Minister Paul Tasong contests, citing the case of Ukraine and admonishing that, Ukraine’s partners met to mobilise funding estimated at 750 billion dollars for the reconstruction of the country, “while the war is still going on”. The Paul Biya so-called reconstruction plan is struggling to mobilise funds to finance the construction of infrastructure destroyed by the war in Southern Cameroons - Ambazonia. Initially estimated at 89 billion CFA francs, the plan now requires 154 billion CFA francs. However, after 18 months of implementation. The Plan’s coffers show only 11.5 billion CFA francs (even though nothing feasible is seen on the ground at home front), 75% of which have been contributed by the Camerounian state1.5 billion CFA francs by Japan.

The release of a second envelope of 900 million CFA francs is under discussion), 1 billion CFA francs by the private sector and 300 million CFA francs by the United Nations Development Programme (UNDP), which is also a technical partner of the project. The ongoing Ambazonia war that has raged on since 5 years and counting has without fear or favour put la Republique du Cameroun on its knees and the country has been unable to settle its debts both internally and externally. Finance Stakeholders meeting with World Bank; IMF and other donor bodies last February in Yaounde and taking into account the country's pitiful financial situation gave la Republique du Cameroun up to May 2022 to settle its debts. According to the World Bank representatives at that conclave observing that Cameroun was becoming a loan delinquent said that this May deadline was the last rope to draw given that the country failed another appointment since August 2021.

View the precarious financial quagmire and continuous escalation of hostilities meted out on a daily basis from the Ambazonia Restoration fighters; the number of amored cars destroyed and a great number of its soldiers killed by ARFS; la Republique is bleeding. To say with certainty that la Republique du Cameroun satisfies World Bank conditions will be one of the miracles in recent times. The crunch of the restoration war has made the Yaounde junta to borrow to pay civil servants' salaries. The war has made government to go so low even to private business persons like Bolore; Dangote etc with cap in hand to borrow. The crunch of Ambazonia Liberation struggle has put the Yaounde junta at crossroads; with much money borrowed and placed in wrong hands of agents who fool the junta they are capable of stopping the war, yet feed fat after sowing confusion in the ranks.

Such confusion and uncertainty makes every donor boby including France of all sceptical taking the risk to borrow again.