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

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| 160 | Annexes 7. Challenges and Risks 7.1 The Debt Stock 7.2 The Debt Flow 7.3 Major Risks 7.4 Main Challenges 8. Conclusion Persons contacted References Coming to Terms with Reality List of Figures, Tables and Boxes Figure 1 Annual growth rate of GDP (at constant prices) between 1980 and 2000 Figure 2 Exports, Imports and current account between 1980 and 2000 Figure 3 Public and Publicly Guaranteed Debt (million US$, Nominal value) Between 1985 and 2000 Figure Composition of Public and Publicly Guaranteed (PPG) external debt (cumulative amounts) Figure 5 External Debt Structure in Cameroon (end 1999) Figure 6 Bilateral debt relief (billions of FCFA) Figure 7 Fund transfers under the HIPC initiative, between the national institutions (period 2000-October 2008) Figure 8 Expenditure rate on HIPC resources, on average between 2000 and October 2006, per Ministry Figure 9 Distribution of the C2D funds between the different sectors Figure 10 The amounts received under the two C2D contracts Figure 11 Public and Publicly Guaranteed debt (PPG), between 1998 and 2007, in millions of US Dollars Figure 12 NPV of eternal public debt, as a share of exports, between 1996 and 2007 Figure 13 Total Debt Service Due (on external debt), between 1988 and 2006, in US Dollars Figure 14 Principal Arrears to official and private creditors, 1988-2006, in million US$ Figure 15 External public debt service as % of exports of goods and services and of government revenues Figure 16 Net ODA (excluding net debt relief) and Net Debt Relief, at constant 2006 prices, 1994-2007 Figure 17 Current and Capital Account Figure 18 Government Revenues, Expenditures and Fiscal Surplus, 1998-2008 Figure 19 Interest due on External Public Debt and Government Oil Revenues, 1996-2008 Figure 20 Total and Primary Government Expenditures (left) and Total Government Revenues with and without oil (right), 1994-2008, billions of FCFA Figure 21 Primary Fiscal Deficit (+ = Surplus) with and without oil revenues, 1994-2008, billions of FCFA Figure 22a Government expenditures in Education, Health and Infrastructure, in percent of total, for the years 1995, 2000 and 2005 Figure 22b Evolution of the Budget of the Ministry of Public Health (Millions of FCFA), decomposing Debt Relief and Normal Budget Figure 23 “Voice and Accountability” and “Political Stability and Absence of Violence” Indicators, between 1996 and 2007 Figure 24 “Government Effectiveness” and “Regulatory Quality” Indicators, between 1996 and 2007 Figure 25 “Rule of Law” and “Control of Corruption” Indicators, between 1996 and 2007 | 161 |
| 162 | Annexes Figure 26 Gross Fixed Capital Formation (or GFCF), 2000-2007, in billions of FCFA Figure 27 Net FDI flows, in millions of US$, between 1988 and 2008 Figure 28 Cameroonian External Debt Structure, end 2007 Figure 29 CAA Projections of total external debt, 2009-2027 Figure 30 Debt service on external debt, 2009-2028 Table 1 Debt treatments at Paris Club Table 2 Debt reduction under the HIPC Table 3 The BEAC account for year 2007 and 2008 Table 4 Movements in the Special C2D account at the BEAC, billions of FCFA Table 5 External Debt Ratios (Stock in NPV terms), between 2005 and 2011 Table 6 Current and Capital account, in billions of FCFA, between 1997 and 2008 Table 7 GDP average annual growth rates, Cameroon and groups of comparable countries (%) Table 8 Growth rates of value added by sector (%) Table 9 Evolution of population under the poverty line Table 10 Infant and Child Mortality (deaths per thousand) Table 11 Life expectancy at birth (years) Table 12 Literacy rates of adult population and net rate of school participation (%) Box 3.1 Key reforms and objectives to be monitored before the Decision Point Box 3.2 Status of Triggers for Reaching the Completion Point Coming to Terms with Reality List of Abbreviations: ADF African Development Fund AFD Agence Française de Développement AfDB African Development Bank BEAC Banque des Etats d’Afrique Centrale CAA Caisse Autonome d’Amortissement CCS Comité Consultatif et de Suivi CEMAC Communauté Economique et Monétaire de l’Afrique Centrale (F) CFA (Franc de la) Communauté Financière d’Afrique COS Comité d’Orientation et de Suivi CPI Corruption Perception Index CPIA Country Policy and Institutional Policy CTB Comité Technique Bilatéral CTS Comité Technique de Suivi C2D Contrat de Désendettement et de Développement DAC Development Assistance Committee DSA Debt Sustainability Analysis ESAF Enhanced Structural Adjustment Facility FDI Foreign Direct Investment GDF Global Development Finance GFCF Gross Fixed Capital Formation HDI Human Development Index HIPC (PPTE) Highly Indebted Poor Countries Initiative IDA International Development Association IMF International Monetary Fund INS - NIS Institut National de Statistique (Yaoundé, Cameroon) KKM Index Kaufmann-Kraay-Mastruzzi Index MDG Millenium Development Goals MDRI Multilateral Debt Relief Initiative MINFI Ministère des Finances (Ministry of Finance) NPV Net Present Value ODA Official Development Assistance OED Operations Evaluation Department PPG Public and Publicly Guaranteed PPTE (HIPC) Initiative Pays Pauvre Très Endettés PRGF Poverty Reduction and Growth Facility PRSP Poverty Reduction Strategy Plan SAC Structural Adjustment Credit SMP Staff Monitored Programme STADE Secrétariat Technique d’Appui Dédié à l’Exécution du C2D WEO World Economic Outlook WDI World Development Indicators | 163 |
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Main report Coming to Terms with Re
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1 Methodological approach of evalua
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Page 73 and 74: | 142 | Annexes including forgiven
Page 75 and 76: | 146 | Annexes Annex 3.1: Cash bal
Page 77 and 78: | 150 | Annexes Restructuration Fin
Page 79 and 80: | 154 | Annexes Annex 3.3: Contribu
Page 81: | 158 | Annexes Coming to Terms wit
Page 85 and 86: | 166 | Annexes We started out on t
Page 87 and 88: | 170 | Annexes and publicly guaran
Page 89 and 90: | 174 | Annexes 3 Debt Relief under
Page 91 and 92: | 178 | Annexes Figure 6 Bilateral
Page 93 and 94: | 182 | Annexes Source: BEAC This l
Page 95 and 96: | 186 | Annexes 4 Efficiency of the
Page 97 and 98: | 190 | Annexes 4.4 Implementation
Page 99 and 100: | 194 | Annexes Our analysis sugges
Page 101 and 102: | 198 | Annexes Figure 20 Total and
Page 103 and 104: | 202 | Annexes The second group of
Page 105 and 106: | 206 | Annexes 6 Impact on Economi
Page 107 and 108: | 210 | Annexes The 2004 survey rep
Page 109 and 110: | 214 | Annexes Figure 30 Debt serv
Page 111 and 112: | 218 | Annexes evolution is in lin
Page 113 and 114: | 222 | Annexes National Institute
Page 115: Published by: Kingdom of Belgium Fe
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