logo
Cameroon green-lights R6bn in external borrowing to cover treasury gaps

Cameroon green-lights R6bn in external borrowing to cover treasury gaps

TimesLIVE26-05-2025

Cameroon's finance minister has been authorised to raise up to 200-billion CFA francs (R6.18bn) from international financial markets to shore up government cash flows for fiscal year 2025, according to a presidential decree.
Kelly Mua Kingsly, head of finance operations of the state at Cameroon's ministry of finance, told Reuters on Wednesday that the government would consider using several market instruments, but most likely syndicated loans.
"This is most likely given the urgency and nature of liquidity needs. It is also attractive due to shorter structuring time and flexible drawdown options," Kingsly said.
In addition, he said concessional or semi-concessional loans suitable for budget support components and assimilable treasury bonds or treasury bills on the Bank of Central African States (BEAC) market could also be considered.
Eurobonds were less likely, he said, due to high global interest rates, low sovereign credit ratings and lower appetite from international capital markets for frontier markets in the wake of the Covid-19 pandemic and during a period of geopolitical risk.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Stocks rise, dollar tentative ahead of US-China talks outcome
Stocks rise, dollar tentative ahead of US-China talks outcome

Daily Maverick

time4 hours ago

  • Daily Maverick

Stocks rise, dollar tentative ahead of US-China talks outcome

Investors hold nerve ahead of details from U.S.-China talks Stocks gain, dollar pares some losses JGB yields fall from record highs By Rae Wee and Johann M Cherian SINGAPORE, June 10 (Reuters) – Stocks were buoyant and the dollar remained on guard on Tuesday as trade talks between the United States and China were set to extend to a second day, with tentative signs tensions between the world's two largest economies could be easing. US President Donald Trump put a positive spin on the talks at Lancaster House in London, which wrapped up for the night on Monday and were set to resume at 0900 GMT on Tuesday. 'The fact that we're still up here near record highs, does suggest that we are seeing the market accept what has been said by Trump and when you look at some of the other comments from Lutnick and Bessent, to me it seems to suggest that they are relatively happy with the progress,' said Tony Sycamore, a market analyst at IG. 'But the market always likes to see some concrete announcements.' As Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer were set to meet for the second day with their Chinese counterparts, much of investors' focus has been on the progress of the talks. Any progress in the negotiations is likely to provide relief to markets given Trump's chaotic tariffs and swings in Sino-U.S. trade ties have undermined the world's two biggest economies and hobbled global growth. Stocks advanced in Asia, extending their rise from the start of the week. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.5%, while Nasdaq futures gained 0.62%. S&P 500 futures edged 0.43% higher. EUROSTOXX 50 futures and FTSE futures both added roughly 0.1% each. In Tokyo, attention was also on the Japanese government bond (JGB) market, following news that Japan is considering buying back some super-long government bonds issued in the past at low interest rates. The yield on the 10-year JGB fell one basis point to 1.46% in early trade, while the 30-year yield slid 5 bps to 2.86%. Yields on super-long JGBs rose to levels last month due to dwindling demand from traditional buyers such as life insurers, and jitters over steadily rising debt levels globally. 'The volatility at the super-long segment of the curve stems from a supply-demand imbalance that has been brewing since the BOJ embarked on balance sheet normalisation,' said Justin Heng, APAC rates strategist at HSBC Global Investment Research. Japanese Finance Minister Katsunobu Kato said on Tuesday the government will conduct appropriate debt management policies while communicating closely with market participants. In currencies, the dollar attempted to regain its footing after falling on Monday. Against the yen, the dollar was up 0.45% to 145.25. The euro fell 0.28% to $1.1387 while sterling slipped 0.2% to $1.3523. Trump's erratic trade policies and worries over Washington's growing debt pile have dented investor confidence in US assets, in turn undermining the dollar, which has already fallen more than 8% for the year. The next test for the greenback will be on Wednesday, when US inflation data comes due. Expectations are for core consumer prices to have picked up slightly in May, which could push back against bets of imminent Federal Reserve rate cuts. The producer price index (PPI) report will be released a day later. 'May's US CPI and PPI data will be scrutinised for signs of lingering inflationary pressures,' said Convera's FX and macro strategist Kevin Ford. 'If core CPI remains elevated, expectations for rate cuts could be pushed beyond the June 18 FOMC meeting.' Traders see the Fed keeping rates on hold at its policy meeting next week, but have priced in roughly 44 bps worth of easing by December. In the oil market, prices edged up, with Brent crude futures gaining 0.24% to $67.20 a barrel. US West Texas Intermediate crude was last up 0.25% at $65.45 per barrel after hitting a more than two-month high earlier in the session.

Iran to present counter-proposal to US in nuclear talks
Iran to present counter-proposal to US in nuclear talks

TimesLIVE

time4 hours ago

  • TimesLIVE

Iran to present counter-proposal to US in nuclear talks

Iran will soon hand a counter-proposal for a nuclear deal to the US via Oman, Iranian foreign ministry spokesperson Esmaeil Baghaei said on Monday, in response to a US offer Tehran deems "unacceptable". Reuters previously reported Tehran was drafting a negative response to the US proposal presented in late May. An Iranian diplomat said the US offer failed to resolve differences over uranium enrichment on Iranian soil, the shipment abroad of Iran's entire stockpile of highly enriched uranium and steps to lift US sanctions. "The US proposal is not acceptable to us. It was not the result of previous rounds of negotiations. We will present our own proposal to the other side via Oman after it is finalised. The proposal is reasonable, logical and balanced," Baghaei said. He said there was not yet any detail regarding the date of a sixth round of nuclear talks between Iran and the US. Last week, Iran's Supreme Leader Ayatollah Ali Khamenei dismissed the US proposal as against the country's interests, pledging to continue enrichment. During his first term in 2018, US President Donald Trump ditched a 2015 nuclear pact between Iran and six powers and reimposed sanctions that have crippled Iran's economy. Iran responded by escalating enrichment far beyond that pact's limits.

UK trip great if planned well
UK trip great if planned well

The Citizen

time17 hours ago

  • The Citizen

UK trip great if planned well

If you do it carefully and with planning, staying in the UK won't be as outrageously expensive as you first thought. The tourism industry in the UK is starting to get worried because it has seen a drop-off of more than £2 billion (just over R48 billion) in revenue compared to 2019, before the Covid pandemic hit. It's worried because many other tourist markets have bounced back well from the collapse of 2020–21 and are looking to post record revenues. At the same time, there is concern that the government is about to cut the money it spends supporting Visit Britain, the tourism promotion organisation. Visit Britain predicts that about 43 million tourists will come to the UK this year, generating more than £33 billion. But, why the concern? Simply: the UK has become one of the most expensive destinations in the world. South African passport holders also have the pain of very expensive and frustrating-to-obtain tourist visas… but from this year, they are not going to be the only ones, as the UK will be introducing fees for electronic visas for most visitors from 'acceptable' countries. Travel operators in the UK feel as though the double whammy of visa fees and cutbacks for Visit Britain is shooting itself in the foot. Perhaps, though, you need to realise that either you have to lower your prices, or become more efficient – or both – to lure tourists away from the offerings of European neighbours, which are more affordable and, generally speaking, have far better weather. ALSO READ: Travel alert: Two less visa-free entries for SA passport holders Budget tips for a better stay in the UK Don't get me wrong: if you do it carefully and with planning, staying in the UK won't be as outrageously expensive as you first thought. Self-catering accommodation (as opposed to bed-and-breakfast venues) is becoming more commonplace – and significantly better, in terms of amenities, compared to 20 years ago. Interestingly, on recent trips to the UK, we found excellent self-catering places with prices not far off what you would pay in South Africa (even at 25 to one). B&Bs can also be a good option because you meet friendly people (who'll help with their local knowledge) and generally get a great breakfast to set you up for the day. Not for nothing is the 'Full Monty' (English Breakfast) known as one of the best in the world. Travelling around the UK won't be cheap: fuel is the most expensive in Europe (especially when you buy it at a motorway 'services' stop) and using trains to get around is also way more costly than across the channel – so much so that, in many cases, it is cheaper to fly between cities in the UK than it is to go by rail. But, Rule Number One: eat out as little as possible. Even simple meals will gouge huge holes in your wallet. NOW READ: As Lekker as it gets: You may not stay more than two nights

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store