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Coming to Terms with Reality. Evaluation of the Belgian Debt Relief ...

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Annexes<br />

7. Challenges and Risks<br />

7.1 The <strong>Debt</strong> S<strong>to</strong>ck<br />

7.2 The <strong>Debt</strong> Flow<br />

7.3 Major Risks<br />

7.4 Main Challenges<br />

8. Conclusion<br />

Persons contacted<br />

References<br />

<strong>Coming</strong> <strong>to</strong> <strong>Terms</strong> <strong>with</strong> <strong>Reality</strong><br />

List <strong>of</strong> Figures, Tables and Boxes<br />

Figure 1 Annual growth rate <strong>of</strong> GDP (at constant prices) between 1980 and 2000<br />

Figure 2 Exports, Imports and current account between 1980 and 2000<br />

Figure 3 Public and Publicly Guaranteed <strong>Debt</strong> (million US$, Nominal value)<br />

Between 1985 and 2000<br />

Figure Composition <strong>of</strong> Public and Publicly Guaranteed (PPG) external debt<br />

(cumulative amounts)<br />

Figure 5 External <strong>Debt</strong> Structure in Cameroon (end 1999)<br />

Figure 6 Bilateral debt relief (billions <strong>of</strong> FCFA)<br />

Figure 7 Fund transfers under <strong>the</strong> HIPC initiative, between <strong>the</strong> national institutions<br />

(period 2000-Oc<strong>to</strong>ber 2008)<br />

Figure 8 Expenditure rate on HIPC resources, on average between 2000 and Oc<strong>to</strong>ber<br />

2006, per Ministry<br />

Figure 9 Distribution <strong>of</strong> <strong>the</strong> C2D funds between <strong>the</strong> different sec<strong>to</strong>rs<br />

Figure 10 The amounts received under <strong>the</strong> two C2D contracts<br />

Figure 11 Public and Publicly Guaranteed debt (PPG), between 1998 and 2007, in<br />

millions <strong>of</strong> US Dollars<br />

Figure 12 NPV <strong>of</strong> eternal public debt, as a share <strong>of</strong> exports, between 1996 and 2007<br />

Figure 13 Total <strong>Debt</strong> Service Due (on external debt), between 1988 and 2006, in US<br />

Dollars<br />

Figure 14 Principal Arrears <strong>to</strong> <strong>of</strong>ficial and private credi<strong>to</strong>rs, 1988-2006, in million<br />

US$<br />

Figure 15 External public debt service as % <strong>of</strong> exports <strong>of</strong> goods and services and <strong>of</strong><br />

government revenues<br />

Figure 16 Net ODA (excluding net debt relief) and Net <strong>Debt</strong> <strong>Relief</strong>, at constant 2006<br />

prices, 1994-2007<br />

Figure 17 Current and Capital Account<br />

Figure 18 Government Revenues, Expenditures and Fiscal Surplus, 1998-2008<br />

Figure 19 Interest due on External Public <strong>Debt</strong> and Government Oil Revenues,<br />

1996-2008<br />

Figure 20 Total and Primary Government Expenditures (left) and Total Government<br />

Revenues <strong>with</strong> and <strong>with</strong>out oil (right), 1994-2008, billions <strong>of</strong> FCFA<br />

Figure 21 Primary Fiscal Deficit (+ = Surplus) <strong>with</strong> and <strong>with</strong>out oil revenues,<br />

1994-2008, billions <strong>of</strong> FCFA<br />

Figure 22a Government expenditures in Education, Health and Infrastructure, in<br />

percent <strong>of</strong> <strong>to</strong>tal, for <strong>the</strong> years 1995, 2000 and 2005<br />

Figure 22b Evolution <strong>of</strong> <strong>the</strong> Budget <strong>of</strong> <strong>the</strong> Ministry <strong>of</strong> Public Health (Millions <strong>of</strong><br />

FCFA), decomposing <strong>Debt</strong> <strong>Relief</strong> and Normal Budget<br />

Figure 23 “Voice and Accountability” and “Political Stability and Absence <strong>of</strong><br />

Violence” Indica<strong>to</strong>rs, between 1996 and 2007<br />

Figure 24 “Government Effectiveness” and “Regula<strong>to</strong>ry Quality” Indica<strong>to</strong>rs, between<br />

1996 and 2007<br />

Figure 25 “Rule <strong>of</strong> Law” and “Control <strong>of</strong> Corruption” Indica<strong>to</strong>rs, between 1996 and<br />

2007<br />

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